The metaverse and XR will change the real estate industry in many ways. These changes will happen gradually and it’s unclear which paths will be explored by consumers and developers.
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Here are 10 ways the metaverse will change real estate.
1. Construction
Using extended reality and the metaverse, construction sites can be precisely mapped, which enables engineers and contractors to conduct site surveys, provide more accurate progress reports, and predict costs and timelines. In addition, by utilizing the metaverse, builders can ask their professional network for assistance with design concepts, floor plans, and much more. Overall, the metaverse allows many professionals to use AI and group intelligence to enhance their knowledge and resources.
2. Interior Design
Designers select furniture, decor, and treatments to present to clients through concept boards, textile samples, and color palettes. However, most homeowners find it challenging to picture what a room will look like in real life from a collection of swatches and drawings. With VR and AR modeling, interior design clients can experience many design options in a virtual representation of their homes as if they are in a real environment. Interior designers can create iterations of the same space in the metaverse, changing color schemes and styles with a few clicks. Lighting can be adjusted to show fixtures or even seasons. For example, a room can be viewed on a rainy day, a sunny afternoon, or a winter evening.
3. Architecture
For architects, the metaverse will become a platform for sharing and ultimately producing actual buildings, both in the physical world and in the digital domain. Architects can guide potential clients through virtual concepts easily and for a low cost. This makes custom architecture a much more egalitarian option. Beyond unique architecture being available to more people, clients can be involved in the project, add their own metaverse blocks, and make joint edits. Instead of just serving one customer, architects can offer goods, services, and solutions that can be accessed by millions. Open-source design templates are already available for virtual buildings. You can easily import them into your XR environment and customize them to your specifications.
4. Property Tours and Online Listings
Regarding property sales, VR applications in the metaverse will simplify the tour process for both the real estate agent and potential buyers. Prospective buyers can visit virtual versions of real estate in the metaverse and get a similar experience to an in-person visit. This eliminates costly travel and gives buyers an accurate sense of what the physical property and surroundings are like from the comfort of their office or home. XR technology significantly widens the pool of potential buyers, so the real estate agent will profit from rendering VR versions of their listings.
5. Virtual Property Enhancement
This is where we step into the future. Beyond designing and touring spaces that will eventually be built in the real world, the metaverse will soon allow us to enhance spaces with virtual views or augmented reality additions. Virtual views can currently be achieved with smart windows or conventional large-format TVs. However, as soon as comfortable virtual and augmented reality wearables are perfected and ubiquitous, you will be able to program rooms in your home to appear differently than they are in physical reality. Think of this like the holodeck on Star Trek—turn your ceiling into a starry sky, add plants or even animals, or turn your living room into a grand ballroom.
6. Economy of Space
A predictive extension of the idea of enhancing the decor of a real-life environment through VR or AR is the idea of taking small spaces and creating the illusion of bigger ones. With XR, a tiny apartment could become as comfortable as a large home. Rooms can be repurposed with virtual overlays. One multi-purpose room can become a bedroom, living room, study, or game room. A blank wall can transform into a mountain or seafront view. This will be transformative for high-density metropolitan areas such as Manhattan or Tokyo. The desirability of previously low-cost locations will be enhanced.
7. Smart Cities
IoT and the metaverse save cities money when planning for increasing urban and suburban populations. Data collection, drones, smart poles, and IoT infrastructure is cross-analyzed with input from personal devices to create a comprehensive picture of the environment. Public safety can be transformed using surveillance devices. Analysis of user behavior and infrastructure combine to improve how cities run and can be used for an incredibly wide variety of purposes.
8. Elimination of the Commute
With Smart City technology, management of road networks with smart systems eliminates congestion-related delays. But beyond the management of actual traffic, long commutes can be minimized or even eliminated with metaverse offices. Remote work will benefit from the same collaborative environment found in physical offices.
9. Property in VR
Beyond the decorative augmentation and expansion of buildings, the purchase of entire structures and environments in the metaverse is becoming commonplace. Unlike adding a view or art to a room for pleasure, metaverse properties have community, gaming, and commerce uses. Examples are purchasing a section of a map in a game that contains resources or is in strategic proximity to an objective or buying a virtual storefront in a digital mall or venue. Virtual real estate can be more expensive than physical property. High-profile holders of virtual real estate include Paris Hilton, Snoop Dogg, and Justin Bieber.
10. New Types of Jobs
With all the new ways to inhabit the metaverse come careers leveraging these digital worlds. Beyond property owners and users of the metaverse, SaaS development for the design of interiors, exteriors, terrains, and avatars is in demand and is a high-paying metaverse job. Next comes learning and using these design tools to create digital products. In the near future, there will be architects, realtors, contractors, merchandisers, marketers, and resource developers, and then there will be the virtual value-added versions of these traditional jobs. A real estate agent who can build a virtual showcase will have far more value in the metaverse age. Furthermore, most work can be done remotely with the advent of metaverse workspaces.
Sliicer questions of the week: What will your virtual dream home look like?
The future of real estate is moving into the metaverse. Astounding advancements in virtual and augmented reality happen daily. Don’t forget to subscribe for weekly videos covering everything you need to do business in the metaverse. Join us, and claim your slice of the metaverse.