Technology and innovation continue to make the world more interconnected. Businesses can quickly exchange ideas through online platforms, and engineers can collaborate on projects simultaneously across the globe. Additionally, consumers use technology to research products, which can prompt buying decisions.
Mockups, still photography, and white papers are traditional resources that many real estate professionals employ. But more recently, many organizations have begun using digital twin technology.
What is a digital twin?
A digital twin is a virtual copy or digital companion of an object, place, or replica of a planned project. Digital twin technology uses data, machine learning, and simulation to update and reflect real-life changes.
Digital twins for real estate
While it sounds complicated, as a real estate industry professional, you’ve probably already used digital twins!
Some examples of digital twins are residential real estate brokerages and agents using virtual tour technology for three-dimensional (3D) replicas of their listings.
In contrast, commercial real estate agents and property managers use a digital twin model as an ecosystem of their large-scale listings. Digital twins help building managers and engineers oversee necessary maintenance.
Why should residential real estate agents use digital twin technology?
Digital twins of residential real estate properties can significantly benefit the listing agent and home seller.
In residential real estate, a digital twin is better known as a virtual tour. Matterport and Zillow 3D Home® are the two most popular 3D virtual tour platforms.
A virtual tour allows home buyers to complete a home walkthrough on their schedule. Listings with virtual tours typically sell faster and for more money. Additionally, listings with virtual tours receive increased exposure on third-party real estate websites, generating more online and in-person traffic.
Today’s real estate market practically requires that listings include virtual tours. With remote work becoming the new normal, buyers have more flexibility in where they live. A digital twin of a listing allows a broader buyer reach. And while anyone can create and upload a virtual tour, professional real estate photographers typically take on the job.
To recap, the benefits of digital twins for real estate agencies are:
- Provides an immersive experience for home buyers
- Improves reach on third-party listing websites
- Creates a larger buyer pool
- Listings sell faster and for more money
- Enhances agent branding/agents generate more leads
- Streamlines real estate brokerage listings
Why does commercial real estate need digital twin technology?
A digital twin of a commercial real estate property provides significant benefits to operational executives and building managers.
Commercial business requires ongoing maintenance to run smoothly. Before digital twin technology, commercial property managers relied on written records and paper blueprints. A digital twin enables managers to review upcoming maintenance dates, ongoing infrastructure issues, and an interactive floor plan within one digital ecosystem.
Commercial real estate agents can provide a digital twin of the property as part of the listing contract. A building with a digital twin is attractive to property investors because it is sustainable, saves money, and raises living standards for tenants.
To recap, the benefits of digital twins for commercial real estate are:
- Tracks upcoming maintenance and repairs
- Provides a floor plan with customizable features
- Saves money and improves efficiency
- Raises living and workplace standards
How Virtuance can help create a digital twin in real estate
Digital twins have a permanent place in the real estate industry. These virtual replicas of residential and commercial real estate properties significantly improve the selling, buying, and management process.
If you are a real estate broker or agent, consider hiring a professional photographer with Virtuance to capture your next virtual tour. Virtuance makes it easy to get high-quality photographs and virtual 3D tours for your listings, ensuring you have an advantage in the residential and commercial real estate market.
