The Rise Of Virtual Reality In Real Estate

Authored By- ShaileshGoswami, CEO  &  Founder, Foyr-a prop-tech Company

With advances in technology, development of prop-tech in the real estate sector in India has been on a stupendous rise. Over the last couple of years, property developers have harnessed the convergence of property and technology to change the mindsets of potential customers.

Along with that, they have received a much-needed boost that has diversified and disrupted the scope of this industry. The optimism, the need and the economy is evolving, and prop-tech is simply altering its response with the quality of its offerings.

How it all began:

Real estate, a huge industry was always poised for growth. But a higher risk analysis plagued sentiments with outdated 3D technology, inefficient practices, burdensome documentation, and laundering transactions restricted the change and opportunities that could disrupt their working for good.

The evolving technologies and new players with advanced insights equipped the sector to gradually welcome the digital world that could automate its time consuming and traditional challenges. Innovations in design and visualization evolved customer’s expectations and the need for next generation of 3D technologies.

PC based software

With the access to home computers and power of the internet among urban generation, real estate joined the wagon and went online. Players started uploading their websites and many even began listing themselves on various sites where potential customers were searching and hunting for property options. They were not only uploading information and insights, but everything from photographs, to floor plans, valuation, and sometimes even price estimations.

Technically, they took every step that could work in their favour and help convince the customer to get on board. In spite of this, the lack of technical know-how and early years of internet accessibility, the growth of the sector was restricted. With two dimensional drawings and models producing static images and trivial videos, lack of techniques like shading, texture and illumination were missing. This resulted in the absence of immersive experience and a high-quality understanding of the space.

The Internet Revolution

Technology brings with it a myriad of possibilities, ideas and opportunities. With every industry now moving ahead and embracing the change, real estate was no exception. It was backed by technology not just reforming lives but also streamlining the lifestyle of our tech-savvy consumers.

New innovations like augmented reality, virtual reality, real-time experience, entered the sector and changed the entire process of design and visualization. Still, photography graduated to motion pictures which further enhanced into real life amendment that allowed people to spacewalk into their dream project, giving them an experiential and immersive experience.

A realtor could harness digital prowess to target consumers through e-commerce, social networking, and a multi-platform world and stay ahead in this highly competitive game. It was facilitating the growth of the commercial real estate sector with solutions that were previously inaccessible to it. With a further penetration of smart-phones and cheap data access to all, players could dominate their target market by reaching out to them through a myriad of tools and apps.

But then again, the technologies suffered when it came to getting access to digital devices. The files being too heavy to be stored on a Smartphonecaused hardware enabled issues. Incompatibility with upcoming VR devices like special 3D glass or virtual cardboard or Samsung eye-gear within the potential customers caused a major hurdle in 3D visualization accessibility. Yet, breaking boundaries and age-old traditions defined the advent of pro-tech2.0 in the real estate sector.

Mobile Technology

Considered the new wave of digital evolution, Prop-tech Mobile technology is just around the corner. Well, for the most part of it is almost there.  This phase is not just going to make life easier for the seller but incredibly transparent for the buyer. Accelerators like big data mining, crypto-currency, the blockchain, and many more will soon become the centre of the prop-tech innovation ecosystem.

But for them to be seamlessly integrated into our lives, we believe the future of 3D visualisation technology in context to prop tech advancement will revolve around three pillars. Namely, it is all about creating an immersive experience, being lightweight on digital devices, using the power of touch to personalise the experience.

Many new changes will seep in and become standardised procedures. We begin with following technologies that will transform the sector as well as the buying and selling experience:

Internet of Things: With the use of sensor beams and devices, innovative 3D solutions will pop-up, that will not only make a particular space but the whole building smart. You can already take care of lighting and manipulate conditioning of your internal environment through a simple touch on your phone. But now with a more generous application of technology, right from managing energy, controlling ventilation, oversee security; everything will be automated, efficient and sustainable in the long-term.

Block Chain – With so much of discrepancy in documentation and friction during transactions, blockchain is a next-gen innovation solution that will streamline the way business is conducted in the sector through smart contracts. Issues like never-ending paperwork, lack of transparency, problems with loan mitigation, superfluous broker commission, and monetary integrity will soon be a thing of the past. If you are looking to invest in a property all you have to do is get online and seal the deal. Yes, it is going to be quick and simple.

Cryptocurrencies – Having been around for a while now, digital currencies are finally making their move.  Many people who are not comfortable with exposing their assets to the market are using crypto-currencies like bitcoins to transact. The proposed transaction is backed by many estate agents and fuelled with necessary documentation that eases the game further.

Many potential customers are stabilizing this process by supporting it with real assets. Considered to be fast, transparent and reliable many clients are openly using crypto-currencies to invest in trans-border transactions. It is incredible to note that digital currency and smart contracts are one of the most eagerly awaited benefits of prop-tech in real estate.

Prop-tech revolution is evolving rapidly. It has coherently solved time, security, speed, cost and, regulations issues that the industry has been dealing with since its inception. But that's not just about it. Let’s not underestimate the power of Prop-tech and the capacity of the real estate industry to transform itself.  It is facing the future with an imagination to get better.