Real estate in the metaverse: A Canadian property company is using the metaverse for what we all dreamed it could be. They are showing potential buyers through the properties that are yet to be built.
NTRY, a Canadian startup with an eye on global markets, is unveiling its metaverse platform this week.
The company is using the metaverse experience to show property buyers through properties that are still just plans in an architect’s office. Buyers will enter as avatars and can do many things while in-world.
They can walk down the street towards the building to get a feel for the neighborhood, they can see the building from above, and walk into the property to get a real-life sense of the space and the views.
NTRY is accessible through a website login. All buyers need is an internet-connected device.
Real estate industry evolution
After the pandemic, the real estate industry experienced huge changes. A massive surprise is that the pandemic made the property markets rise, rather than fall. An interesting workaround was the rise of virtual viewings, using video calls to “show” people through a property. But now, the metaverse has arrived.
Pamela Ventresca is a founding partner of NTRY. “Builders like to be able to showcase their properties in advance. It can take years and years to build these projects out. But now, buyers can feel as if they can see it, and touch it – years before.”
James Borst is another Co-Founder. “The most exciting thing is that we’re creating the most hyper realistic metaverse real estate in the world. From a real estate perspective, the benefit of an agent or brokerage utilizing NTRY is that everything is at their fingertips. They can do any type of meetings with clients, with investors around the world, and give them an experience like no other. It is like being there in physical life.
“It’s going to help revolutionize the way that people transact and do business. It allows them to host 10 different showings a day versus two or three. They’ll be able to jump to different locations throughout the city, within seconds. They can take their clients on a more immersive presentation, giving them a better idea of what their future house is going to look like.”
Says Borst, “Before the internet came in, we before we had websites, we had directories. We dropped a lot of flyers; the websites came we started marketing online. Now this is the next evolution to websites. It’s a 3D interactive world or many worlds, and we can transact business in them. When a buyer gets on the platform, they are able to see exactly what their unit is going to look like, and what the building is going to look like, what the communal spaces are going to look like. They can walk across the street and see what the golf course is going to look like.”
Borst says the environment is a one-to-one scale. “It takes the mystery out of wondering what the final product will look like. That transparency is very important, especially when you’re investing or spending money on the biggest investment in your life. The true sale happens is when buyers can imagine themselves in that environment. They start to see how they would design it and organize it, how they would like to live in that space.”
Metaverse of real estate
Julian Pucci is another founding director. He says that the most exciting part is that NTRY will be the metaverse of real estate. “For an agent, there are many exciting parts. You can invite your clients to do virtual showings. So instead of you having to get into your car and drive 40 minutes away, and do 12 showings, you can actually invite your clients in and do all your showings within this metaverse.”
Pucci also says it is better for buyers. He says that instead of sitting in a sales office line-up or having to camp out, people can just view the property from wherever in the world they are.
Developers who want to sell their properties off-plan will also find the site interesting. Says Pucci, “It’s going to be a full end-to-end sales system. It will be an all-in-one platform.” The developer will be able to use the front-end system to show the property to buyers. “The front end is visually appealing; it has awesome effects and has everything that they that they love in it.”
But also, developers get backend support, ranging from document processing to signing documents. It is the total management of their entire development, all in one system.
Pucci says this will eliminate the builder or developer from having to go to multiple different companies to do multiple different things. “We are going to deliver the marketing, sales, and software in one package and deliver it with a bow on top. This has never been done before.”
Work life balance
Pucci loves the idea of going back to his real estate roots but with a modern twist. “I can live my everyday life, with my family, or be on the beach, which is what I love to do the most, while also being able to work in the metaverse at the same time.” This, he says, makes him happy.
Jason Garland is the Senior Vice President of Business Development. “I’ve been in the industry for over 20 years and one of the challenges has been the upkeep of efficiency and time blocking. You’re always kind of running around with like a chicken with a head cut off. You’re picking up checks, you’re doing deliveries, you’re trying to do showings and opening lockboxes and going into sales centers. We’re trying to make that more efficient.”
Developers will benefit
Garland says that builders will save time too. “Builders must go to a bunch of different platforms to find a sales solution. We’re in a bit of an archaic industry – it’s been around forever. So we are trying to become more of a modern agent and be more efficient with people’s time.”
Now, real estate agents can do more showings, get a better experience for the consumer, and be able to sell more.
This real estate metaverse is a sales tool, so customers will need to remind themselves to not be completely dazzled by the tech. But for those of us that love real estate and snoop houses on the market with no intention to buy? It’s a damn dream come true.
NTRY is collaborating with TV host and realtor Ryan Serhant to preview its cryptocurrency and NFT integration. This will take place at 6:00 p.m. EDT on Thursday, April 21. Sign up here.
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