Real estate industry sees value in Pokemon Go
The real estate industry is looking hard at the same technology which has made Pokemon Go such a success.
Augmented and virtual reality are expected to transform the real estate industry, by allowing potential buyers to visualise spaces and buildings yet to be completed, or in another location.
And it’s all thanks to ‘‘geolocation,’’ the engine behind the Pokemon Go phenomenon.
For the uninitiated, the addictive game relies on the GPS and camera on a user’s phone. Players follow an interactive street map as they try to catch as many Poke´ mon as they can.
There have been unexpected spin-off benefits for many retailers and restaurants fortunate enough to be near a Pokemon location.
Apple, which stands to make US$3 billion (NZ$4.14 billion) from the Poke´ mon Go craze in the next two years, is heavily investing in augmented reality.
Financial analysts predict the technology will generate US$80b in revenue by 2020.
Now the same strategy is being applied elsewhere.
Todd Selwyn, head of mobile product at Samsung NZ, said supermarket retailers had already started to use a combination of augmented reality (AR), which superimposes images on the real world, and virtual reality (VR) which creates a 3D world.
‘‘They are using the virtual reality experience to map out a store and overlaying that with an augmented reality experience, so shoppers can grab items they want to buy as they move around the virtual supermarket.’’
For the property and building industry, AR and VR also hold great promise.
In Australia, real estate business REA Group recently invested in augmented reality company Plattar, while Kiwi companies 360 video and Property 3D are looking at serving the property development sector.
Auckland Council’s Ateed has set up an AR/VR space to help clients in almost any sector create additional value through new products, services and business models.
Global commercial and industrial marketing network Cushman and Wakefield – which is affiliated in New Zealand with Bayleys – says the virtual viewings and spatial information AR and VR can deliver will be a major advance.
It would be particularly useful for real estate ‘‘crowdfunding’’, creating a new way of raising funds and financing projects, the firm reported. –Fairfax NZ