Beike and Realsee: Transforming Real Estate Through Technology
On August 13, 2020, Beike officially listed on the New York Stock Exchange, with an IPO issuance price of $20 per ADS under the ticker symbol "BEKE." This marked the company as the first publicly listed entity in China's housing service platform sector.
The journey began in 2018, a pivotal year when Lianjia rebranded itself as Beike, positioning itself as a technology-driven new housing service platform. A year later, Beike launched its 2019 New Housing Strategy, aiming to reshape the housing industry through digital means. This strategy sought to engage and empower a wider array of ecosystem partners, driving the industry into a new digital housing era. According to Beike's CTO, Yan Mi：
3D tour home viewing plays a crucial role by digitizing properties through the creation of digital models that capture all data about homes and build spatial representations. Beike highlighted impressive results following the launch of Realsee 3D tour. User stay duration increased by 74%, seven-day retention grew by 52%, daily property views soared by 99.8%, and lead conversion rates improved by 16%, with total 3D tour views reaching 168 million.
From a broader perspective, within its first year, Beike's database expanded to 187 million listings. The platform achieved 1.68 billion total 3D tour views, scanned and reconstructed 1.18 million 3D properties, and grew its network to over 200,000 agents and 21,000 stores. Additionally, it welcomed 160 new brokerage brands, with monthly active users exceeding 30 million.
In this competitive landscape, Goldman Sachs has reaffirmed its "Buy" rating on Beike (NYSE: BEKE), citing expectations that the company will benefit from ongoing policy support in the real estate sector. International investment banks are optimistic about Beike, not only due to the gradual recovery of the Chinese real estate market but also because of the company's successful integration of online and offline platforms. This innovative approach generates marginal benefits, creates strong operational leverage, spreads costs, and reinforces Beike's competitive edge.
Through this bold vision, Beike aims to drive industry transformation and enhance the consumer experience via technology and platforms. As the backbone of Beike's 3D Virtual Tour property viewing, Realsee perfectly embodies this mission, delivering a more authentic experience for users through cutting-edge technology.
Tackling Trust Issues in Real Estate
In the early days of online real estate, "fake listings" plagued the market, with agents often reusing images and misleading potential buyers. This fostered a climate of distrust and skepticism. Beike took a stand against this trend by leveraging technology to enhance transaction transparency. The launch of Realsee marked a pivotal moment, introducing 3D Virtual Tour technology to represent properties accurately and ensure users see exactly what they are getting.
After significant investments in 3D Virtual Tour technology, Realsee has transformed Beike's viewing services. Today, with the power of 3D Virtual Tours and AI, the platform has redefined relationships within the industry, catalyzing a digital shift that is reshaping the way properties are marketed. In 2022, Realsee became an independent company to extend its 3D Virtual Tour applications beyond real estate.
Setting New Standards in 3D Virtual Tour Technology
Realsee has faced the challenge of standardizing the vast array of properties listed across the country. To meet this demand, the team developed the LiDRA scanner, a professional 3D Virtual Tour capture tool that collects in-depth property information with precision. The Galois, for example, features a laser radar and ¾-inch CMOS color lens that produces stunning 20-megapixel images and 134-megapixel panoramas. This technology accurately represents each property’s colors, structure, and internal details.
Automating the Capturing Process
Realsee's commitment to quality also extends to the user experience. Traditional 3D Virtual Tour capture is often labor-intensive and costly. However, Realsee has revolutionized this process. Users need only a smartphone and professional equipment to follow app directions and automatically generate a high-quality 3D Virtual Tour. The platform features advanced technology for facial blurring, AI camera removal, and Zenith & Nadir patching, simplifying operations significantly.
This automation considerably enhances the efficiency of 3D Virtual Tour photographers. According to Beike data, skilled Realsee photographers can now capture up to 775 properties a month, averaging 27 properties daily. The more human involvement in any system, the higher the costs. Realsee aims for extreme automation to minimize this.
By integrating spatial AI algorithms and expanding the world’s largest 3D spatial database, Realsee not only enhances Beike's service offerings but also shapes the future of the real estate industry.