As the architecture, engineering, and construction (AEC) industry evolves, Building Information Modeling (BIM) systems are now playing a vital role in any construction project and fueling an all-encompassing digital transformation.
But, if the BIM market is growing at a whopping CAGR of 15.2%, it is also thanks to the benefits that these systems offer to every stakeholder in each project – including realtors and property buyers.
Here are some of the ways in which BIM systems are transforming the real estate marketing sector.
The Benefits of Building Information Modeling in Real Estate Marketing
From helping developers visualize processes during the pre-construction phase to managing the building’s lifecycle and reducing the risk of costly mistakes, the benefits of BMI in construction are truly endless.
But these data-rich 3D models are also reshaping the homebuyer decision-making process and the way realtors promote their offers.
Here are some of the benefits of BMI systems with advanced maturity levels.
Boosting Buyer Confidence
According to a monthly report by Fannie Mae, only 17% of respondents believed that now is a good time to buy a home, showing that homebuyer confidence has dropped to the lowest levels since 2011.
However, there is a lot that technology can do to help buyers gain confidence in the viability of the investment they are about to make.
In particular, BIM systems allow buyers to access an unprecedented amount of information about a property’s value, construction, quality, and running costs. Real estate investors looking to expand their portfolio with new-builds and custom-build homes can obtain more accurate estimations of schedule, timelines, and costs.
Enhancing Visualization Potential
Most BMI systems provide the stakeholders of a construction company with realistic and accurate 3D models of what the project will look like. However, over the past years, BMI systems have evolved significantly from outdated CAD systems.
But, what represents the real breakthrough in real estate visualization is the integration of BMI systems with VR technologies.
As these technologies develop, buyers have the opportunity to enjoy a fully-immersive experience from the early stages of a project’s design, step inside a property before it is built, and get a taste of what life in their future home will be like.
For real estate marketers looking to promote their properties, virtual reality combined with BMI software can be a real game changer, especially when it comes down to helping buyers gain confidence in their decision.
Delivering More Accurate Real Estate Valuations
The appraisal process of real estate properties has been developing over the past years – but it is still not an exact science.
While valuation models are growing in accuracy, variables such as bias, location, and future market fluctuations make it hard for buyers and sellers to understand the real value of their investment.
BMI systems can help make these estimations more accurate by delivering a comprehensive collection of information about all aspects of a building’s design, construction, and life cycle.
Streamlining the Sales Process
BMI systems represent essential software for a construction company. But they are just as important in making real estate transactions more transparent, affordable, and accessible.
When prospective buyers gain access to the information stored in BIM systems, they can make faster decisions without having to liaise with parties such as a lawyer, land registry, or architects.
In turn, this can reduce the chances of mistakes and misinterpretations, and allows homebuyers to know exactly what to expect from their investment.
Choosing a BIM System for Your Company
BIM systems have developed greatly over the past years and, today, they offer a range of maturity levels and dimensions.
The right software for your company won’t just support the design and construction of a real estate development project, it will also boost its market value and ensure that it is sold fast and to the higher bidder.
