Ever thought of one day when you could help buyers explore properties remotely, and experience the ambiance, and surrounding area without the need to travel?
Well, the metaverse is making all of it possible.
With the uprise metaverse, now real estate agents can showcase properties to buyers anywhere in the world, transcending traditional borders and expanding reach. That being said, we are here to explore the potential of the metaverse for real estate. So, let’s know how the metaverse is benefitting real estate and why you should invest in it.
Why Invest in the Metaverse?
The metaverse offers a treasure trove of benefits for the real estate industry, impacting different aspects from marketing and sales to ownership and community building.
The GCC countries are coming to the forefront in the metaverse world. It’s predicted that by 2030, the metaverse could bring in $15 billion into the GCC economies. One of the leading metaverse economies in the region, Saudi Arabia would infuse $7.6 billion, while the UAE would bring in $3.3 billion. In the UAE, Dubai launched its metaverse strategy, promising to generate over 40,000 jobs in the next 5 years. The rapid adoption of the metaverse in real estate is fueled by tech-savvy youth and internet user rates.
Many companies have already invested big money in the metaverse real estate market, some of them are:
List of top companies in the Metaverse Real Estate Market:
- Decentraland Foundation
- Linden Lab
- ShibaLand LLC
- Somnium Space LTD.
- SuperWorld Inc.
- TandB Media Global Thailand Co. LTD.
- The Sandbox
Let’s explore more about the transformative benefits of the metaverse for real estate:
Saves realtor’s effort and time
Accompanying clients for house hunting, showing homes, and driving around are too tedious and require much effort. By investing in the metaverse, you can give virtual tours to clients and help them explore the property in and out on their laptops or smartphones. This will not only cut down your time and efforts but also draw in more clients due to the convenience you will provide.
Offers a Global Reach
By welcoming the metaverse, realtors can actually enhance their productivity. VR not only provides convenience but also expands client reach, leading to more potential sales and inquiries. By leveraging VR, realtors can give property tours to clients all over the world.
When it comes to revenue generation, the global demand for the metaverse Real Estate Market was worth USD 358.0 million in 2020. It is expected to reach USD 3600 million by 2025.
As per this article, the global Metaverse Real Estate market size will reach USD million in 2028, growing at a CAGR of Percent over the analysis period.
To put it in short, the use of the metaverse by realtors can streamline their workflow, boost productivity, increase sales, and improve client experience. Because of such benefits, the metaverse is poised to become an important player in the real estate landscape.
Provides Immersive Customer Experience
3D walkthroughs can really be a showstopper of your property tour. Customers get to have their own space to explore the property freely and ask questions, if any. Metaverse platforms can help you add even the minor details on the property in the design. Customers can have a view from the balcony, they can see lights, the storage area, the natural lighting coming through the window, and much more. Such a “never-seen-before” experience can excite customers to take the next step in their buying process.
Offers home buyers unlimited design options
Physically staging a property tour comes with the need to overcome many logistic challenges. For example, setting large pieces of furniture in the house and with small hallways needs a lot of hassle. This can be a tiresome act and can limit the buyer’s design options.
Transactions within the metaverse can be openly tracked and verified on blockchain ledgers, enhancing compliance with financial regulations. By prioritizing security and privacy in their metaverse endeavors, banks can differentiate themselves from potential competitors.
Real-Time Financial Services
The Metaverse with its dynamic characteristics, allows banks to offer real-time services. Be it consultations, transactions, or dispute resolutions, everything can happen instantly, regardless of time or place. This can tremendously boost customer satisfaction and upscale banking operations.
To avoid that, realtors can go for virtual staging. This will help buyers choose furniture or decor as per their liking and see what will look best in the space. The options will be many and the customers will definitely be satisfied with the experience.
Realtors can even select a different standing design according to the preferences of each buyer, helping customize the experience even more.
The metaverse is a game-changer. It redefines marketing, enhances experiences, streamlines processes, and opens doors to new sales opportunities. As this technology evolves, the real estate landscape needs to adapt and embrace the endless possibilities offered by the virtual world.
Be it for a boost in sales, convenience, cost, or time-saving benefits, the metaverse is reshaping the real estate industry. The real estate companies that embraced this revolution have already started getting profitable results. So, why stick with the traditional real estate marketing process? Leverage the potential of the metaverse and become the industry leader you were meant to be.
Our team of metaverse experts at ibentos guides you every step of the way, ensuring you make the strategic choices that maximize your growth. Ready to carve your niche with us? Contact us today and let’s build your metaverse masterpiece.