One of the biggest advantages of virtual reality and the metaverse is their ability to stimulate a virtual environment for any user from the comfort of their homes.
Buying real estate has always been a huge decision in anyone’s life; it is a tiring process that takes months and months.
But with this new technology, one could go through hundreds of properties in a day to find their perfect dream house.
Square Yards - the 3D proptech firm
Square Yards is one of the fastest growing Proptech platforms in the United Arab Emirates, the rest of the Middle East, Australia, and Canada. It is the largest integrated platform for real estate and mortgages in India.
The Square Yards platform offers a seamless user experience and covers the whole real estate journey, including search and discovery, transactions, home loans, rentals, property management, and post-sales servicing. (1)
Through a high-end 3D digital duplicate of the city of Dubai, the company has established a 3D Metaverse platform to demonstrate the future of real estate search and discovery.
Square Yards, a Gurgaon-based startup, claimed it would integrate cutting-edge technologies like 3D, AI, VR, and AR and interactive real estate visualization in its program announcement on Friday.
According to the company, the platform is the first of its type to offer high-definition 3D maps for an accurate real estate representation. Proptech, which stands for "property technology," is the fusion of the software and technology sectors of the real estate market. Proptech is a cutting-edge real estate strategy that uses technology to improve how consumers find, study, rent, buy, sell, and manage properties.
“With this solution, users can search over 2,000 potential real estate projects in Dubai via an interactive 3D interface, get full project details, and enter the project metaverse as an avatar,” the company said.
“Imagine you are looking for high-quality real-scale 3D real estate to buy, sell, and rent in Dubai. Visit the project building in VR, walk around the amenities and interiors, and communicate virtually with residents and sellers,” said Tanuj Shori, Co-Founder and CEO of the company.
Maps, 3D content, transactions, catalogs, and project details are just a few of the several data layers that make up Metaverse. Users can enter and move among facilities, projects, and interiors of each designed building using their preferred avatar as if they were living a digital existence in a virtual world. Each design building comprises a sales center and its digital counterpart, the Metaverse. They can use voice conferencing to communicate with certain salespeople. (2)
Real estate in the Metaverse
With companies like square yard bringing real estate to the metaverse, it becomes increasingly important to understand the kind of influence the metaverse has had on this sector.
Like in the real world, buying and selling real estate in the metaverse is expensive. Prices automatically rise when there is a significant demand for a plot in a particular region of the metaverse. Real estate values have increased from 400% to 500% in some of the most well-known metaverses in recent months, illustrating how ferocious the competition for virtual land has grown. (3)
Virtual real estate has a lot of advantages over its predecessors; some of them are
No need for ’House-Hunting.’
Imagine making the house-hunting process less difficult. No more circling the neighborhood in a car, wasting hours looking at properties that aren't a match, or poring over convoluted floor plans. This is conceivable in the metaverse, where you can look at properties and make judgments while sitting at home. Comparing virtual tours to looking at images or floor plans might help people engage emotionally on a deeper level. They can also assist you in better understanding the benefits and drawbacks of a specific property.
The Realtors no longer waste their time.
It takes a lot of time and effort to meet prospective buyers, stage and show homes, and accompany clients through closings. A virtual tour lets customers view the property on their cellphones or laptops. Those that are serious about the property will call and request further details. This might free up your time as a realtor so you can concentrate on other crucial areas of your company.
The number of sales increases.
The best marketing strategy for selling homes has long been home staging. According to statistics, staged homes sell for about 20% more money and are 88% quicker than unstaged homes.
But this idea isn't brand-new. Virtual staging is a new, quicker, and more affordable way to achieve comparable outcomes. It gives customers a genuine experience that can foster an immediate sense of ownership. Customers who take the tour may readily imagine living in such a building. According to a Matterport study, over 90% of potential house buyers are more likely to buy a property if the listing includes an immersive three-dimensional tour.
Boosts Brand picture
High-quality VR content can help real estate companies increase lead generation, improve client engagement, and increase traffic to their websites and social media channels. According to a Realtor survey, real estate listings using virtual tours get over 40% more clicks than those that only use photographs. A real estate company will stand out from the competition by providing VR tours because it is a new technology. Sharing captivating VR content will likely go viral on social media, which will help to increase brand exposure and search engine ranking.