How the Metaverse can improve the real estate industry

How the Metaverse can improve the real estate industry

How the Metaverse can improve the real estate industry

Opinions expressed by Entrepreneur contributors are their own.

The metaverse already offers us a wealth of new experiences and has led to limitless speculation about the many avenues for its future expansion. These possibilities – which are beginning to seem endless – are enjoyable and sometimes even practical for consumers, meaning they can be very lucrative for the companies that implement them.



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While the current interactions and excitement surrounding the metaverse weigh heavily on realistic fashion shows, concerts, and immersive video games, there are several uses that go beyond pure entertainment.

The deep value of the metaverse lies in the pragmatic applications it can power. In a globalized world where distributed work and communication are on the rise, metaverse applications allow users to connect remotely in a much more collaborative and interactive environment. It eliminates tedious obligations and offers more practical, efficient alternatives to personal tasks, which sometimes require long waiting times or long distances.

From the perspective of realistic use cases for augmented reality (AR) and virtual reality (VR) technology, the real estate industry in particular can benefit greatly from the metaverse. From pioneering the construction of a new home to reselling it years later, the metaverse and immersive architecture can make a big impact. Here’s how:

Related: How the Metaverse Will Affect Real Estate

Build

Let’s start with the very beginning of a house’s life: its construction. Construction requires site visits and on-site effort and coordination. The site must be carefully surveyed and measured, and the construction must be carefully planned and executed. Human error can also lead to inefficiencies and inaccuracies in calculating measurements and determining progress.

In the metaverse, we could feasibly design an application in which the locations can be accurately mapped so that engineers and contractors can visit a very realistic representation of the actual location from their home or office. Not only would they be able to conduct site surveys, provide more accurate progress reports, and better estimate project delays, but they would also save a lot of time typically spent commuting to these different locations. In addition, by leveraging the metaverse, users can seek help from their social network about design ideas, floor plans, and much more.

New applications can bridge the gap between the metaverse and home design by using AR to sketch floor plans and designs so that construction and contracting can be done efficiently.

Related: How Virtual Reality Is Changing The Way You Build Your Home

Interior design

Interior design is next on the roadmap after the completed construction of the home. Accurate virtual home modeling is a major advantage for the interior designer, who can use the technology to gauge customer interest in a variety of different options for the living room, bedroom, and home office. Currently, interior designers are limited to presenting sketches or 3D models accompanied by images of the furniture and decoration. It can still be difficult for clients to imagine what that room will look like when they walk into it. Now imagine if they can.

The interior designer could use an application in the metaverse to design different variations of the same room, with different color palettes and furniture styles, and they could even adjust the light coming through the window for varying weather or times of day. The customer can now walk through a virtual 3D view of the space and experience the different layout options on a rainy day, a sunny afternoon or a crisp winter evening. The process of selecting an interior designer’s options has only become more fun and less likely to lead to disappointment.

New technology can enable buyers to literally visualize properties or spaces through virtualized staging and rendering before making a purchase. Merging the metaverse and an application that does this will allow buyers to interact with interior designers through the app in the near future.

Related: Brace yourself for impact: It’s time to usher in the metaverse

Real estate showcases

When the day comes for the home to be resold, the home visit process can be made much easier for both the real estate agent and potential buyers, thanks to VR applications in the metaverse. Potential buyers living internationally and across the country could visit a virtual rendering of the home in the metaverse and get a similar experience to people visiting in person, rather than relying on photos and poorly recorded videos.

Buyers who move to a new state or country no longer have to make expensive and inconvenient trips to choose a new home – they can visit as many as they want in the metaverse and get a very good impression of how things are going. will be to physically walk around in it. The broker would also benefit as the metaverse VR/AR technology greatly increases the pool of potential buyers.

Real estate shows via VR are already taking place. There are VR options where potential home buyers can use VR headsets and compatible smartphones to take virtual reality tours. It won’t be long before major developers start using this technology in their sales offices as well. They will create a mini metaverse for every project they sell and allow potential buyers to explore their virtual development along with the neighborhood around it. This immersive experience allows the clients to fully envision a life around the property sold.

The technology underlying the metaverse has the potential to positively change so many aspects of our lives. Many of these applications are still years away, but when they are ready, they will have a huge impact on so many industries by creating more efficient and practical alternatives to existing systems and procedures.

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