Assisted by Kristina Tato
The terms ‘technology’ & ‘millennial’ often go hand in hand when describing the technological savvy generation – but how about ‘millennial’, ‘gaming technology’ and ‘commercial real estate’?
Technological advances are rapidly changing the world of commercial property, with millennials trailblazing possibly the biggest change ever seen within the real estate industry. Through the combining of gaming tools such as virtual and augmented reality headsets with data analytics and visualisation, technology is changing how we ‘see’ property – literally!
Gaming headset tools have allowed potential buyers to ‘see’ and even ‘walk’ through a property before it has even been built. This can be particularly useful in circumstances where a property has been built, but a buyer is unable to take part in a physical inspection.
Through 3D visuals and data analytics combined with these modern gaming tools, individuals simply need to put the headset on and they can instantly see and walk through a property. Buyers no longer need to be concerned about what their property will look like, as they are able to see it for themselves before they make any form of commitment. They will also have a greater understanding of the costs, and the time that it will take to build.
This new way of viewing a property is becoming increasingly popular amongst buyers who want to see property designs, or who just aren’t able to travel the distance necessary in order to inspect a property in person. This type of technology is now increasingly being used amongst real estate companies as they are affordable and time efficient when it comes to processing. There is also a significant rise in transparency for both the developer and buyer, with the client experience being taken to a whole new level.
The implications for the commercial real estate industry are significant where virtual fit outs and interiors of the property can also be seen.
- Individuals can now ‘see before they buy’ with less effort, and are able to look at fit outs and interior design before committing themselves to the project.
- Clients are able to have a greater say in terms of the design process.
- Developers are able to see plans beforehand and thus have a greater level of security in knowing that buyers are comfortable with the designs, as they will have seen them.
- The entire process prior to a property being built or purchased is more time efficient and affordable, with administrative process times decreasing.
With millennials leading the charge, the use of gaming headsets to ‘see’ property has completely changed the client experience. There is now a higher level of transparency and security knowing that clients are buying what they have already seen. With the introduction of gaming technology into the world of commercial property, it is safe to say that it is a definite ‘game-changer’.
If you would like to speak with someone regarding the purchasing of property, please don’t hesitate to get in contact with: