Due to strict security measures implemented throughout the Czech Republic and elsewhere, the global real-estate market has crashed. Virtual viewings, a feature which was initially considered a somewhat gimmicky add-on to online property listings, are increasingly becoming the focus of agent sales. villa
A real-estate agency serving a foreign clientele, Prague Lux was one of the first companies to embrace augmented reality. Ian Peters, who is a senior broker, claims that virtual property tours are important for the Czech real estate market and worldwide because of the current circumstances.
According to Peters, we will start hearing a whole new lexicon associated with the real estate industry soon. Instead of just watching a movie over the weekend, agents plan “digital open houses” or “remote viewing” as their next project. Clients everywhere are searching for safer, more convenient ways to search for the home of their dreams, and industry must adapt quickly in order to keep up.
Peters commented that prior to the pandemic, Prague Lux's agents had proven success with AR/VR technology.
Our overseas buyers were glad to have the technology, even before the outbreak, as it allowed them to see our listings in a much more detailed and in-depth way than with photos and videos (who has a recurring role on the hit reality show Million Dollar Listing New York). Virtual tours greatly influence clients in their decision making, according to his experience.
Because of the current situation, Peters believes that there will be widespread investment in this technology, and the real estate market, and the industry as a whole, will see this happening. virtual tours result on average in a 40% increase in interest from potential buyers for Prague Lux sellers.
Matterport technology gives clients the opportunity to explore Prague as if they were actually there by capturing a 360-degree space from every angle. While a standard 2D image provides a basic perspective, a high-resolution 3D viewing allows buyers to get a full sense of the size, space, and dimensions of a property, giving them a 360-degree perspective. Watchings can be viewed on smartphones, tablets, and PCs.
Praha Lux works closely with Matterport, the go-to 3D virtual software for the real estate market.
Peters explains that the technology is ideal for the luxury property market as well as the castles and multiple penthouses in Prague's Vinohrady quarter.
This technology is versatile and can be used for any property or budget. “It's good for quick sellers and renters because it is very cost-effective,” he says. Prague3D, a division of Prague Lux, is offering its virtual scanning services to businesses of all industries, enabling them to create fully immersive spaces for any property, including homes, resorts, event spaces, or even construction sites.
Although Peters admits that there may be some disadvantages of not seeing a property in person, he still recommends virtual tours because of the many advantages that they have. He claims, “you miss out on the scents and acoustics, as well as the lighting at a particular time of day, all of which are absent on a virtual tour.” Even though he still believes virtual tours will remain the safest, most convenient way to show/view an apartment in the era of COVID-19, he predicts virtual tours will not entirely replace the more traditional methods in the foreseeable future.
When asked what he expects will happen in the real estate market in the coming year, Peters believes that it is too early to make any predictions. However, no matter what a new norm has been established, it's not possible to undo it.
The pandemic has caused the real estate industry to rethink its model. Even though it's too early to accurately predict the future of the market, if you are not already using VR in your business, you may already be too late.