Matterport Revolutionizes The Real Estate Industry
Matterport, the company behind the innovate technology that allows users to transfer real-world environments into a virtual model, have announced, at SVVR 2016, that they will be partnering with Australia’s largest real estate portal, REA Group.
The collaboration will manifest in the launch of an App that will allow users to visit properties without having to travel to them, physically.
Matterport, based in the US, are known in the VR world for their innovative camera and software system that, combined, create a mesh for the surrounding environment before plastering it with photo-realistic images.
REA Group has made an App that will host hundreds of models captured by Matterport’s technology. Users will then be able to access the entire virtual model of the property via the Gear VR in full scale, giving them a sense of actually having visited the location.
Users will be able to browse real estate by city, type of accommodation and other categorization options, similar to Home Finder and other property browsing examples in this sector.
Why is this important?
When discussing VR, one of the contentions from sceptics in the Real Estate market, is of how important it is to have the consumer physically view property.
In an interview with VRRelated’s Alecz Girardeau, Matt Bell, Co-Founder, Chief Strategy Officer at Matterport, explained that people are 65% more likely to email and 78% percent more likely to call with an inquiry after viewing a property using this platform.
Why do you need to know this if you’re in real estate outside of Australia?
Matterport is currently working on an SDK that will allow third-party content creators to incorporate Matterport models into their Real Estate Apps. Meaning, this way of capturing and presenting content shows signs of a continued increase in availability. Especially, as VR begins to become commonplace.
Matterport already boasts a rich list of companies that they currently work with, in this sector, including Apartments.com and Redfin.com. As well as a widening list of other industries, including Tourism and Landmarks, Venue Promotion, Architecture, hospitality, and any industry that requires making expensive decisions on what space to rent, or buy.
On top of this, the growth of interest in this type of content appears to be increasing steadily.
Matt Bell explains,
“At this point, our customers have captured, almost, 200,000 spaces, and this month we’ve had 6 million model views.”
Another interesting fact about the Matterport and REA app is the buying behaviours that have emerged, according to Matt Bell, “consumers have been purchasing properties without seeing them,” making it a useful tool for remote property buyers.
How does it work?
Matterport’s camera system captures a 3D, 360 model, of the environment by rotating itself in a 360 motion from one position, in doing so, the camera “picks up colours and distance on each pixel, all the way around.” According to Bell.
The location of the camera is then changed to capture a different angle of the environment. Eventually, the software will have enough data to stitch an entire model of the space. The more points of capture used in the process with dictate how much detail is in the space and more importantly, how freely you can move around in it.
Upon completion, the content is uploaded to the cloud service provided by Matterport, from there it can be taken and embedded into websites as a fully viewable 3D model, or accessed via the GearVR. You can check out the Matterport gallery here.
At the moment, the camera system is retailing for $4,500, which is good value considering what it can do. But still enough of a cost to warrant a bit of thought about the purchase. With that said, Matterport also provides a service that connects businesses interested in capturing with the technology with freelance content creators in their area, allowing for more flexibility regarding access.
Matterport hasn’t given an exact date on when the collaborative app will be available. However they have said that it is coming “soon.”
Regarding the SDK, Matt Bell From Matterport explained that there is no date for unity plugin as of yet, but mentions it will only be a small number of months. They also plan to launch a new, fully automated, VR conversion service, plus google cardboard support that will also be “launching very soon.”
Head here If you want to learn more about Matterport and their services, and stick with VRRelated for the latest on this technology, as it unfolds.