a new tool for landlords and tenants on the rental market

How can digital twin technology help landlords and tenants? Using virtual visits and predictive maintenance to build trust.

The rental market is booming and France is not to be outdone. In 2021, 7.4 billion euros were invested in residential real estate, representing a 7% increase over one year [1]. With the market booming, property owners are turning to new technologies, like digital twins, to manage and promote their property portfolios more efficiently than ever.

Digital twins can be created simply using a smartphone camera or by a trained technician for a more professional look with higher quality photos. Captured data is transformed into an interactive 3D model, allowing tenants to view and visit properties remotely. For owners, the creation of a digital twin of a property has many advantages in terms of the attractiveness of a property, but also in terms of the relationship between the owner and the tenant.

3D virtual tours to rent properties faster

A huge benefit of digital twins for owners is the ability, during the listing period, to offer high-quality, immersive virtual tours. In larger properties, the model can also show all of the amenities such as gymnasiums, swimming pools, and courts.

By giving a new impetus to visits, this technology makes a property more attractive and reliable, helping to establish trust between owner and tenant. In fact, real estate agents who use digital twins get up to 74% more properties and 95% of potential buyers or tenants are more likely to initiate a contact after viewing an ad with a digital visit. In 3D [2].

The possibility of offering remote visits also has a very practical aspect. A tenant no longer needs to travel to visit an apartment, representing a considerable time saving. Digital twins therefore make it possible to visit more apartments in less time, from anywhere in the world. It also results in less disruption for incumbent tenants and people who come for an in-person visit are more likely to be serious leads, saving time for both the apartment finder and the landlord.

In their digital twins, owners can embed notes (for example to highlight key selling points such as appliances, air conditioning, marble surfaces, etc.), providing a level of detail that would be difficult to reach with a video tour, for example.

Dealing with problems before they arise

The benefits of digital twins don’t end once tenants have received their keys and moved in. Once the new tenant is installed, the digital twins can be used as documentation to report issues, such as faults that are already present. Notes or tags allow an additional level of documentation, beyond a simple written inventory.

The same benefits also apply to maintenance. Homeowners can share their digital twins with their contractors and collaborate remotely with them to facilitate bids – for example, for cleaning, repairs or renovations. For owners who manage a large real estate portfolio in particular, it can be difficult to keep track of the maintenance of each property. With digital twins, they can use a virtual model of the property in real time and stay up to date with repairs, equipment status… The information provided helps to speed up decision-making, renovation and replacement for example appliances that are broken down or at risk of breaking down. Tenants benefit from more responsive service and landlords save time and money on emergency calls and unscheduled maintenance.

Decisions based on real data

What makes this technology exciting is that it provides access to comprehensive data at your fingertips. Beyond the sequence of check-in and check-out inventories at the discretion of the tenants, they allow owners to have a continuous overview of the condition of their property, and visibility on the problems that may arise, as well as the energy efficiency of their properties. Owners can therefore proactively manage their assets to create more long-term value.

Digital twins offer easy wins for both homeowners and renters. Owners optimize the rental and maintenance of their properties. Tenants have a practical digital tool both for visiting properties and for their period of occupation of the premises. Digital twins help build trust between landlords and their tenants, an essential aspect of real estate leasing. Long-term rentals are increasingly common in France, and as the market continues to grow[3]landlords must find a way to differentiate themselves from their competitors, but also to satisfy current and potential tenants – could digital twins be the solution?

[1] Panorama of the Residential market in France 2021 JLL

[2] Matterport study: https://matterport.com/fr/industries/immobilier

[3] Insee, Turnover index, Housing rental

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