Adapting to our client’s needs, what’s changing?
The real estate sector is experiencing a period of change, buildings are being constructed faster and more economically and thanks to the use of digital technology in the sector, the way in which we view these properties and then later interact with them is transforming.
At BNP Paribas Real Estate, understanding the needs of our clients is an essential part of responding to this transformation.
For clients looking for a residential building, demands are evolving because of our changing relationship with property. As Kevin Cordona, Head of Innovation at BNP Paribas Real Estate points out, “We’re going to be increasingly confronted with the real estate sector as we move more during our lifetime and develop a more nomad way of living. At present, we change our home, on average 4.9 times in our lifetime. For the next generation, this number doubles to 10 times.” It is therefore the case that as this interaction increases, our knowledge of the sector will grow and our expectations of the client experience and standard of buildings will augment. At BNP Paribas Real Estate, we subsequently recognise that our client’s expectations will only get higher as they demand more from both the properties they are looking to buy and their relationship with their real estate broker.
For businesses looking for office space, in an ever changing world it is harder and harder to take on long term business leases, as with technology and mobility, seeing what five years into the future might look like, is a challenging ask. That is why businesses are now looking for more flexible office space which doesn’t require them to be bound into a contract for a number of years. Options like co-working offer more flexibility and new ways of working for employees.
After understanding these changing needs, we at BNP Paribas Real Estate looked at how best we could serve the new relationship with real estate.
How will it change the client experience?
This is the first time that such technology is available within the real estate sector and thanks to our collaboration with Mimesys and Arforia, we have responded to a growing need and helped to innovate the sector.
For investors, this is an important tool, allowing them to see overseas properties, without forking out on costly travel expenses. At present, the residential site Parker Tower in London is a building that investors can view, no matter where in the world they are situated.
So what’s the difference between virtual reality and augmented reality?
With virtual reality, the world that you see is completely constructed. For example, an investor can visit Parker Tower in London using the holoportation device. What they see when they use the tool has been based on the building but is entirely constructed.
With augmented reality, you see the world as it is, but there are added elements that appear that you can interact with. For example, using a pair of augmented reality glasses in a shop might mean you see price comparisons when you pick up a product.
With virtual reality you must therefore be in one fixed place in order to use the technology, whereas with augmented reality you can move about and interact with the physical world.
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