How to buy a property without leaving your home in the midst of the coronavirus crisis

Aedas Live is offering a solution

Aedas offers virtual property tours with presenters on hand to answer any questions / Aedas
Aedas offers virtual property tours with presenters on hand to answer any questions / Aedas
25 March 2020, Redaction

Aedas Live is being presented as the solution to overcome the mobility restrictions imposed by the government on citizens due to the coronavirus crisis. Thanks to this platform designed by the developer, customers can virtually visit a total of 10 exciting properties without having to move from their sofa and it is even possible to close a deal and pay a deposit. So far, the business line of Aedas has had a turnover of more than 5 million euros and there are plans to expand the number of properties that can be shown in order to also attract buyers searching for a new home to be their main residence.

While the real estate sector studies the impact that the current state of alarm and lockdown imposed by Pedro Sanchez's government will have on business, Aedas is taking full advantage of its virtual branch, Aedas Live, which was created just over a year ago. Thanks to an investment commitment of only 100,000 euros, in contrast to the 5 million euros already turned over in the company, the developer is offering buyers the opportunity to view virtual tours of their residential developments, now that their potential customers cannot leave their homes. Developers usually find it difficult to make appointments in the show flats and real estate agents find it almost impossible to make appointments with clients. However, David Martinez, CEO of Aedas, and his team can arrange and cope with a higher volume of viewings of their properties, and are also accompanied by two commercial presenters.

This is a great business opportunity that Aedas has taken advantage of, especially gvien the circumstances, although the company recognises that they still do not know what positive effects this period of confinement of the Spanish population will have. So far, Aedas Live has been working on ten property developments in Majorca, Levante and the Costa del Sol. In four of these properties, the client has the ability to go on a 'tour lite', as the company has called it, and move through the entire property which has been virtually recreated and displayed on a chroma key in which the presenter is also visibe. It is this last figure, the presenter, who is in charge of guiding the client in this 3D tour and solving all the doubts that may arise. "The tours usually last 45 minutes on average", explains José Luis Leirós, general director of Aedas Live Virtual Tours.

Initially, this platform was created to reinforce the commercial work of the promoter. "We are focused on reinforcing the transaction process and generating the greatest possible trust before the client travels to our point of sale," says Leirós. But the reality is that 'Live' has also become a direct sales channel and they have managed to close some transactions with just a virtual tour viewing. "Just a few weeks ago, a Russian couple decided to make a transfer as payment of the deposit of a house they had seen through our channel, without even travelling to Spain," explains the general manager of the project. The bureaucratic procedures (such as notary signatures and mortgages) must, however, be done in person. Despite this, Aedas say that they are exploring future possibilities to be able to carry out these procedures remotely.

The company recognises that many of its clients (so far) are foreigners. For this reason, between their two presenters they have added three languages - Spanish, English and German. Generally, Germans are mainly interested in the Balearic Islands and Brits focus more on the Costa del Sol, according to the company. "There are also more and more national clients who are interested in us", says Leirós. The director general of Aedas Live has also stated that they are already working on expanding this system to new property developments aimed at buyers looking for a new home, and even in other popular market areas such as Madrid. This is certainly an option that would make a lot of sense in the current situation of confinement in which all residents in Spain find themselves.

"The expectations we had are definitely being met. We have carried out more than 100 tours with clients from all over the world. About 30% of these tours have resulted in visits to the point of sale of Aedas in Spain, and of these visits, 20% have resulted in property purchases," says Leirós.

The coronavirus crisis and the experience of the promoter in this new business model could increase these figures, especially if they finally decide to expand this service to areas like the capital of Spain. For the moment, Aedas is already preparing to continue receiving customers interested in buying homes without moving (now by obligation) from their sofa.

How does Aedas Live work?

"Live is the first platform in the world that manages to directly connect a buyer, wherever he may be in the world, with a sales advisor, so that they can visit every corner of a new house together," says Javier Sánchez, director of Innovation and Branding at Aedas. But how does Live actually work?

"We combine three technologies: the house in video game format, a virtual television set and the Internet as a means of contact. The result is surprising customers because of the visual realism and because all their doubts can be solved in the moment," explains Leirós.

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