CBRE makes 2 year Deal with Virtual Walkthrough a leading London software property startup

CBRE, the world’s largest property services company by revenues  [though DTZ + Cushman and Wakefield have one of the largest portfolios under management outside the domestic US markets], are to announce a two-year partnership with Virtual Walkthrough, a London-based start-up, to enable 360-degree digital capture of UK offices available to let.

Virtual Walkthrough introduction

The deal comes as digital capture and virtual reality move into real estate’s mainstream, key drivers include consumer demand and a growing industry default in the US with companies like Floored.

Earlier this year , the world’s first virtual reality open house on social media site Facebook  saved a seller £51,360 over using traditional UK agents, it is claimed.

The online estate agent, SellMyHome.co.uk, helped Mike Freeman achieve £10,000 more than the asking price when selling his London flat, through Virtual Walkthrough on Facebook.

The two-bedroom home in Hackney, East London was on sale for £550,000; however, through the Virtual Walkthrough open house, SellMyHome.co.uk achieved a price of £560,000.

In comparison, an almost identical property in the same block sold for £518,000, in May, through traditional estate agents. When taking into account a 2% commission that is a saving of £51,360.

360imagery 'Before and After' virtual tour using UAV drones & a bit of CGI magic!

In the UK, rivals include 360 Imagery, run by a chartered surveyor, which is working with British Land and the Greater London Authority. Online estate agents, Superyacht providers and hotel chains are also experimenting with virtual tours.

LA-based CBRE has tripled its spending on technology in the past four years to almost $350m as it anticipates digital disruption in the real estate industry, affecting areas such as valuations as well as viewings

Virtual Walkthroughs has  also captured .Part of the deal with CBRE, which has handled lettings in buildings such as the Shard, having captured offices in London’s Heron Tower at 110 Bishopsgate and Tower 42, the City’s oldest skyscraper



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