If you live and breathe the startup ecosystem, you soon discover that we are all working on solving problems to help each other have a better life.
From the website Ascendix:
“Fintech and proptech may seem to have equally revolutionised financial and real estate services over the past decade. But this is barely true. While the former has undergone a significant behavioural shift toward seamless user experience and lean operational structures, the latter is still dominated by slow processes and dated systems. This means, however, that real estate fintech is an untapped area of technological innovation. And those who catch up with it first will take the market lead for years to come.”
Can you imagine that until 3D computer modelling became common, architectural renderings were generated by hand? There are still architectural illustrators who create renderings entirely by hand.
Not so long ago, one of the most exciting developments was the rise of virtual property tours. These tours have evolved from simple photo slideshows to immersive, interactive experiences that allow potential buyers to explore properties from the comfort of their homes. As artificial intelligence (AI) continues to advance, the future of virtual property tours looks even more promising.
Fast forward to today, we now have VR and AR (Virtual Reality and Augmented Reality) offering a sense of immersive experience in the building before it is even created. The metaverse can also be included in this concept because it allows for the creation of a building and receiving feedback from users.
The Evolution of Virtual Property Tours
Traditionally, property tours required prospective buyers to visit multiple locations in person, which was time-consuming and inefficient. As mentioned before, these tours were basic, consisting mainly of static images and limited video walkthroughs. However, with the integration of AI, virtual tours have become more sophisticated, offering a range of features that enhance the user experience.
AI-Powered Enhancements
Personalised Tour Experiences
AI algorithms can analyse user preferences and behaviour to tailor virtual tours to individual needs. For instance, if a user frequently pauses to examine kitchens and bathrooms, the AI can highlight these areas in future tours, ensuring that the most relevant features are emphasised. This personalisation creates a more engaging and efficient viewing experience. Automating this process can make the experience differ from one another simply because it can change and adjust in real-time.
2. Interactive 3D Models
Advanced AI techniques enable the creation of highly detailed 3D models of properties. These models allow users to navigate through spaces as if they were physically present. Users can go into details, zoom in very accurately, or see the texture of the material. AI can enhance these models by simulating different lighting conditions and times of day, helping buyers envision what living in the property would be like at various times.
3. Voice-Activated Assistance
Imagine watching a video on YouTube with 3D integration and being able to ask questions or request information on-demand. A voice chatGPT4 trained on the specific building, area, or finance can assist potential buyers by providing immediate responses to their queries about the property, neighbourhood, or financing options, before taking a step further with a salesperson.
4. Augmented Reality (AR) Integration
AI-powered AR can blend virtual elements with the real world, offering a hybrid experience. For example, buyers can use AR to visualise how their furniture would look in a new property or see potential renovation ideas overlaid on the existing space. This interactive layer adds a new dimension to property tours, making them more immersive and practical.
The Benefits of AI-Enhanced Virtual Tours
Convenience and Accessibility: AI-powered virtual tours make it easier for potential buyers to explore properties without geographical constraints. This accessibility is especially valuable for international buyers or those with busy schedules.
Cost-Effectiveness: Virtual tours reduce the need for physical staging and repeated open houses, saving both time and money for sellers and estate agents.
Informed Decision-Making: By providing a comprehensive view of a property and its potential, AI-enhanced tours help buyers make more informed decisions, leading to higher satisfaction and fewer surprises post-purchase.
Looking Ahead
The future of virtual property tours is bright, with AI continuing to drive innovation. We can anticipate even more immersive experiences as AI technology advances. Potential developments include:
Enhanced Emotion Recognition: AI could analyse user facial expressions and body language to gauge their reactions and adjust the tour accordingly, ensuring a more engaging experience.
Seamless Integration with Smart Home Devices: Virtual tours could interact with smart home systems, allowing users to experience how these devices work in real-time, further enhancing the tour's realism.
This can be useful for buyers who lack a great vision of what their shop can look like and want to have an idea of the shop before buying the commercial property. The use cases are numerous; we only need to think outside the box and let the tech do the rest.
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