Immersion in the design
When we visit property websites, we anticipate them to feature video walk-throughs of each offering, along with interactive features that, for instance, allow us to change the camera angles, express interest, or receive automatic updates on new listings or price changes.
To a varying extent, all of these features have been enabled by the existence of technology like, for example, augmented reality (AR). Even if you’re not a real estate investor, you may already be familiar with some aspects of this technology through the use of home-sharing platforms such as Airbnb.
However, this only represents the “front end” of the investing process; proptech has impacted much more. To illustrate, let's rewind to the initial phase: the design process.
Since the mid-1970s, computer-aided design (CAD) programs have enabled architects to select and visualize the key elements they want in a new home: location, size and shape of the site, materials to be used, number of levels, room count and types, bathrooms, garden areas, access points, and aesthetic details, among others.
That architectural software generates a three-dimensional image of the house, allowing architects to immerse themselves in the design, changing perspectives or experimenting with “what-if” modifications to determine the most effective solutions. An architect might even use virtual reality (VR) by plugging a headset into his computer and exploring every aspect of his design in the virtual world to finesse details such as the location of power outlets and downlights.
The main features of a building can now be set using artificial intelligence (AI) to map future trends in user and investor preferences for that specific type of house in that specific area, which appears to be extremely useful for both tenants and investors.