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GeoCV

Has anyone on this forum signed up for GEOcv's plan?8862

Premium
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hometakes private msg quote post Address this user
I got an email today from GEOcv saying 'Given its popular demand, our unlimited offer has been extended to March 15th'. Im just wondering if they have extended this offer as they haven't got many sign ups and not because they have got lots of sign ups. If I remember, they only had a limited supply so if it were that popular, then why are they asking for more sign ups.

I expressed my concerns with their pricing and told them I feared that they would have trouble selling plans with their pricing strategy. I have also seen many comments on this forum also concerned with the pricing.

I even asked in a post that I created "who would jump ship to GEOcv if they priced a yearly plan at $1788 (same as Matterport highest plan) for unlimited tours" and pretty much everyone that answered said yes.

So I am very curious to know who on this forum has signed up and is a paying customer at their intro rates?
Post 1 IP   flag post
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rzphotoman private msg quote post Address this user
@hometakes I got that email also and it also mentioned that they would be offering a new price plan starting on March 18th that would be a lower barrier to entry with more of a pay as you go model.

The price plan they offer right now is too high for me to make a jump so it will be interesting to see what the new plan is.

I'm also still waiting to see what the quality of HD downloadable still photos will look like.
Post 2 IP   flag post
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hometakes private msg quote post Address this user
I asked if its a computer that renders the tour and they said yes. I asked if they would like to get the same revenue stream from plans that Matterport is currently getting right now. They said, "Hell Yeah" (not literally.)

So I said, if you want to get all of the business from MSP's, offer unlimited scans for the same price as what Matterport is charging and anyone that owns a Matterport camera would most likely jump ship to you.

But I guess that they can't see the same vision as me. To get the biz, offer more for the same price (or less).

So I put this up as a forum question (see here) and most everybody said that they would jump ship.
Post 3 IP   flag post
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rzphotoman private msg quote post Address this user
@hometakes I agree. My guess is that right now they couldn't handle the volume if the majority of MSPs switched over.
Post 4 IP   flag post
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hometakes private msg quote post Address this user
@rzphotoman What a nice problem to have!
Post 5 IP   flag post
immersivespaces private msg quote post Address this user
More and more I am seeing red flags commonly exhibited by shortlived startups. I hope they make it work, but I'm not as confident as I was a couple of months ago. Too bad though, they are the first legitimate competition to the Matterport system. If they do go under, I hope they consider open sourcing their system and letting the developer community take a run at it.
Post 6 IP   flag post
stwallace78 private msg quote post Address this user
I've been debating signing up. My concerns are the same. Then to top it off the camera system is expensive also.
Post 7 IP   flag post
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hometakes private msg quote post Address this user
@stwallace78 I thought that I would be signing up as I anticipated that their prices would be lower or the same as Matterport but with unlimited processing. I intended to package one of these into all of my photo and video packages. Its just not anywhere near to being close to viable.

How can you make it pay if you sign up at their prices or is the prices that have stopped you from signing up?
Post 8 IP   flag post
jblythe private msg quote post Address this user
I am in the same boat. I REALLY wanted to do this, but was taken a bit back by the pricing schema. I purchased (for a separate reason) a Samsung S8 almost a year ago that is not currently in use. I was hoping I could use it as this is the main device (I think) they have been demoing the product with. I thought maybe that would cut the cost down some but that doesnt seem to be an option at this point. Im still in the debate of pushing forward as I believe in their product and in their stance...I just need to wrap my head around the pricing.
Post 9 IP   flag post
stwallace78 private msg quote post Address this user
I agree. its the monthly fee that I'm not liking. if it was 150-200 less I'd jump on it. Especially since its in beta and all features aren't available yet.
Post 10 IP   flag post
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hometakes private msg quote post Address this user
@stwallace78. You mean if it were 200 per month for unlimited you'd be willing to pay that, right?
Post 11 IP   flag post
stwallace78 private msg quote post Address this user
that would be amazing. I'd be happy at 300-350 and 1500 for the camera. right now you can get a base matterport lite for 2500
Post 12 IP   flag post
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hometakes private msg quote post Address this user
I would so love to implement a 3D tour to every package I offered by adding just $20 to the cost of my packages. This would put a 3D tour on every shoot we do for an agent. This is the only way that agents will buy into 3D tours in such a way that everyone else will want them. They are not sold on these as the masses say that they dont see the added value and that all they need are good photos to sell a home (so why add an unnecessary cost). I hate to agree, but there is truth in that statement.
Post 13 IP   flag post
immersivespaces private msg quote post Address this user
I think before making any decision, everyone should look at their local market for the services to see if it even makes sense. Every area is going to be different and you need to calculate if you will be able to recoup the cost over a set amount of time. Many a Matterport MSP regretted not doing the basic research before jumping in on the capital investment that resulted in largely a breakeven or loss scenario.

We do data analytics of all listings in Florida from MLS providers and base our services and pricing on hard numbers from actual data. I don't see how it would be financially smart to come in at the current rate GeoCV is offering its early adopters. Less than a fraction of a percent of all listings in all of Florida even use virtual tours of any kind, even with the unlimited plan that they are offering, the math doesn't work if you are looking to be profitable. Also keep in mind that the current pricing is for "early adopters," which in startup speak means, "development donations." As Matterport's track record has proven, being an early adopter in your area holds a very little longterm benefit, especially if your customers are realtors who have statistically very little loyalty for service providers and will quickly jump to the "cheap" provider for nearly any service.

I also think the "unlimited" plan is kind of a silly selling point. Realistically, how many properties can you capture in a given month with a single camera system? Then couple that with the realistic number of tours customers will actually purchase in your area, marketing, and labor costs. Your unlimited plan would look kinda silly when you are only scanning 10-20 properties per month (which for most markets is ridiculously unlikely unless you are in or near a major metropolitan area). Based on our data here in South Florida anyway (which includes major markets such as Ft. Lauderdale and Miami), the pricing would have to be around $2000 for the camera and a max of $150-175 per month for processing/hosting services, you could go as high as $200 per month if you offered unlimited model hosting. (Most listings contracts are 90 days and the average traffic to a tour ends at the 160th day on average, so even unlimited hosting costs are subjectively wasteful.) The realistic shelf-life of the camera is going to be what, 18 months? Maybe 2 years, before the tech is outdated? At this pricing, again, based on hard numbers in our area, you will realize an ROI at 12 months given the current average sales rates. Not great, but not terrible. Then add to that the likelihood of having to replace the hardware system in 18-24 months and basically starting over on your recoup. Hopefully, in that time the markets would continue to improve and the ROI margins will improve, but even at a best case scenario, your ROI is somewhere around 6-8%, well shy of the recommended 15% for a healthy small business.

All that to say, I'm still a strong proponent of the technology, but I've also been in the imaging business for over 20 years and learned from many mistakes over that time. One important lesson I have learned over the years is that hard numbers matter, so if you are looking to grow your business and stay in business, you simply have to do the math and make sound choices based on it. When the numbers don't add up, even if the product is enticing, you will be much better off walking away and waiting for the situation to improve. I have decided, as much as I like the GeoCV system, that we are going to take a wait-and-see approach to adoption. There are simply too many red flags right now.
Post 14 IP   flag post
GeoCV Jonathan_GeoCV private msg quote post Address this user
For those who prefer to pay as you go (which might be more expensive) without unlimited tours, hosting, and processing, we understand it might be totally fine not to white label, edit, or own your content.

The unlimited opportunity is meant to help grow your business, especially to those who keenly appreciate our one of a kind feature set. I will be speaking at the Realogy conference in Vegas in 2 weeks and expect to come back with warm leads for our partners, being as though that's agents top question.

Lastly, I will encourage one of our early adopters to share some insights in regards to their experiences, but if they are quiet in the forum, it might be because they are out in the field scanning, selling, or heads down customizing new experiences.

I'm also available 24/7 for anyone I haven't connected directly with and so I will do my best to personally introduce myself to everyone regardless if you do thousands of tours or have never scanned before. https://www.linkedin.com/in/jonathanbrettklein/

Happy scanning!
Post 15 IP   flag post
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hometakes private msg quote post Address this user
@immersivespaces Very well put. What GEOcv Fails to understand is the average realtor and where the market is for their product. Your market is in the masses Guys. GEOcv only serviced a very niche market in NYC and I think they think they know the market because of this. NYC agents are not your normal agents guys (NYC is one of three places where Bravo TV shot their Million Dollar Agent series, that should tell you right there).

As I said, the money is where the masses are. As a business owner, you'd rather own Ford than Rolls Royce right? Rolls Royce is the best of the best with all the bells and whistles. But when it comes to a tangible product that costs a lot of money to put together, the market is extremely limited. This means that the profitability is also very limited even though their profit margins on their cars is high.

On the other hand there's Ford. Lower profit margin but sells millions of vehicles to the masses and although much lower profit margins, overall company profits are 1,000's of times higher than that of Rolls Royce. Thereby making it a much more profitable company.

GeoCV is trying the Rolls Royce model. But unlike Rolls Royce that has a tangible product where the 'Bells & Whistles" on the car actually cost money, GeoCV's extras is just coding. A one time cost of the labor to write the code and thats it. So theres a huge fundamental difference, GeoCV you cannot begin to justify your "Rolls Royce" pricing.

The masses (Agents) want to buy Ford guys, so you need Ford pricing. Where you have the advantage over Matterport is that you can actually afford to give them a Rolls Royce (all the bells and whistles of your product)at Ford Prices. It costs you nothing more to produce your product as you are not selling anything tangible.

@jonathon_GeoCV if pricing is an 'agents top question' you should listen to what your market is telling you. Pay as you go "Which might be more expensive" is for sure going to nail your coffin shut on most MSP's. Really sad to see the only company that has a real comparable product to Matterport coming out with pricing thats exorbitantly expensive. We were all so looking forward to jumping ship but certainly not to one that appears to be already engulfed in flames in the water.

I noticed thus so far no-one on this Forum has claimed to have purchased a GeoCV plan, so is there anyone? That reminds me, when I said $1788 per year unlimited pricing, I meant per tour provider account (like Matterport), not per camera.
Post 16 IP   flag post
GeoCV
Co-Founder
AntonYakubenko private msg quote post Address this user
Dear forum members,

As I stated before, we're scaling step by step as we scale our manufacturing and polishing our processes. If you want a car comparison, consider, we're now offering Tesla Roadster. Then Tesla Model S and Model X would appear. And at some point an affordable and long awaited Tesla Model 3. Not everything at the same time.

While we would be happy to serve the masses at some point, now we're focused on innovators and early adopters, who have large volumes and/or really appreciate our features for the offered price. We do understand that 90% of our potential customers don't fall into this category yet, and given the already high demand well beyond this forum for what we're currently offering, it's totally fine.

So stay tuned for new pricing plans, which could better fit your business. The ship is already sailing, when to jump aboard is up to you.





P.S. I would not go into the discussion of justification of pricing, since price is not always based on costs, but on value, and some intangibles are actually very costly for us from the business side, not from the development side, e.g. white labeling, which drives business to our customers directly instead of us.

One or two new orders per month coming from service provider branding in GeoCV Viewer, would already justify the whole monthly subscription. And if such new customers would return for more, with a few of them over a few months the photographer would justify the annual subscription. And this is not taking into account revenue and profits coming just from serving your existing clientele.
Post 17 IP   flag post
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hometakes private msg quote post Address this user
@AntonYakubenko
Would you mind sharing how many camera plans you have sold to innovators and early adopters so far? Given the fact that this was a limited offer, just curious to how many takers you've had sign up.
Post 18 IP   flag post
GeoCV
Co-Founder
AntonYakubenko private msg quote post Address this user
Quote:
Originally Posted by hometakes
@AntonYakubenko
Would you mind sharing how many camera plans you have sold to innovators and early adopters so far? Given the fact that this was a limited offer, just curious to how many takers you've had sign up.

Sorry, we don't share such numbers.
Post 19 IP   flag post
stwallace78 private msg quote post Address this user
It would be great if the other pricing structure would be made available for us to review to see the benefit of the unlimited beta program.
Post 20 IP   flag post
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hometakes private msg quote post Address this user
@twallace78
It would certainly bring more to the discussion here but Im sure they have their reasons for not wanting it in the public domain.
Post 21 IP   flag post
Nodalview Pitdulac private msg quote post Address this user
This is crazy that those prices are not public !
Post 22 IP   flag post
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