OMAN REAL ESTATE LAW
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Virtual Reality and Blockchain Revolution
Real estate sector in Oman has started adopting new virtual reality technology. Virtual reality now help clients to view 360 degree views of real estate properties. Al Mouj Muscat, Oman real estate developer has introduced a virtual reality technology as part of its marketing strategy.
Real estate is a sector that normally changes with the times and adopts technology that can assist in its continued success. However, there seems to be a slight lack of faith in a new technology that presents itself to the real estate sector: Virtual Reality VR. This could potentially be a big mistake by some, and quite the advantage for those who rapidly adopt the technology. Just look into the top two hurdles of the average real estate broker:
• Typical Real Estate Brokers and Agents must manage the time it takes to go from one visit to the other, dealing with traffic among other elements out of their control.
• Misconception statement in real estate is, “It doesn’t look like the image".
There are three different options you can explore using virtual reality to heighten real estate experiences in most cases:
1. Guided Real Estate Virtual Visits. This is essentially just like a promotional video, except that it is produced and shot in 360 degrees. This method works wonders for existing properties. For properties still in construction, VR will be a groundbreaking tool for real estate agents, as they will be able to show unfinished projects like never before. We produced a virtual visit of a major tower in downtown Montréal but wanted to give it a storytelling touch, so we mixed different types of mediums within the virtual experience, using 360-degree photography, video footage and 3D renderings. The photography was used at the beginning of the experience to set the tone, with inserts like picture-in-picture and stop-motion graphics. The 3D renderings were used to showcase portions of the yet unfinished project. We produced high-quality 3D renderings in the kitchen and bedroom scenes to give the viewer a better idea of what their future home could look like once completed and furnished. The 360-degree video footage was used throughout to provide an emotional imagination.
2. Real Estate Locations Interactive Virtual Visits. To take virtual visits to the next level, the experience can be made interactive through movement determined by the user. It is simply the experience of a lifetime for your prospective buyer. Considering that most of the population has heard, but yet to actually try out VR, the effect will be mind-blowing. This experience needs to be “housed” (pun intended) in a mobile app. Because this experience is interactive, it’s a lot more like a game than a video. The interactive experience is created with hotspots that appear in your field of vision when you turn your attention from one direction to another. By keeping your sight on the hotspot, you are transported to where the hotspot is located, allowing you to do a virtual walk-through of the property at your own pace without having to visit the actual property.
3. Virtual Transactions & E-Commerce. Consider interactive virtual visit mentioned above and add the ability to make custom changes to the home, just like e-commerce except this is now virtual commerce. The real estate industry should be the first to jump at the chance to adopt this: The interactive virtual visits, because of their technological requirements, need to be housed in an application.
With the use of virtual reality, it does not have to be synonymous with heavy-duty computers and complicated materials like motion sensors. You should not let the technology overtake the most important part of this endeavor: the prospective buyer’s experience. The future of VR is mobile, through apps. The great news about this is that real estate agencies that already have mobile apps can very easily incorporate a VR section via API by real estate broker.
Virtual Reality is an exciting new technology that allows the real estate industry the ability to tell a story like never, as it is a technology that doesn’t require breaking the bank and can be easily integrated into the existing platforms — all while increasing sales efficiency and without having large number of staff to handle this job.
Blockchains impact on Real Estate:
Blockchain is other useful future technology. With this, information held on a blockchain exists as a network of nodes. It is a shared, continuously reconciled database which is hosted by millions of computers simultaneously, and its data is accessible to anyone on the Internet. This is still an evolving concept worldwide. However, blockchains will soon play an important role in the storage of information for real estate transactions
All this information could be stored in a blockchain and easily accessed by a buyer, who can trust this encrypted block of information without physically examining the title or contacting prior owners of the properties in the tittle deed. Blockchain Technology has already made inroads in the world of currencies – previously very much a ‘physical’ concept - as well. Bitcoin, the cryptocurrency which is the key for blockchain, is finding its way now into the investment world. This is a technology that will simplify all real estate deals and transaction and create transparent among all real estate stakeholders in Oman. It is important to note that Virtual reality technology is finally ready; the ball is now in the real estate stake holder to move this forward.
Source : https://www.forbes.com/sites/forbesagencycouncil/2017/03/28/how-virtual-reality-could-revolutionize-the-real-estate-industry/amp/