In the Japanese real estate industry, “real estate tech” is the talk of the town. New services which could change the real estate industry from the ground up have not been introduced yet, but there is plenty of potential that real estate services are greatly improved in the industry.
VR tours: Convenient and user-friendly
JLL offers two types of VR service. One is our “360 Tours,” which uses a system that collects photos and images of a property and, using software, creates a virtual property for touring. It was developed from the perspective of owners and targeted toward potential tenants, with the goal of achieving an online property tour that gives a sense of the real thing. Often, potential buyers can’t view properties in person due to distance, but a property’s charms don’t always get across with photos and floor plans alone, and this technology was meant to solve the problem by conveying the full extent of a property’s appeal from a distance. However, we have received requests from users who want us to introduce it for nearby properties as well. That is because of the advantages it has for both brokers and potential buyers. If potential buyers have questions after the VR tour, brokers can look into them before the in-person property tour. In cases where potential buyers need to compile reports on the property later, they may take photos with their smartphones and cameras during the property tour, and some become so engrossed in taking pictures that they miss the information and explanations provided by the broker. With the 360 Tour, however, the property can be viewed afterward, so brokers can have their client’s full attention. Because there are cases in which potential buyers, who have the final say, can’t tour the properties, it is necessary for their representatives to take large amounts of pictures during the tours. Thanks to VR property tours, the pain and trouble of taking photographs and the need to set foot on the property time and time again are no more. Sharing information with people who didn’t go on the property tour is easier with 360 Tours than it is with photographs, which comes in handy when you need to report your findings to people at your company. As a result, the process of bringing information about the property back to your company, sharing it, and making a decision could become faster, and the total amount of time until payment could become shorter.
Two gaps closed by 3D imagery
Our other VR service is “Virtual 3D/Smart Office.” This service creates 3D imagery of a structure from floor plans, with fixtures and furnishings included. It’s a system that makes it easy to simulate interior decorations that reflects the requests of potential buyers. Whether clients want a lounge in the center of a room, or to compare layouts with three conference rooms or four and see which is better, or to change the color of the wallpaper, their requests can be simulated with 3D imagery. This system has benefits that close two gaps. 3D imagery makes it possible to bridge the gap between a floor plan and the actual sense of a place. Until now, the interior decorations of offices were decided based on floor plans, but such practice often results in issues that don’t get noticed until after completion. An aisle built exactly as the floor plan described might feel too big when you actually stand there. 3D imagery makes it possible to eliminate this gap. The second gap is the gap between developers and clients. Developers try to explain things in a way that is easy to understand, but some use of jargon and technical terms are unavoidable, and with only floor plans to go off of, clients with less robust knowledge of architecture may not be able to keep up. However, 3D imagery can make projects visible, making it easier to please clients.
Real estate tech encourages decision-making
JLL’s main lines of service are property/facility management, real estate transaction assistance, real estate advisory, and management of projects and development. These services are interconnected, allowing us to provide a one-stop shop for all your commercial real estate needs. No matter which department gets a request from a client, we gather property information, market information, and information on appraisals, then draw up a plan, and leave the final decision up to the client. No matter what technology gets used along the way, the core process of human beings making decisions does not change. Real estate tech is exceptionally useful in encouraging clients to make decisions.
Three new promising technologies
VR isn’t the only new advancement in real estate tech. IoT, GIS, and AR are all technologies that will likely be introduced from here on out. IoT (Internet of Things) technology allows for sensors to be installed around offices, making a variety of information easily obtainable. It has the potential to make the usage and states of meeting rooms and communication spaces visible for all to see. A GIS (Geographic Information System) integrates a client’s market area, sales information, and more, and makes them available as search data for retail location strategy. Lastly, AR (Augmented Reality) can juxtapose VR imagery of office fixtures and other furnishings over real spaces in simulations that allow for a better “sense” of the real thing. These technologies will surely have a big impact on the way clients make decisions in the future.