The real estate industry has witnessed significant technological disruption over the last few years. Advanced technologies like Augmented Reality, Virtual Reality, real estate NFTs, Etc., are impacting the industry profoundly.
The real estate industry worldwide will grow to $ 7,806 Billion by 2027. (IMARC Group)
The statistics show that the real estate industry is on the cusp of exponential growth.
Amid the market growth predictions, real estate companies are partnering with AR, VR, and NFT development companies to stay ahead of the game.
Moreover, there is hardly any doubt that the real estate industry is facing many challenges.
So far, the real estate companies have looked for immersive and NFT development companies separately.
But not anymore.
Another technological revolution is just around the corner, ready to devour the challenges of the real estate industry.
It is the metaverse.
While looking for a metaverse development company, real estate companies don’t need to hire immersive technology professionals and NFT developers separately. Metaverse development merges all.
The accelerated technological adoption across the sector has surged the popularity of the metaverse.
And amid the craze, real estate in the metaverse is the talk of the world.
The metaverse-driven real estate market will grow at a CAGR of 61.74% between 2022 and 2026. (Technavio)
Metaverse excitement has only begun. Let’s find out how metaverse can eliminate all the real estate industry’s challenges.
Does real estate in the metaverse deserve all this madness and spotlight?
What Is Real Estate In The Metaverse?
Real estate in the metaverse is a virtual real estate ecosystem. More precisely, it is the replica of real-world environments and settings.
Metaverse combines advanced technologies like Augmented Reality, Virtual Reality, Blockchain, 3D modeling, NFT, IoT, and many more. So, the metaverse real estate ecosystem comprises all these technologies.
In the real estate digital ecosystem, real estate companies and their agents can interact with the buyers virtually, similar to what they do in the real world.
Every land parcel in the real estate metaverse is unique. One can never find any replica of it.
The real estate assets in the metaverse are digital creations. These assets are programmable also.
Considering the mammoth rise in popularity of real estate in the metaverse, various platforms allow buyers to check out properties and buy them easily with their digital wallet accounts.
One can buy land as NFTs leveraging cryptocurrencies in the real estate metaverse space.
How Is Real Estate In The Metaverse Eliminating The Real Estate Challenges?
The metaverse market globally will reach $800 billion by 2024. (Bloomberg)
Nearly all industries, including real estate, are investing in metaverse technology to make the prediction happen in reality.
And why wouldn’t they?
Metaverse comes with the following promises to revamp the real estate industry:
Eliminating The Property Hunting Hassle
- People drive miles and spend a lot of time finding their dream homes.
- People often reject properties due to confusing floor plans, surrounding areas, and many other things.
- Real estate in the metaverse allows people to explore properties while staying in their homes’ comfort.
- In the metaverse, buyers can view the property through an immersive 360-degree view. From floor planning to ceiling, everything will seem transparent.
- Consequently, they can make quick buying decisions.
Agents’ Efforts Becoming Less
- While meeting and pitching potential buyers, showing properties are time-consuming job.
- Agents must put much effort and energy into staging and showing properties to customers.
- On the other hand, virtual tours enable realtors to show off properties in a hassle-free manner.
- They can show the property to the potential customer on a laptop or smartphone and immerse themselves.
- People will ask for more information about the property the moment they get satisfied with the immersive property view.
Clear View Of Properties, Clear Communication
- Many times, real estate companies can not become able to put all the perks of their properties on top and explain it to customers.
- As a result, there lie communication gaps between buyers and realtors.
- By switching to real estate in the metaverse, companies can bridge the communication gap with their clients.
- With just a few clicks or taps, clients can enjoy a 360-degree view of every corner of the apartment, building, or land.
- They can browse, compare, and evaluate different properties and their details.
- There lies no room for confusion.
Properties Fly Off The Shelves
- Well-staged homes get sold around 20% more and 88% faster than non-staged homes. (Realtor)
- And when real estate companies leverage virtual staging, the properties will fly off the shelves in no time.
- Metaverse real estate offers clients a realistic experience; better to say, an instant sense of ownership.
- It enables them to make fast purchasing decisions. Property sales increases automatically.
Metaverse is reshaping the real estate industry with its revolutionizing benefits. In terms of cost, time-saving, and convenience, real estate in the metaverse allows real estate companies to make their profits and brand value sky-high. Businesses need not hire a NFT development company and immersive application development services separately. Real estate firms can reach out to metaverse professionals to fight off the challenges running across the industry.