Institutional Real Estate Inc. Video Series Featuring Bradley Snyder

Institutional Real Estate Inc. Video Series Featuring Bradley Snyder

by | Feb 4, 2019 | Uncategorized

Recently, Institutional Real Estate Inc. featured Co-Founder and Managing Partner of Radical Galaxy Studio, Bradley Snyder, in a video series highlighting advancements in PropTech and CREtech within the real estate industry. This video series is featured on Institutional Real Estate’s video podcast series called “In Focus”, located on their website and Facebook page.

In part one, Snyder gave insights into how the industry is evolving, particularly on the technology side. He related this to his own experience being on the owners’ side at Apollo Global Management along working at Eastdil Secured, where he saw the value of these emerging technologies first hand.

In part two, Snyder explained the how virtual and augmented reality can be implemented in various aspects of a new development. He discussed how virtual reality in particular can be used during the design, construction, and city council approval process because you have the ability to virtually walk through a property before it is even built. This saves time on making design and construction decisions, and money by preventing change orders as well as further unnecessary construction costs. Snyder went into detail about how virtual reality can help with raising capital for a development and can be used to pre-lease and sell space before it is even built.

If you want to see these videos, go on Institutional Real Estate’s website, click on video and podcasts, and click on the In Focus series featuring Bradley Snyder or use the following links Part 1 Part 2

PropTech firm Radical Galaxy wins VR/AR Award

PropTech firm Radical Galaxy wins VR/AR Award

by | Jan 7, 2019 | Augmented Reality, Virtual Reality

Radical Galaxy Studio, a leading real estate technology firm with a focus on pushing the boundaries within real estate planning, pre-selling, design and leasing, was chosen as the first place winner for the 2018 TecHome Brilliance Award in Phoenix. The award recognizes the most innovative and cutting-edge companies that have played an integral role in advancing tech in the real estate industry.

Radical Galaxy was selected due to its ability to transform the design-build process for home building industry by eliminating painful, manual processes. Instead, home-builders and clients alike can walk through and even interact with the home even before it’s built, allowing better communications and decision making on everything from layouts to finishes.  Furthermore, Radical Galaxy’s virtual reality offerings can give users an interactive, game-like experience.  Beyond moving in, out, and around buildings, VR tools allow users to see how the light might change from day to night given the current window placements, review different floor plans and design options by swapping through options, and achieve the best living configurations by moving furniture around at the touch of a button.

Radical Galaxy was awarded on stage in front of industry professionals attending the TecHome Builders awards. The awards were open to any technology company servicing the home builder industry.

“We are honored to have been recognized as the best VR/AR firm within the real estate complex,” said Matthew Shaffer, Managing Partner and Co-founder at Radical Galaxy. “Radical Galaxy has a history of working with our clients to create solutions that address real challenges and improve their ROI.”

Virtual and Augmented Reality is Revolutionizing the Art Scene

Virtual and Augmented Reality is Revolutionizing the Art Scene

by | Nov 26, 2018 | Augmented Reality, Virtual Reality

“The best use of digital is to not make you aware of the technology, but to make you aware of the art.” – Jane Alexander, chief information officer, Cleveland Museum

Art has been heavily ingrained in various cultures since the beginning of time. Humans have used different art forms to tell stories, express their thoughts and feelings and passed down historical and familial information to future generations. The art world has evolved greatly, since its early, primitive forms of cave drawings to the Renaissance Age and later, Modernism.

While the techniques and paintings themselves have changed, the way we view and showcase art hasn’t drastically progressed –until now. Art enthusiasts around the globe are starting to adopt virtual and augmented reality technology to reach wider audiences and as a tool to engage art lovers in a new and exciting way.

The art industry is worth a whopping $63.7 billion and its stakeholders are constantly thinking of creative ways to grow and advance it. Many experts within the art world feel that virtual and augmented reality are the next big thing in continuing to engage audiences and further grow this ever-developing industry. This blog will highlight several venues and artists who have embraced this technology into the way they’re approaching their exhibits, foreshadowing a new way to interact with art.

Examples of Virtual and Augmented Reality in Art

Jacob Koo of VRt Ventures partnered with the Los Angeles Museum of Contemporary Art (MOCA) last year to bring the highly acclaimed Kerry James Marshall’s Mastry exhibition to life.

They created a VR experience using Samsung Gear headsets, enabling audiences to be transported into the exhibit. Users could walk through galleries at their own control and view every painting from any desired angle, at their own pace. The technology captured the lighting on the paintings and placement of those paintings, which are crucial elements of the artist’s vision. A feature showcased within the engaging experience was the inclusion of narrations of the artist’s inspiration of each piece and the backstory that surrounds it. Users could also download the experience to their PC or Mac to view without a headset.

The project was highly successful and garnered attention, enticing Koo to partner with another artist, Shepard Fairey, to bring his DAMAGED exhibition to the masses.

VRt created a VR and AR mobile app that allowed users to walk through the space from any location. The app also featured 100 minutes of narration from the artist himself. The experience is also available on VR headsets.

San Francisco Museum of Modern Art experimented with AR in their museum by handing out iPhones to museum goers with AR technology to view surrealist painter Rene Magritte’s work. For those not familiar with this artist’s work, Magritte is famous for his paintings of rocks in clouds and of men sporting bowler hats.

The AR technology featured an interactive gallery that was filled with digital puzzles inspired by Magritte’s famous works of art. Guests were intrigued with the ability to, in a way, get inside the mind of the artist’s peculiar world by creating apples, bowler hats and pipes for other guests to find as they went through the museum. The museum is using this as a test run to explore more ways to make art relevant and modern. SFMOMA has stated they are looking to implement this technology in other ways, in the future.

Recently, the Moco Museum based in Amsterdam, Netherlands announced a new AR app they are releasing called ‘Moco Play.’ The free app, which is available for iOS and Android, has interactive digital content that overlays over a selection of the museum’s featured modern artworks. Visitors simply point their mobile devices at the artworks and it comes to life on their screen. Artist works that are featured on this app are Icy & Sot, Andy Warhol, Yayoi Kusama and Keith Haring, a modern artist known to push the envelope in the art world. This app launch comes after the museum recently celebrated its millionth visitor and presents a leap forward into innovation within the museum.

NeuroDigital, a company specializing on haptic sense in VR has collaborated with  Leontinka Foundation and the National Gallery of Prague on an exhibition called Touching Masterpieces. This exhibition aims to enable blind and visually impaired visitors “see” the objects on display despite not being able to actually view them with their own eyes. For this, three world famous sculptures – The Head of Nefertiti, Venus de Milo and David by Michelangelo –  have been recreated in the virtual world to allow those who wish to “see” the famous sculptures. With haptic gloves, they are able to “touch” the sculptures without damaging the real ones. The gloves have the ability to replicate how different materials can be touched, which makes users feel as though they are touching the real deal. Touching Masterpieces is “the first VR experience for the blind and visually impaired – not with a headset, but with a pair of gloves.”

A true masterpiece, at that.

Conclusion

Personal preferences aside, the value of art as an integral and omnipresent segment of society through the ages, cannot be denied. Art is celebrated across different cultures as a form of expression and a way to interpret and understand the past. By integrating modern technology with art, we are allowing a younger generation to get excited by and discover historically celebrated works that have been seen around over hundreds, if not thousands of years.

While reporting on attendance ratings in museums, Kelly Song, a correspondent from CNBC stated that “Museums are looking at the best attendance they’ve ever had, thanks to the way technology is revolutionizing the consumption of art. It’s allowing visitors to experience art in a new way, while bringing exhibits to others that may have never even set foot in the institution at all.”

This growing technology also has the potential to reach audiences that perhaps cannot travel to museums and educate them on the presented art pieces. The possibilities are endless and exhilarating. We’ll be sure to continue following this exciting new trend.

VR Technology in Tourism

VR Technology in Tourism

by | Nov 19, 2018 | Augmented Reality

Tourism counts as a substantial moneymaker, when it comes to countries’ overall GDP. In fact, according to the World Travel and Tourism Council, this industry directly accounts for 3.2% of the global economy as a whole.

Some countries, including Mexico, Jamaica, Greece and Croatia, are heavily reliant on the travel industry, as it is one of the most valuable chunk of their GDP (Gross Domestic Product). The Maldives, for instance, tourism is a whopping 39.6% of their total GDP. The British Virgin Islands are not that far, with 35.4% and Malta is the leading European country of the bunch, with 14.2% of GDP relying on tourism.

According to Statista, the tourism industry is predicted to contribute more than 2.6 trillion dollars by 2027 in the United States alone. The Department of Commerce has stated that international travel to the US should grow by 2.7%, per year, through 2022.

With these numbers are clearly painting a picture of a industry with a high, global impact, Virtual and Augmented Reality are stepping in to help create even more growth. Let’s examine the possibilities.

Virtual and Augmented Reality used for Planning a Dream Vacation 

In a true “try before you buy” fashion, Virtual Reality offers potential travelers a guided tour of a destination of interest, via immersive, 360 degree views. They feel like they’re “already there” and can make a decision on flight and hotel booking much faster, thus increasing sales in a shorter time frame. This is very good news for the travel industry, propelling VR as a cost effective marketing tool. Property Week stated that places with VR tours are ten times more likely to be clicked on those that do not provide them. They create more interest and traction to the users. In addition, an astounding statistic from Aardvark says that 92% of internet users say the ability to see a 360 degree panorama while searching the internet is essential when browsing online.

Consumers enjoy being able to see what they are buying, making it essential for travel agencies and hotels to provide this to their future clientele. This is backed by a Pew Internet Life Study that concluded “a site with a 360 virtual tour and interactive media will receive 40% more views than a competitor’s site that is lacking media.” This type of technology can also help bring traffic to less known travel destinations or bring in new travelers to some of the most beloved travel spots in the world. Some countries and cities who are already adopting this technology are London, Prague, Japan, New York, Paris and Singapore, to name a few.

It’s safe to say that the applications within the travel industry are endless with VR. And the payoff is considerable.

VR tours used by Travel Agencies

Proficient travel agents are utilizing VR as a way to build trust and simultaneously guarantee the best experience for their client. A good example of a travel agency doing this successfully is a partnership between Thomas Cook with Visualise, to bring VR experiences to ten of its stores, giving travelers a chance to win a trip to destinations like Greece and New York City. Using a Samsung Gear VR headset, users could tour various destinations from Thomas Cook stores.

This endeavor brought in £12 million in revenue with flight and hotel bookings. That garnered a 40% return on their investment.

On top of that bewildering return, they gained a 180% uptick on conversions from their New York visualization experience. Expedia has also revealed VR tours of their own after they found millennials are more risk averse than older generations and less likely to travel alone. They wanted to market to a younger generation while easing the minds of young travelers by offering VR tours of potential destinations.

Using VR for hotel bookings

Booking hotels is another aspect of the tourism industry where VR is used commonly. Hotels can offer immersive tours of their hotel rooms and amenities to allow potential clients an easier alternative of choosing a hotel rather than reading descriptions and scrolling through pictures, which can often be misleading.

A few examples of this are Dubai’s Atlantis Hotel, Shangri-La Hotels and Resorts and Nobu Hotel in Las Vegas. These VR tours can be viewed via their web sites or through videos posted on social media outlets such as Instagram or Facebook. By posting on multiple social media outlets, they strive to increase their traffic and become viral. Within a competitive space such as the hotel industry, offering consumers VR or 360 degree tours can differentiate them from their competitors and lead to a better consumer experience. It is no surprise hotels are adopting VR technology into their marketing and sales strategies with undeniable statistics associated with using VR tours for their web site, marketing and sales efforts.

VR creates trust between customers and tour operators

Another trend that is gaining traction is using VR for sightseeing tours. When traveling, people are interested in seeing popular sights. Today, consumers want to get the best out of their travel experience by booking the right tours. VR can help by showing the consumer exactly what they are buying. Examples such as VR videos of diving in the Red Sea, snorkeling through the Great Barrier Reef and walking the historic Great Wall of China are just a few examples of how you can “try before you buy.” With customers going into the tour with expectations already in place, it will create a sense of trust when booking their tour with a specific company or person.

Conclusion

The use of VR is the realm of tourism is vast and varied. From travel agencies, to hotels and sightseeing tour operators, this revolutionary technology offers the ability to communicate with consumers in ways that words and pictures simply cannot. A number of experts within the travel industry say that VR will reach the status of a norm when it comes to booking and travelling across the globe. Research has shown that many companies are already adopting this technology to entice and excite potential clients and become more competitive.

With the statistics to back up the usefulness of this technology, VR may just become fully integrated in the business of travel and propel the industry to a more exciting and effective tomorrow.

How to Use Augmented Reality for Marketing

How to Use Augmented Reality for Marketing

by | Nov 2, 2018 | Augmented Reality

In order to expand their brands and gain visibility and profit, companies heavily rely on marketing tools and techniques. This ever-evolving industry has come a long way from the archaic newspaper ads and radio spots to today’s many online marketing methods. Can you think of the last time you surfed the web, without being bombarded with sneakily insightful ads that offer just what you need at the moment?

Much to the delight of both marketing experts and consumers, Augmented Reality apps are turning the exciting game of marketing on its head. While allowing users to engage with products in a new and exciting way, companies can stay true to their brand while promoting it in a revolutionary manner.

Augmented Reality Being Used by Wine Companies

Wine is a widely popular drink of choice among adults. When consumed socially and responsibly, it serves as the perfect vehicle toward a cheerfully good time. Three wine companies have decided to infuse their product marketing campaigns to new heights with AR apps.

19 Crimes, for instance, have opted to use AR to market directly to millennials. Their labels and company name have made them stand out from other brands. Each label has a different picture of 18th century convicts who later became colonists and committed one of the 19 crimes punishable by deportation to Australia. Consumers who download the AR app can put their smartphone up to the label and the app will reveal the hidden story behind these 19 convicts. The app allows consumers to be interactive with their product while learning more about it and the company.

Similarly, Treasury Wine Estates launched a line of wines called emBRAZEN for Women’s Equality Day. They created an AR app to go with these wines, to reveal the story behind the historical women they feature on each label. Three wines with three different historical women are featured on the label.

Artist Celia Crus is featured on the Chardonnay, journalist Nellie Bly on the Cabernet Sauvignon and artist Josephine Baker on the Red Blend bottle. Following the app download and holding your phone to the label, the famed ladies featured on them appear as they are talking to you directly, telling you their life story. In April, the company reported more than 1.3 million app downloads and more than 200,000 videos from various social media outlets were shared. Proof that consumers were blown away enough to share, which provided the brand with a built-in exposure.

South African wine company called Mensa Wines took a somewhat different approach with their AR app. They created a wine AR app to reveal a virtual reality storybook within each label and make the story come to life. The brand motto is to ‘Live a great story,’ which they wanted to echo in their AR app. Each label has a unique story attached to it when you download the app and scan the wine label within the app. They created an experience one has when reading a book wanted consumers to become literally immersed in their story and brand.

Food Apps Driving Sales by Using Augmented Reality

The food industry is also banking on using AR apps to market to consumers.

Some already established brands are taking the next-level approach of consumer targeting, with a fun way of engaging them and making them a vital part of the campaign itself.

To mark the start of their NFL kickoff campaign, Pizza Hutt created an AR app catering to football fans. With their Beanbag Blitz mobile app, users can unlock a beanbag toss game by holding their smartphone to a special edition Pizza Hut box. Teams of two can take turns tossing a beanbag into a cornhole board with a simple flick of their finger. All 32 NFL teams are included in the AR experience, giving every fan an opportunity to interact with friends or family while representing their favorite football team. This is the first time Pizza Hut incorporated an AR experience into their marketing efforts after partnering with the NFL to become the official sponsor of the organization. Zipporah Alleen, chief marketing officer of Pizza Hut said that, “incorporating this AR component into our lineup of new experiences is broadening our digital portfolio and engaging fans in a completely different way.” Pizza Hut wanted to combine an immersive game day experience for fans, while tying into their first-time sponsorship of the NFL.

AR apps are also being implemented in sit down restaurants. Burger chain Bareburger, mainly located in New York, has turned their menu into 3D burger models. Customers can access the AR experience via Snapchat, by opening the application and holding the screen over a paper with a scan code provided by the restaurant. You can hold down the square part of the paper that says scan and within seconds, a 3D model of a burger appears. You can zoom in and move the food items. Included within the application is a menu of items that you can click and explore on your phone. An interesting feature of this app is the ability to have the 3D model appear as you are holding the phone away from the scanned paper, giving users the ability to take pictures of people at your table with the 3D food in their hands or mouth. You can also hold the 3D image next to the actual food and compare the 3D model from the actual food item. It is a great way to interact with customers and give them a better idea of what they are ordering. Usually, when something looks good enough to eat, odds are, you’d want to try it.

Augmented Reality for Retail Industry

Another industry that this blog will touch on that has utilized the technology of AR is retail. Zara, a world-famous women’s fashion line, has created a new way to engage consumers. They developed an AR app that allows users to see the clothes on virtual avatars in the store. You point your smartphone toward an empty mannequin, empty store window or your e-commerce purchase and the clothing will appear on a model for several seconds. From there, you can shop the look. The app also features a way for consumers to share the avatars with the clothing on them on social media. With women on the go these days, this convenient method provides an alternative to trying on clothes and gives the company a way to close sales faster.

Like Zara, the clothing brand Gap created an AR app. Gap’s “DressingRoom” app allows consumers to try on clothes from the comfort of their home. First, you download the app. Then you input your height and weight into the application and it creates a 3D model that matches those values. With this 3D model, you can try on any piece of clothing offered by the brand. You can purchase the items directly through the app. This eliminates the need to make time to travel to the store and try on the clothes on site. Gap’s intention with this app is to one day make dressing rooms “obsolete.”

Conclusion

Several industries are looking at fresh and engaging ways to reach their consumers. These examples scratch the surface of how successful the implementation of AR can be, in an effort to connect a product to consumers, with the ultimate goal of higher sales and profit. We hope you enjoyed reading about this emerging technology. Perhaps you will try out these apps for yourself and see what all the talk is about!