Evaluating new sites is one of the most time-consuming and intensive aspects of any property development.
Every property developer has the same question when analysing a site, how much yield will this generate?
Traditionally, the developer manually examines the site to understand its underlying potential, taking days, or even weeks, to do, during which time, other opportunities may come and go.
That is about to change now that ArchiStar has partnered with aerial image specialists Nearmap to assist users allowing them to examine hundreds of sites in minutes.
ArchiStar has added a new feature to its platform – Nearmap’s current high-resolution aerial imagery, which will allow developers and agents to analyse a site instantaneously.
Seeing what’s on the ground now is crucial for property assessments
It’s likely that you’ve used a few platforms that offer satellite images of sites.
Typically, these images are grainy and don’t provide the level of detail needed for a full analysis.
They give you an idea of what the site has to offer, but you still have to visit the site and speak to the local council to find out more about it.
Moreover, satellite images are often out of date. What looks like a prime opportunity may already be under development when you visit the site.
Working with up-to-date clear aerial imagery flips this process on its head.
ArchiStar has partnered with Nearmap, an ASX-listed market leader in the Aerial Imagery and Geospatial mapping technology.
With Nearmap’s content in its platform, ArchiStar is able to provide an unrivalled view from above of urban and metro areas in Australia, to aid property developers and real estate agents with clear and up-to-date location insights.
Nearmap offers the most up-to-date imagery on the market, refreshing up to six times a year in major urban areas. This means you see a clearer picture of what a site looks like now, rather than how it looked several years ago.
How are these two Australian innovative companies changing the way property developers work?
Partnership between ArchiStar and Nearmap means developers can now take a proactive approach.
Traditionally, they had to wait for information about a potential site before analysing it.
They can now take control of the process. Instead of waiting for opportunities to arrive, they can use the ArchiStar platform enhanced with Nearmap imagery to find them proactively.
In fact, the partnership has already proven its worth for one ArchiStar client.
Using the new feature, the developer checked 347 different scenarios in the first week.
They came away with a shortlist of 30 potential properties. This is a process that would have taken weeks of manual work without the power of ArchiStar platform combined with Nearmap imagery.
The same benefits apply to property agents. They can rely on the Nearmap technology to provide up-to-date imagery. This ensures that they don’t waste time visiting sites that don’t offer opportunities.
Moving beyond high-resolution aerial imagery of Australia
ArchiStar aims to enhance this module in the coming months. The platform already provides feasibility information and it will soon provide owner details for the lots that it identifies.
This will make it even easier for agents and developers to contact a site owner and move things forward.
The partnership between ArchiStar and Nearmap will also expand into other geographies. ArchiStar intend to work together with Nearmap and integrate high-resolution imagery of Dallas, Texas. This is the first step towards a full ArchiStar expansion into US.
ArchiStar and Nearmap are also exploring the opportunity of bringing Nearmap’s next generation content to the ArchiStar platform, which will ultimately benefit developers and architects in their workflows.
The early reaction to the technology has been very positive. ArchiStar aims to build upon this solid foundation. With Nearmap, ArchiStar aims to help users develop a proactive approach to identifying opportunities.
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