Virtual reality enhances property-buying experience

IMAGINE not needing to leave the confines of an office space to view several properties for purchase.

Such is the possibility emerging in the world of property, specifically in Malaysia will soon be able to view prospective properties via virtual reality (VR) technology, which provides a 360-degree realistic viewing experience.

REA Group Ltd Chief Executive Officer, Tracey Fellows, revealed that the group was currently conducting a series of pilot tests in order to enhance the customer’s experience when buying a property.

REA Group is an Australianbased multinational digital advertising company specialising in properties.

“We are Google’s worldwide partner for the Google Daydream Virtual Reality Apps, and we have the first VR real-estate app which enables customers to view prospective properties through the VR goggles.

“We use digital technology to change the way people experience and search for property,” she said in an interview with Bernama.

Fellows said the group has always looked into innovation and technology in the property market.

“We really believe that technology and innovation can make property search a much better experience for the consumers, but I think it would take some time before VR goes mainstream.

“Currently, we have VR services in Australia, but it is not yet mainstream due to the difficulty in obtaining equipment such as goggles and others,” she added.

However, she hinted at the technology would soon be available in the local market, saying that it would be introduced within the next two years.

Experiencing property the new way

Meanwhile, iProperty General Manager for Malaysia and Singapore, Haresh Khoobchandani, said REA has been continuously innovating its technology and services to help the world experience property in different ways.

“What you see there (the 3D technology in Australia) is currently being developed here in Malaysia.

“We are creating the second version of our VR goggle here in Malaysia, and we are engaging with the property developers on its deployment in the local market.

“There will also be other visualisation products. People are spending more time on the internet and I believe they are ready for this kind of innovation in the property market,” he said.

Recently, iProperty introduced a new mobile app, where the company redefined the property search experience for consumers, making it simpler, faster and more integrated.

“The app is useful for consumers, developers and property owners, as buyers can now view more properties from a wider pool of developers and property owners.

“Within one week, the developers which had registered with the app saw a 40 per cent increase in enquiries from the potential buyers, and we expect that it will continue to grow,” he said.

3D property showroom

This was not the property sector’s first venture with this technology. Back in 2015, iProperty unveiled at the time to be the industry’s first virtual 3D property showroom.

iProperty Goggles provides property buyers and investors with an immersive experience while offering developers a new platform to showcase their latest property developments.

The iProperty Goggles provides a virtual reality experience through specially created goggles worn by prospective buyers. When worn, the device – equipped with a mobile phone – will display visuals replicating the showroom, enabling consumers to virtually walk through the showroom.

The iProperty Goggles app was created by the team internally and is only available for download by developers that purchase the product.

The portable device also makes it easier for developers to showcase their developments to prospective international and local property buyers and investors anytime, anywhere.

Besides painting a visuallyrich world to woo investors and property buyers, developers are also able to walk these prospective buyers and investors through the show house via 3D floor plans, produce 3D flythrough videos or a virtual room-to-room site visit.

Property developers can now take advantage of this powerful platform to deliver a rich experience to their target audiences and save costs on their marketing activities and showroom renovations. They are also able to use the app as a platform to not just lure local investors but also international investors.

To note, the REA Group bought over iProperty in February 26, 2016.