Source: Times Property ( )

Today’s tech-savvy homebuyers prefer relying on technology to save time and effort. Usually, the process begins with shortlisting properties, negotiating preliminary terms, and discussing the budget online. Only after completing this initial step do potential homebuyers personally visit the property to determine whether they would like to proceed with the deal (or not).

A new and unexplored terority
The concept of metaverse is still quite new and yet to be fully explored, “Which is why one may confuse it with virtual reality. However, there are remarkable differences between the two,” states Vivek Agarwal, co-founder and chief technology officer (CTO) of real estate consultancy firm. Agarwal elaborates:

“Virtual Reality (VR) is a fully immersive three-dimensional simulated environment with spatial elements that give users the feeling of being in a computer-generated world. It can replicate real-world experiences or offer fictional environments and can be experienced only by wearing a VR headset or any VR device. In real estate, VR is used to market and sell properties by taking visitors on immersive virtual tours.

Conversely, the metaverse is a series of interconnected virtual worlds combining the elements of augmented reality, VR, and the internet, where one can move as a digital avatar and play, interact, and collaborate with other users as well as interact in various metaverse environments. Its open nature allows extensive customisation, enabling content creation and modification by users, unlike VR’s limited interaction abilities and confinement to environments crafted by developers. Besides, the metaverse bridges the virtual and physical worlds, offering seamless integration of digital and real-world elements, that allow users to access the metaverse through various devices and interact with the physical environment.”

How will the real estate industry benefit from the metaverse?
Improved brand reputation and sales: Metaverse platforms provide a unique space for marketing and showcasing properties to a global audience. Real estate agents can create virtual showrooms, host virtual open houses, and even conduct real-time tours with potential buyers from anywhere in the world increasing the chances of making a sale.

Digital twins and property management: Metaverse technology can be used to create digital twins of real-world properties. The virtual replicas allow for improved property management, enabling real estate professionals to remotely monitor building systems, identify potential issues early on, and optimise maintenance schedules.

Metaverse-integrated real estate services: Real estate services, such as property appraisals, brokerage, and legal consultations, can be integrated into metaverse platforms.

Metaverse-based architectural design and collaboration: Architects and designers can use metaverse to create and collaborate over virtual building designs.