In the News from Panama

Punta Pacifica Realty Launches New Virtual Tour Technology

Punta Pacifica Realty has entered into an alliance with technology company Matterport to provide state-of-the-art 3D tours of select properties.

 The technology improves the experience of virtual tours, giving potential buyers a chance to explore the property in a multi-dimensional experience. Clients save time by getting a more in-depth picture of a property and sellers are able to show off the property in a stunning visual presentation.  

 The service is available only to PPR’s exclusive clients, says PPR managing director Jeff Barton.

 “The technology will be used to promote our top luxury properties,” Barton says. “It’s already having a significant impact, based on two transactions we recently completed with international buyers.”

 Silicon Valley-based Matterport, one of the emerging providers of 3D technology to real estate sites, has raised more than $61 million from investors such as Qualcomm Ventures and Lux Capital. The company’s goal is to “establish 3D and Virtual Reality (VR) models as a primary medium for experiencing, sharing, and reimagining the world.”

 Matterport’s technology improves the 3-D experience, making it a smooth, “immersive” experience, beyond what most people experience in conventional virtual tours.  

 “We create a photorealistic, dimensionally accurate 3-D model of a home or building,” Matterport chief executive RJ Pittman recently told a reporter. The “immersive true 3-D” model is “accurate down to the centimeter,” he said.

 Property is a perfect application for the technology. Using technology, buyers can walk through a property and see it from different perspectives. Markers point out relevant details. What they are seeing is the reality of the property, not the contrived images of still photos.

 For sellers, technology is a significant advantage. Studies have shown that the virtual experience draws attention to a listing and engages buyers for longer than traditional listings. The tour increases the odds that a buyer will be attracted to different aspects of the property and will be more committed and interested when they follow up.

 “It’s a great tool for our exclusive sellers,” Barton says. “And it’s another great example of our commitment to finding new ways to provide service to our clients.”

Jeff Barton is Managing Director of Punta Pacifica Realty, one of the largest and most influential sales and property management firms in Panama City.