Date Online: 2023-09-20
The New App allows for the scanning of a 2,000 sq ft Property in under 5 Minutes using a 360 Camera, delivering a Comprehensive 3D Tour alongside with a detailed 2D Floor Plan
Saint-Hubert (Quebec), September 20th, 2023 - Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF), a leading provider of 3D digital twin solutions in real estate marketing, is pleased to announce the launch of a new version of its iOS and Android UiCapture App. This new version offers ultra-fast property scanning capabilities for producing 3D digital twins with detailed 2D floor plans. This pivotal development promises to set a new benchmark in real estate photography marketing efficiency and effectiveness supporting 3D digital twins and floor plan adoption.
Real estate photography is a high-volume business where every minute counts for both the photographers who want to complete as many photoshoots as possible before sunset and for the agents that need to minimize client disturbance time onsite. In this fast-paced environment, the newly enhanced UiCapture App emerges as a beacon of innovation, markedly reducing the time associated with capturing visual content required for the creation of 3D digital twins and floor plans, a scanning process that previously took 20 to 30 minutes for a 2,000 sq ft property with the previous version of its UiCapture app. By leveraging a state-of-the-art 360-degree camera video recording technique, the new UiCapture App delivers not only ultra-fast scanning and ease of use but also guarantees a meticulously detailed 2D floor plan as part of an immersive 3D digital twin tour.
Given that the time photographers spend onsite constitutes the most significant cost component of 3D digital twins and floor plan creation, the ultra-fast scanning new version catapults Urbanimmersive to a leading position in market competitiveness, enabling the Company to offer competitive pricing for digital twins and 2D floor plan creations while sustaining its margins for both its Services and SaaS business segments. This enhancement not only benefits agents working directly with Urbanimmersive's photography service brands but also aids independent photographers in leveraging the innovation to broaden their 3D digital twin and floor plan services to their clients through our SaaS platform.
Moreover, the introduction of the new ultra-fast UiCapture App establishes Urbanimmersive as a serious player in the rapidly expanding 2D floor plan creation sector within the real estate marketing as well as in the home inspection industry, where technological competition is primarily driven by the speed of home scanning and the precision of 2D floor plan measurements. While many competing apps offer quick scanning capabilities, they predominantly produce only 2D floor plans. Achieving consistent quality in immersive 3D tours generally necessitates a separate, additional process and cost. Contrarily, the UiCapture App presents a comprehensive solution, eradicating the necessity for a distinct process to generate 3D tours.
Ghislain Lemire, CEO of Urbanimmersive commented: "Looking ahead, Urbanimmersive foresees that this launch will not only revolutionize the realm of real estate 3D digital twins marketing but also foster a broader acceptance and utilization of 3D digital twin technology as the premier solution for 3D tours and floor plans. Moreover, the 360-degree video recording approach utilized by the new version unlocks new visual content possibilities within the 3D tour viewer itself, setting the stage for Urbanimmersive to leverage this in an upcoming product, scheduled for a near-future release. As Urbanimmersive continues to pioneer developments in this sphere, clients can look forward to even more advanced features and functionalities that streamline processes and elevate property presentations to unprecedented heights."
Understanding the Economic Importance of Floor Plans in the Real Estate Landscape
The real estate market, particularly in the U.S., has seen dynamic shifts in recent years. In 2022, the U.S. witnessed a total of 5.0 million housing transactions, a decline from 6.1 million transactions in 2021. As of May 2023, the annual number of transactions for single-family homes and condos or co-ops was recorded at 4.3 million. These figures underscore the vast number of property listings for potential buyers every year.
In such a competitive market, the need for comprehensive property information becomes paramount. Floor plans, as highlighted by the National Association of Realtors (NAR), have emerged as a crucial tool for buyers, offering a clear understanding of property layouts and aiding in informed decision-making. With millions of transactions taking place, the potential addressable market for Urbanimmersive's innovative floor plan solutions is substantial. By integrating detailed 2D floor plans with 3D digital twins, Urbanimmersive is poised to cater to the evolving preferences of today's property buyers, enhancing the buying experience and offering unparalleled transparency.
*Source: [Statista - U.S. existing home sales 2005-2023] (https://www.statista.com/statistics/226144/us-existing-home-sales/)*
The Economic Significance of Home Inspections and the Role of Floor Plans
The home inspection market has witnessed substantial growth in recent years, emphasizing its importance in the real estate sector. In 2021, the global Home Inspection Software market was valued at $USD 132.9 million, and by 2022, it increased to $USD 143.8 million. With projections indicating that the market will reach $USD 262.4 million by 2028, it becomes evident that home inspections play a pivotal role in real estate transactions.
Furthermore, a survey from Porch highlighted that 88% of buyers utilized the services of a home inspector for their most recent home purchase. This underscores the significance of providing comprehensive property information, including detailed floor plans, to facilitate these inspections and offer potential buyers a clear understanding of property layouts.
With the global residential home inspection market expected to reach a staggering $USD 100 billion by 2029, the potential addressable market for Urbanimmersive's innovative floor plan solutions is vast. By integrating detailed 2D floor plans with 3D digital twins, Urbanimmersive is strategically positioned to cater to the evolving needs of the home inspection industry, enhancing the inspection process and offering unparalleled clarity and transparency.
Moreover, approximately 70% of all homes sold in North America undergo a home inspection. Considering the 5.64 million existing homes sold in the U.S. in 2023, this translates to around 3.9 million homes that would have undergone a home inspection in the U.S. alone. This vast number underscores the immense demand for detailed and accurate floor plans in the home inspection process, further highlighting the significance of Urbanimmersive's offerings in this industry.
*Sources: [Digital Journal](https://www.digitaljournal.com/pr/news/prwirecenter/home-inspection-software-market-2023-growth-with-trends-and-scope-top-manufactures-are-etc-2031), [WebinarCare](https://webinarcare.com/best-home-inspection-software/home-inspection-statistics/), [Home Inspection Trends](https://homeinspectiontrends.com/home-inspection
Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. The Company all-in-one platform enables high-volume photography businesses to increase operational productivity delivering feature-rich 3D tours and floor plans, leading-edge property websites and high-resolution AI-indexed images. The Company operating segments include software (SaaS), 3D photography equipment and, in a growing number of North American cities, technology-powered real estate photography service business units leading the industry photo-shoots standards transformation. Learn more at urbanimmersive.com.
Caution of Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.
For more information, please contact:
Urbanimmersive Ghislain Lemire President & CEO 514-394-7820 X 202
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224