Real estate is an industry that has always kept professionals on its toes, but the pandemic is changing the way this sector will operate forever. This isn’t necessarily a bad thing and indeed, real estate is resilient: capable of withstanding recessions and open to innovation.
With property viewings across commercial real estate changing significantly over the past two years, more and more buyers are now agreeing deals without even viewing – or not in person at least. The property market is increasingly willing to adopt innovative technology like AI, VR and digital twins, enabling the rise of virtual viewings.
Property shifts to digital
With the advance of PropTech, we’re now seeing the real estate industry embrace digital like never before. Remote property investments are being facilitated by companies that offer set-up and asset management using just the smartphone in their pocket. Paper property logbooks are becoming available in a digital format that provides upfront sales information with just a few clicks. Face-to-face appointments are being replaced with remote meetings to adapt to the changing preferences and needs of consumers and businesses alike. Some companies have even gone as far as facilitating online, live-streamed auctions to seal property deals.
Where traditional, in-person practices for property viewings were curtailed, the digitisation of property accelerated in every aspect. The ability to show listings in new ways enables buyers to visualise environments they have yet to experience in person, providing a more authentic viewing experience, more conveniently.
The new way to view
Today, PropTech can help agents and new build developers to create immersive 3D digital twins for back-to-work planning, listing or appraising properties, documenting makeover projects and more, fuelling the industry’s digital transformation.
Using digital twin technology starts with the click of a button: whether booking trained technicians with specialist cameras, using compatible cameras, or even just opening a mobile phone app, agents can create a digital replica of a property with ease, including small rooms or hard-to-access spaces.
Agents can embed these listings on their websites or share clips on social media to encourage viewings. For prospective buyers and tenants, the experience is simple: they drop into the 3D property experience where they can click to explore any room, view each space from multiple different angles, including a floor plan view or zoomed-out dollhouse view. Tags can also be added to identify individual elements of the property such as the material or functionality of certain features, all of which saves agents valuable time.
Future-proofing real estate
The phenomenon that is 3D is only set to increase within the property industry, and successful agents will be those who capitalise on the benefits of offering 3D virtual viewings, which increasingly outweigh those gained from traditional, in-person viewings.
While the past 18 months has created challenges and unexpected obstacles for agents, it has also created new opportunities to leverage PropTech in a way that better supports buyers. As agents continue to shift towards remote viewings and utilising digital to improve the way their business is run, the rise of 3D digital twin technology will enable them tap into a rich data layer for greater insight on their listings, and improved engagement with prospective buyers.
As a leader in the PropTech industry, we’re well positioned to help you and your real estate firm do just that, and prepare for a brighter and more digital future in real estate. To find out more about how you can utilise technology within your property portfolio, download our eBook - Real estate: Are you ready to future-proof? - where we’ll take a look at some hints and tips to ease your transition into this new way of working that will future-proof your business. Alternatively, you can reach out to a Matterport Expert here.