Property Panorama Strategic Business Plan
July, 2009
Mission Statement
Since its inception, Property Panorama has been committed to providing virtual tours that
are easy to create, robust, and affordable. At a time when virtual tours required a
sophisticated camera and/or tripod, a professional photographer, and expensive software,
Property Panorama introduced a completely web-based solution that was easy enough to
use that a Realtor could create their own tours.
In 2006 Property Panorama began forging a methodology that would revolutionize how
virtual tours are marketed and sold to the Real Estate industry. Instead of selling tours
one tour at a time for upwards of $50 per tour, or selling unlimited tours to individual
agents, Property Panorama began selling tours to entire MLSs and Boards of Realtors.
This has brought the price down to the point where any agent can afford to create a
virtual tour for any and all of their listings. At a time when buyers what more information
and more pictures, Property Panorama has delivered the tools and price points to
empower the Realtor can deliver.
Looking forward, we will continue making virtual tours available using a mass marketing
approach. With a desire to keep tours affordable and keep Property Panorama profitable,
we are taking another bold step in the Real Estate industry. Online advertising is a well-
developed concept in many areas of the Internet, but until now the Real Estate vendors
have not capitalized on this technique of generating revenue. The addition of advertising
products and services throughout our tour creation process to Realtors, and to the buying
public in the tour viewing stage, will allow us to achieve both of our highest priority
goals.
Moving forward Property Panorama is well-positioned with its technology to begin
offering very similar tours to other industries. Hotels, restaurants, campgrounds, and
even social networking (vacation pictures, wedding albums, etc.) are all excellent
opportunities for Property Panorama to spread its wings beyond the Real Estate arena.
The Major Pieces
Property Panorama’s strategic business plan is comprised of several projects and goals.
These projects are all pieces of the plan that need to come together to remain the
dominant player in the virtual tour space. A note of interest here is that we will be
expanding the concept of a virtual tour as we achieve our goals to include any collection
of photographs, panoramas, and video that can be organized to give the viewer a ‘tour’ of
anything from a property, to a vacation, or an event.
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The following paragraphs outline these plans in some detail. As you will see, Property
Panorama has a clear vision that leads to a very profitable picture in the immediate future.
If you would like to see any aspect of this plan in greater detail, please let us know.
Goal 1 – Market Saturation
Property Panorama has achieved a major market-share in the real estate virtual tour space
by offering a product that is competitive to, or superior to that of existing leaders in this
space, literally at a fraction of their typical price. Furthermore, our product is sold not
only to individual Realtors and brokerages but to entire MLSs and Realtor associations.
These latter two methods have contributed largely to our rapid of market penetration.
When we sell to MLSs and Realtor Associations, we typically sell a ‘blanket’ license that
covers the entire geographic region controlled by that MLS or Association. This means
that every Realtor in each of these regions automatically becomes a subscriber to our
service.
It took the previous ‘world’s largest virtual tour provider’ more than ten years of
aggressive marketing to acquire 100,000 subscribers. Property Panorama began actively
marketing our product in March of 2008, and already has over 100,000 subscribers. With
firm commitments and launch dates, and several other large MLSs well into the proposal
stage, Property Panorama expects to be well over 250,000 subscribers by the end of 2009.
This rapid growth is a great testament to the fact that our winning combination of low
prices, superior products, and a revolutionary marketing plan works tremendously well.
It should also be mentioned here that the first ‘non-MarketLinx’ MLSs are coming online
in September. While MarketLinx has been an excellent partner and has launched our
vision, it is important for the long-term security and growth of the company that no one
customer represent too much of the company’s revenues.
Goal 2 – Advertising Revenue
Real estate is one of the most heavily searched categories on the Internet. Statistics from
Realtor.com have proven that real estate listings with virtual and/or video tours receive
the majority of views by quite a large margin. In March of 2009, over 700,000 consumers
viewed Property Panorama’s tours and the number of viewers continues to grow as we
add more subscribers and those subscribers create more and more tours. Furthermore,
each consumer that views one of our tours views an average of 8.7 scenes per tour. Each
time that a scene is viewed, the consumer must wait through a brief (average of 3
seconds) loading period.
In September of 2009, Property Panorama will begin placing targeted ‘Pay-Per-
Impression’ advertisements between each scene. These ads will appear above the
‘loading bar’ during the waiting periods. It is expected that this will generate over
$750,000 to Property Panorama’s annual revenue. Certainly as market penetration and
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utilization increase this number will increase considerably. A more detailed breakdown
of these projections can be found in the company financial projections
Goal 3 – Photographer Program
Property Panorama’s market penetration is creating a unique and attractive opportunity
with photographers across North America. Property Panorama has, through our sales to
MLSs and Realtor Associations, already entered the market in 38 large regions
throughout North America. Photographers in these areas have each previously been
paying our competitors an average of $2,000 per year to become part of these company’s
‘networks’. As part of these networks, our competitors offer their Realtor subscribers in
these areas the services of the local network photographer, who when chosen charge the
Realtor a fee to photograph their listing.
Due to the fact that Property Panorama has taken over these markets in their entirety, the
photographers in these competitor’s networks have very little business that originates
from our competitors. Furthermore, we have a complete list of the photographers that
subscribe to our competitor’s photography networks, along with their contact
information.
Property Panorama has built an online scheduling system that will offer the services of
photographers that join our network to our thousands of subscribers, as well as facilitate
the scheduling of the resulting photo shoot between the Realtor and the member
photographer automatically. In September of 2009, Property Panorama will begin
offering membership to our list of photographers for $600 per year (compared to the
$2,000 per year they have been paying our competitors). We will also retain 12% of the
monies that the photographer charges the Realtor for each photo shoot (compared to the
15% charged by our competitors).
We estimate that this product offering will add a minimum of $300,000 in network
subscription fees annually and another $210,000 annually from photo shoot fees to
Property Panorama’s bottom line.
Goal 4 – Ancillary Products
Before Property Panorama began supplying blanket licenses to entire geographic areas
through MLSs and Realtor Associations, many Realtors used virtual tours as a
‘differentiator.’ Now that everyone in their area has access virtual tours through Property
Panorama, agents have lost this differentiator and are anxious to find new ways to set
themselves apart. Luckily, Property Panorama has been hard at work creating some truly
unique and advanced technologies that will ‘bolt on to’ and enhance the base product that
we sell to MLSs and Associations.
Property Panorama will begin offering an optional upgrade to our subscriber base
beginning in November of 2009. This upgrade, called the Platinum Package, will feature
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a wide array of advanced technologies that enhance every aspect of the Property
Panorama experience and provide that level of differentiation. We estimate that this
Platinum Package upgrade offering will add over $1,000,000 to Property Panorama
revenues annually.
Goal 5 – Rental Market
The real estate market is big, but the rental market is far bigger. Additionally, it is very
difficult to find imagery of rentals online. Instead, renters normally have to personally
visit each property of interest ‘sight unseen.’ This is very inconvenient for both the
landlord and the prospective tenant, and illustrates the need for Property Panorama’s
services in the rental industry.
Many virtual tour providers have tried to ‘tap in’ to the rental sector, but none have been
successful to any degree of success. This is because, unlike the real estate space, it is
very difficult to get to the landlords of the world. Landlords do not typically belong to an
association like Realtors, nor do they generally have a central office or another easily
accessible means by which they can be efficiently targeted with marketing campaigns.
Meanwhile, most newspapers across North America are in serious trouble. These same
newspapers are the only guaranteed central point of contact from which any company
could hope to reach all rental clients (landlords), as landlords still list nearly all rentals in
local newspapers.
Property Panorama will empower newspapers to give a free virtual tour for each rental
listed in their newspaper. As with the advertising program for real estate, Property
Panorama will place advertisements between scenes of each tour during the ‘loading’
period. The newspapers will provide this as a free ‘value add’ to landlords that list with
their newspaper, which in itself is a lucrative opportunity to the newspapers. Property
Panorama will also do a Revenue Share with the newspapers. Because the online ad
market is the catalyst that has caused many of the financial difficulties currently plaguing
newspapers, this share of ad revenue will come as a welcome opportunity.
Property Panorama is already in discussions with The Chicago Sun Times to begin beta
testing this program beginning in January of 2010, and has received interest from the LA
Times, Erie Times, and several other newspapers. With 500,000 annual rentals we
estimate that this program will be adding a minimum of $5,760,000 to Property
Panorama’s annual revenue by the first quarter of 2011.
Goal 6 – International Markets
There are approximately 5.25 million real estate professionals outside of North America,
yet none of our competitors have made any type of significant effort to gain clients in
these markets. The tools available to the most advanced market outside of North
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America (Europe) are years behind the average virtual tour product here in the U.S. and
much further behind Property Panorama in particular.
We have already had discussions with MLSs in Australia and South Africa, and Property
Panorama will begin aggressively pursuing other untapped foreign markets in the first
quarter of 2011. With our advanced tools and affordable pricing, we expect our service
to be well received in foreign markets similar to how it has been adopted rapidly here in
North America. Between user fees and advertising revenue, we expect this initiative to
result in a minimum of 10% of the foreign market share and therefore add a minimum of
$11,814,760 to Property Panorama’s bottom line by the first quarter of 2012.
Goal 7 – Builder Market
Property Panorama has developed a technology that automates the creation of 3D Floor
Plans. This technology was created for Realtor clients, but is desperately needed in the
builder market. With our unique technology, builders can simply upload their sketches or
floor plans and Property Panorama’s intelligent software will ‘read’ the drawings and
instantly convert them into 3D models of the buildings. Builders will be able to use this
tool to provide ‘virtual walk-throughs’ of new homes, additions, and countless other
construction projects, impressing their clients and helping them to close more sales.
Property Panorama plans to adapt this technology to the builder market and begin
offering it in the 2nd quarter of 2011. Conservatively, we estimate that the licensing of
this technology will increase our bottom line by a minimum of $620,000 annually by the
2nd quarter of 2012.
Goal 8 – Other Commercial Markets
Property Panorama’s easy-to-use virtual tour technology can be easily adapted (literally
in about 2 hours) to create virtual tours for any industry or purpose. Consumers want to
see virtual tours of restaurants, hotels, and many other spaces. Property Panorama is
already talking with SuperPages (the company behind the majority of the yellow pages in
the U.S.) and many major newspapers and we plan to use these entities to offer tours to
all of the commercial businesses in North America in the 3rd quarter of 2010.
Because we plan to offer our services at a very low cost to commercial entities, and make
most of our profit from imbedded advertising, we expect this offering to be very well
received by these commercial entities. We estimate that this adaptation of our product
for commercial entities will add a minimum of $768,000 by the 3rd quarter of 2011.
Goal 9 – Consumer Market (mass-market)
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Property Panorama’s exclusive technology is able to automatically sort and stitch images
together without human intervention. Property Panorama will offer this technology for
use on major photo sharing sites such as Flickr, Orkut, Google Images (with whom we
have a very strong relationship with already), and several other image sites by the 4th
quarter of 2010. This will be integrated directly into these sites and we will share
advertising revenue with the site owners, while providing them an enhancement to their
services.
Basically, this phase of our initiative will make the creation of panoramas available to the
common consumer. We are certain that this will be well received by consumers, but it is
almost impossible to determine the amount that we will make from this endeavor, as
nothing like this has been done before. A conservative estimate of revenue increase is
approximately $320,000 annually, although we expect this technology to be adopted far
more rapidly than the amount reflected in this estimate.
Summary
Clearly one can see that there is no shortage of opportunities or creative ideas at Property
Panorama. Most of the core technology already exists for everything that is planned from
a business development perspective. Certainly, it will take some development effort to
add support for various languages, and sales and distribution channels will need to be
developed for many of our goals to be implemented. However, with the core technology
already in place it is more a matter of a few sales, marketing and development resources
to make all of these goals reality.
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