Metaverse has become the talk of the town for quite a while. Businesses have been leveraging Metaverse in a variety of ways based on their business models and user requirements. According to a March 2022 study, more than 17% of the global IT enterprises have invested into the Metaverse. In addition, 9-12 percent of other industries like Education, Finance, Healthcare, and Marketing are also spinning around the broad arena of Metaverse.
This article is a part of the series focused towards use cases of metaverse across various industries and domains.
- Why Metaverse Matters To The Businesses?
- Use Cases of Metaverse : Gaming
- Use Cases of Metaverse: Entertainment & Social Media
- Use Cases of Metaverse: Fitness
- Use Cases of Metaverse: Education
- Use Cases of Metaverse : Corporates
- Use Cases of Metaverse: Automotive
- Use Cases of Metaverse: Design, Architecture & Engineering
- Use Cases of Metaverse: Real Estate & Construction (this article)
- Use Cases of Metaverse: Travel, Hospitality & Tourism
- Use Cases of Metaverse: Fashion & Apparel
- Use Cases of Metaverse: Medical & Health
- Use Cases of Metaverse: Banking & Finance
In October 2022, an NFT of a real-world house comprising three bedrooms, a walkout terrace, a galley-style kitchen, and a huge living and dining area was sold for $175,000 over the weekend in Columbia, US.
According to reports, businesses have shown an amplified interest in the metaverse in real estate. The 2021 sales figures reached up to $501 million and it reached $1 billion by end of 2022.
Let us dive deep into knowing how metaverse is going to transform the industry of real estate and construction.
Let’s discuss the very foundational basis of a home’s life: construction. Constructing any building be it home or office requires site visits and on-premise efforts and coordination. Each and every site has to be carefully surveyed and measured so that the construction is meticulously planned and carried out.
To err is to human and that can lead to inefficiencies and inaccuracies in calculating measurements and determining progress.
But, in the metaverse, things are more streamlined and well planned as you can feasibly design an application by accurately mapping the sites. It also enables engineers and contractors to visit a realistic perspective of the actual site from the comfort of their homes or offices.
With the help of metaverse, they will be able to conduct site surveys, prepare accurate progress reports and estimate project delays effectively. Furthermore, they will save a lot of time that they would otherwise do so in commuting to these various site locations.
Next in line after construction is interior designing. With the help of accurate virtual modelling of the home, interior designers can utilise the tech to gauge the client’s interest by showcasing them a variety of different options for the drawing room, bathrooms, living room, bedroom and home office.
At present, interior designers are restricted to presenting sketches or 3D models along with images of the furniture and decoration. It still remains hard for the clients to visualize the look and feel of the property when they walk into it. Now, imagine that they can.
The interior designer may create various iterations of the same space using a metaverse application, using various colour schemes and furniture designs. They could even adjust the light entering through the window to correspond to the weather or time of day. Now, on a rainy day, a sunny afternoon, or a brisk winter evening, the client can experience the many layout alternatives by walking through a 3D virtual representation of the room. Just recently, the process of choosing an interior designer’s options improved and reduced the likelihood of dissatisfaction.
At the time of sale and purchase of the property, VR applications in the metaverse can greatly simplify the home-visiting procedure for both the parties. There are times when prospective buyers are unable to visit the property, so instead of depending on pictures and shoddy videos, they are able to see a virtual representation of the house in the metaverse and enjoy a similar experience to customers who visit in person.
Moving buyers would no longer need to make costly and inconvenient excursions to select a new house because they could view as many as they wanted in the metaverse and receive a highly accurate sense of what it would be like to physically walk around in it. Given that the metaverse VR/AR technology dramatically widens the pool of potential purchasers, the real estate agent would also profit from this.
Real estate virtual reality shows are already happening. Several VR solutions allow prospective homeowners to take virtual reality tours using VR headsets and compatible smartphones. Large developers will soon use this technology in their sales offices as well. Each project they are selling will have a mini-metaverse created for it so that potential purchasers can tour the development and its surroundings virtually. Customers are able to fully imagine a life centred around the property being sold thanks to this immersive experience.
How will the metaverse transform the real estate industry?
Metaverse has extensive potential to transform every bit of real estate and take the industry a notch higher in converting and retaining clients. Let us have a look at some of the benefits:
Saves realtors effort and time
It takes a lot of time and effort to meet prospective buyers, stage and show homes, and accompany clients through closings. Customers can view the property on their cell phones or laptops via a virtual tour. Those that are serious in the property will call and request further details. This might free up your time as a realtor so that you can concentrate on other crucial areas of your company.
Effective communication between real estate agents & clients
Mobile apps that support augmented reality (AR) can facilitate effective client communication. Clients can visually explore a 360-degree AR model of a specific apartment, house, or piece of property with just a few taps. While real estate agents may simply add to the virtual teaching of every feature of the property in much more detail, they can explore, compare, and analyse other homes.
For a very long time, home staging is considered the most effective marketing tool to sell houses. If researchers are to be believed, then staged homes sell for around 20% more and 88% faster than non-staged homes.
Enters virtual staging – a new, effective, and cost-effective method of getting similar results. The prospective clients are able to get a realistic experience, which can help create an instant sense of ownership. Clients who take the tour can easily imagine themselves living in that property.
Unlimited design variations
When you staging a property physically, it requires dealing with several logistic challenges. For example, putting several pieces of furniture into a house with numerous stairs or small galleries can be a tasking process that only professionals can do. This in fact limits the buyer’s design options.
But virtual staging lets home buyers choose furniture or decor that best fits the space by easily adding and customising the layout according to their preference.
Virtual staging services use digital renderings of decor and furniture, thus helping to show extensive room options to the prospective buyers.
Promote brand exposure and reputation
By incorporating high-quality VR content into their marketing campaigns, real estate agencies have been able to generate more leads, boost overall client engagement, and drive good traffic to their websites and social channels.
A recent study on the real estate market revealed that real estate listings featuring virtual tours received over 40% more clicks compared to those using photos alone. An eye-catchy VR content has more chances to go viral on social media, which will help boost brand awareness and improve search engine ranking.
The underlying core technology of the metaverse has the capability to change multiple aspects of our lives in positive ways. Many of these applications and use cases are still years away. But when they’re ready and all set to trigger the business domains, they will have indelible impacts on so many industries by creating more efficient and practical alternatives to existing systems and procedures.