Consumer electronics are advancing at an ever quickening pace and, as this year comes to an end, the real estate industry is seeing changes in the way it conducts property viewings. New technologies like virtual reality (VR) are finally in the stages of providing a precise graphic representation inside an existing property.

An illustration designed by Zack Ritchie.

The virtual reality technology immerses people into complex two-dimensional or three-dimensional spaces that can be explored from a stationary position. Last February, Zanzi Homes’ research and development team was working hard to bring virtual reality to the real estate industry. This vision has now become a reality.

This advance, a boost for the industry, meets the demands of estate agents to be able to film and construct a virtual tour without any editing and post-processing, making it easier for agencies to create a 360 degree virtual tours database, thus facilitating viewings and drastically saving time. Apart from saving time and travel expenses, the technology also permits people to observe the property several times, at different intervals, and acquire a good insight into its rooms and views.

It also gives viewers the opportunity to imagine and input their personal tastes. What’s more, filming can take place when the property is best lit, well cleaned and free of clutter, after which it is then shown to clients at their own convenience and comfort.

Over the next decade we will begin to experience things we could not even imagine as children

Taking into consideration new developments being built, the buyer is able to see more properties on average. This means that a process that usually takes weeks or even months can take place within one sitting. Once clients choose a handful of properties they like, they can then visit them physically before closing the deal.

Consumers are now able to purchase the technology after months of testing by its developers. Unfortunately, Oculus Rift does not ship directly to Malta. However, after getting this equipment through a UK address, we realised it was not the best option for the industry. Real estate agents need to be able to film easily and with the possibility of post-processing editing. Agents can’t spend hours stitching six clips together; it is simply not feasible. We’ve spoken to many suppliers and finally found one in Sliema. It’s called Insta360, a simple, easy-to-use 360 two-dimensional camera that plugs into an iPhone, with no post-processing. Once this was sorted, all we needed was a simple VR headset.

We are offering clients the chance to view tens of properties over a coffee or a beer from the comfort of their offices. Viewing such properties only need an appointment at an office rather than waiting for property owners to align their timetable to theirs.

We have just signed our first promise of sale while using virtual reality technology. The available technology is still in 2D. As we move into 2017, the VR tech world will develop even more and we hope to see three-dimensional experiences come to market, as well as plugging technology into properties on plan.

We have also launched a new brand called Zanzi Luxury Homes – with Paul Tabone from Tabbingtons, who specialise in high-end finishings.

The branch, led by Ray Cassar, will be focusing on high-end listings marketed to both local and foreign markets.

Next year, Zanzi Luxury Homes will be attending two international fairs: one in April and another one in June. Zanzi Luxury Homes is currently working on a portfolio of properties filmed in 360, which will be presented to the people at the fair using virtual reality.

Technology is changing the world; real estate will change with it. It’s not just virtual reality. The use of drones, Google Earth and advanced software has already significantly improved the real estate industry. Everything is speeding up; in today’s busy world people want to see things happening quickly – not just in the property industry but in every industry.

Over the next decade we will begin to experience things we could not even imagine as children. The more we learn in the technology world, the faster it will grow and we have never seen it grow so fast.

http://www.quicklets.com.mt/

http://www.zanzihomes.com/

Steve Mercieca is CEO of Zanzi Homes and Quicklets.