The new face of Real-Estate Marketing — Virtual Reality.

The research conducts an analysis of the Real-Estate market in relation to consumer behavioural patterns. The survey conducted analyses the marketing mediums available to potential buyers interested in real-estate and the integrity of the information provided within the resources. Misleading information provided by real-estate agents to attract customers, as an advertising strategy, leads to inefficiency for the buyers due to the hassle caused by the need to inspect properties physically. The research proposes a solution through Smart Property Management, a system through which both the customers and real-estate agents enjoy access to a platform providing reliable property information. The mechanism proposed within the research hopes to fulfill the necessities for potential buyers by providing Point-Cloud and 360-Camera data relating to the property information.

Through direct customer feedback on the property, real-estate agents can efficiently and directly review customer feedback.

Increased internet penetration has made internet marketing, an integral part of real estate industry. This may result in real estate agents providing misleading information to attract customers, as an advertising strategy which may leads to inefficiency for the buyers due to the hassle caused by the need to inspect properties physically. The research proposes a solution through Smart Property Management (SPM), a system through which both the customers and real-estate agents enjoy access to a platform providing reliable property information. The mechanism proposed within the research hopes to fulfill the necessities for potential buyers by providing Point-Cloud and 360-Camera data relating to the property information. As a case study, the research also focuses on two web platforms in Pakistan and Australia for Real Estate transactions and identifies the advantages SPM integration can bring to users/consumers in the two cases.

Introduction.

Real-Estate advertising is notoriously designed to be misleading to attract potential buyers, which leads to confusion and misrepresentation when eager customers are looking to purchase a property. The conflicted interests of Real-Estate agents leads to consumers to doubt the integrity of the information being provided. Examples of such recent activity were highlighted in an article by News.com.au; wherein the author describes a false advertising incident by the Real-estate agent. The photographs posted on the website portray a misleading image of the property and the images appear to be tampered with. Regarding this scenario, customers may not fully trust the information that is being provided to them until they perform a physical Site inspection. The misleading advertising leads to waste of time for the customers, and hence appears to be marketing trickery to lure potential buyers.

Virtual Reality’s role as a developing media tool has drastically improved opportunities for interactive purposes. Virtual Reality (VR) as a tool has multiple applications; initially developed as a tool for the Game-Development industry, virtual reality has now become the benchmark for industries such as Movies, Music, Public Space interaction, and Architecture.

Current property markets rely on photographs and site plans to attract potential customers, requiring the customer to physically inspect the property to confirm site integrity. The current process is tedious and inefficient due to the time-constraints and logistical problems that arise from the customer’s point-of-view.

The project aims to improve efficiency towards property management and customer engagement. With the development of VR technology as an application for property inspection and management, the project aims to create ease of access for potential property buyers. The utilization of 3D Scanner and 360 Capture devices; multiple users can survey and inspect a property at any given time. The output of the research will allow users the opportunity to inspect properties in real-time; creating a visual environment which represents the property with integrity.

The development of this process will furthermore aim to improve customer engagement and interest; evaluating browsing patterns and consumer behaviour from a social and technical perspective.

Methodology.

In order to evaluate the current practice in terms of the application of digital technology in the real estate business, a practical research study is conducted.

Identify main attributes to evaluate the leading online real estate portals.

Evaluate the leading online portals in Australia and Pakistan so as to have an idea of implementing technology in developed market and a developing one.

Field Experiments for the Proposed Smart Management Procedure.

Develop a model framework for measuring customers’ feedback on the real estate marketing portals integrating the proposed Smart Property Management system.

Market Research Approach.

The research criteria entails Survey and Process development components through which the project will be applied.

The Survey will be conducted to assess current methods employed by Real-Estate agencies to attract potential buyers and the viability of options available to customers.

The market research aims to draw from behavioural patterns observed by customers and the problems that emerge as limiting factors for an efficient property evaluation process.

The application of VR will be developed and applied to test for improved efficiency as a mechanism for inspecting properties.

In order to test customer engagement, the research method is to evaluate currently available property management tools utilized by Real-Estate agencies. Current Websites such as Domain.com and Real-Estate.com

Evaluate Strategic tools employed in improving customer engagement and interest.

The tools required for the task include:

  • VR-360 Gear such as Ricoh Theta S ( $500 USD).
  • Laser Scanner — Leica.

Through the tools highlighted above, a strategy to process and manage property data will be developed.

The VR process component will aim to test the viability of streaming Point-Cloud (SITE Data) to a Virtual Reality access point through which potential buyers can inspect properties in real-time using authentic site mapping information.

The extensivity of Point-Cloud information will require a compression algorithm to make the data streamable across broadband networks using a simple internet browser application.

Preliminary Results and Field Experimentation.

360-View.

  • Figure-1: The 360 Capture showing the test site.
  • Explanation: The image highlights the 360-camera view that captures the details of the room, allowing the viewer to interact with the space in panoramic view.
  • Figure-2: The 360 Capture showing the test site.
  • Explanation: The image highlights the 360-camera view that captures the details of the room, allowing the viewer to interact with the space in panoramic view.

Point-Cloud 3D Model Reconstruction.

  • Figure-3: Point Cloud 3D Model.
  • Explanation: The 3D Point Cloud highlighting Site Information.
  • The point cloud model shows details information about the site. The model can be interacted with in real-time and in 3-Dimensional space. The VR input allows the point cloud information to be directly streamed to customers; from the Laser Scanner.

I failed to learn the piano, so I decided I’d play the keyboard instead. //All aboard the Crazytrain.

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