As the world has become more accustomed to working, meeting and communicating virtually, Italy-based Geomap has shown the same practice can be applied to evaluating real estate, PlaceTech reports. Geomap, a global solution provider for facility and asset management whose integrated software manages more than 260 million square feet, recently launched its virtual reality (VR) product at the MIPIM real estate conference in Cannes, France.
The company’s VR for Real Estate Management tool is designed for facilities management in an effort to decrease costs and make building operations more efficient. The solution plugs into a company’s broader workplace management system — typically cloud-based and offers different management features for building maintenance and operations.
Geomap shared a video that showed its VR solution in action as a user interacted with an electric panel, tools and a fire extinguisher in the virtual space. When the user gets closer to the components, they can access an interactive display that shows relevant pictures, documents and information. From there, the users can take this data to do any operations analysis or due diligence. The VR experience also lets users simulate real-world situations with their colleagues remotely — regardless of where the building actually is.
Is VR necessary in real estate?
People have been accessing buildings in person since real estate’s inception, but Geomap argues that its VR tool will become more valuable as commercial buildings and portfolios expand. VR helps reduce costs because less travel is required to view buildings. It can also improve first-time fix rates, as users can check out building surroundings and components before they try to fix anything. This eliminates potential mistakes as well as back-and-forth travel.
Additionally, users can visit different locations quickly and share their learnings with others from their home office, saving everyone time. VR also cuts down on response times; users can train workers virtually, prepare emergency workers and streamline ticketing. Finally, as public safety has become a bigger priority in CRE in recent years, VR can help people spot all of a building’s safety and compliance risks virtually.
Geomap VR for Real Estate Management tool users can opt to use the solution as a standalone product or as part of their company’s wider IWMS (integrated workplace management system) features.