When you hear the word “Metaverse”, the future pops out to say Hello. It became a trending topic for a while. Although it emerged with social networks, many niches started adopting it, including real estate.
To know how exactly the Metaverse might help the real estate sector in a practical way, we had this interview with Mohamed Samy, VP of Sales at Coldwell Banker Egypt.
He will discuss and explain how real estate and Metaverse can meet to enhance your experience in finding your new home.
1. How Could the Metaverse Help the Brokers in the Real Estate Sector?
The Metaverse can help Real estate brokers in different ways:
- Targeting overseas clients. This brings lots of opportunities in hand. On our side, reaching foreign clients will become a strong base that we’ll explore by going deeper into details.
- Giving the Client Full Visibility. the Metaverse doesn’t only help real estate developers and brokers but also clients. It provides them with adequate knowledge about the developer and the unit so they can put their trust in and purchase with no concerns.
This principle applies to local and foreign clients.
- Consuming Less Time. The Metaverse will be a great time saver! Clients won’t waste time to find the right unit. In just a few minutes, they will easily view numerous options from their place with the help of a real estate consultant.
Besides, they won’t consume fuel and effort to travel from one point to another. The time is totally invested in focusing on the units’ details and their features.
2. As You Believe in the Idea of Metaverse, How Have You Turned it Into an Application?
Our metaverse implementation has taken 3 years. Estate Waves will be a pioneer real estate website that assists clients and investors in making decisions with no doubts.
Through this website, they will be able to discover the history, the current status, and the future of every unit they are viewing.
Besides, it features the Co-viewing technology, which is an edge that distinguishes Coldwell Banker not only locally but also globally. This technology allows the sales agent to invite the client, via a link, to a conference set up for displaying a certain unit.
In addition, they will enjoy having a VR (Virtual Tour), showing them videos, animated slides, images, and full descriptions of each unit.
The metaverse will help clients in making decisions. It’s beneficial for residential real estate, either for resale or off-plan purposes.
Not just that, it has many perks for the commercial real estate sector, especially for international brands that are looking to open new offices or stores in Egypt.
3. What Are the Major Features of This Ambitious Metaverse Estate Waves?
The project consists of two elements:
1– The Portal. It’s a marketplace website that displays the projects introduced by big names and high-rank developers in Egypt who are highly trusted by different clients.
However, our inventory will mainly include primary units, clients will also find units that belong to the secondary and tertiary real estate markets.
2 – Fully Furnished Projects in 3D. For the off-plan projects, we use modern tools and technologies to build, finish, and furnish this project in Metaverse.
This enables the client to visualize how their home will look in reality. Moreover, we are able to do this through the layouts and floor plans we get from the developer. They are usually saved in Excel sheets or just collected in folders.
Our sales agents apply co-viewing technology to allow the clients to join conferences regarding the unit upon their request or just recommended by the agent. However, the Metaverse is not available for the clients to log in on their own.
Estate Waves development project is passing through 2 stages:
- Stage Ⅰ includes single co-viewing, where a sales agent joins a conference with a client.
- Stage Ⅱ includes multiple co-viewings with a group of numerous clients and investors in case of exhibitions like Cityscape Egypt.
4. Can You Describe the Process from Start to End for Clearer Understanding?
- The Unit
The process will always start with a sales agent side who will contact the client and show him any units that they might be interested in.
It is worth noting that Co-viewing provides seamless transfer between one unit and another, so the client is quite sure about the preferences and the unit features that they find suitable for their needs.
The Co-viewing technology also embeds a video that gives the client a brief overview of the developer. The client will know about their history, unique selling points or competitive advantages, previously developed projects, etc.
- The Project
The project where the unit is located will be illustrated in detail so the client gets to know the surroundings and utilities that are available now or in the future.
Furthermore, the agent will go deeper into the details of the unit: area, components, level, facilities, etc.
In addition, by providing VR (Virtual Reality tours), the client can view the final version of the real estate unit in the future. It’s a 360 view that allows either the sales agent or the client to feel like being inside the unit.
Besides, virtual reality delivers a finished unit with an elite interior design. This shows them the unit’s final look while being furnished with items that the client can pick by themselves.
The technology we apply is considered a gradual zoom-in. The client starts from the big picture, then the agent guides them to tiny details that they should know.
Estate Waves, the website we’re developing, will show the clients a new real estate world. Stay tuned, lots of opportunities are on their way!
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