MetaPax in real estate: a game-changer for global property development

The real estate and property development market is booming. As per Statista, the global real estate market is expected to generate a revenue of $4,263 billion by 2025, indicating a surge in property transactions and developments. Cities like Dubai, with its iconic skyline, and New York, known for its towering skyscrapers, are at the forefront of this expansion.

For instance, the Dubai Land Department reported property transactions worth AED 225 billion in 2019 alone, while New York City accumulated $28.5 billion in property sales in the same year, as per The Real Deal.

Real estate market and its challenges

This global expansion poses some challenges for international property buyers and developers. Traveling to multiple cities for property viewings is not only time-consuming but also expensive. A solution to streamline this process is crucial.

Moreover, research indicates that potential buyers typically view properties between 2–4 times before making an offer. But why the need for multiple viewings?

Why Multiple Viewings Matter

• Different times of day: A property can give off a different vibe during the day compared to the night. Quiet areas during daylight might become bustling hubs at night. Similarly, properties near schools might face parking issues during school hours. Hence, viewing a property at various times can offer a comprehensive understanding.

This also applies to the rental property market. According to Ruby Home, nearly 44 million housing units were rented, comprising 34% of the total U.S. households. And people report viewing 5–15 homes before making that final decision.

Wouldn’t it be convenient to save time attending the viewings but still ‘experience’ the place?

How MetaPax tackles real estate challenges

By leveraging next-generation streaming and wearable device technology, MetaPax allows real-time interactions between the Paxer(streamer) and the Beholder (tasker) through the 1st POV. In the real estate industry, it addresses the mentioned challenges by providing these benefits:

• Saving time: The property viewing can be done remotely.
• Saving money: no need to waste money on transport and accommodation to facilitate the viewings.
• Saving energy: Paxer is there to be an extra pair of hands and eyes while the decision maker is the buyer. In order to avoid unexpected surprises, task the Paxer to get as much information on the property as possible.

Let’s delve into this from each perspective.

Property buyers

MetaPax allows real estate developers to “rent” a Paxer who can then be tasked to view a property on the buyer’s behalf — which would make the buyer the Beholder. In this way, the buyer can view a property in real-time through 1st POV even thousands of miles apart. The Paxer is only the messenger and has no subjectivity in the deal, so the interaction between the seller and the buyer remains honest and direct.

It saves the real estate buyer the hassle of going physically into the property, saving time, costs, and energy. The main advantage of smart glass and live-streaming innovation is the sense of real-life interaction between the streamers (Paxers), their world, and the people who watch the streams.
Ask questions, direct the Paxer’s movements, ask them to describe how that fluffy rug feels… And make that confident decision.

Real estate agents

Have you seen any of the real estate agents wearing a pair of smart glasses yet?

It is good to get ahead of the game because soon enough this technology could be applied widely across the industry. Besides adding an innovative touch to real estate agencies in front of the clients — MetaPax also enables agents to cater to clients who are restricted to travel or have various commitments and busy schedules.
In addition, it’s a great opportunity to broaden global clientele exponentially. Introducing a property and streaming it live to what could be hundreds of potential customers online could be a real opportunity.

Not a bad idea for a next-generation open house!

Renting

The same benefits apply to rentals, if not more rewarding as property viewings are even more frequent than when buying/ selling. According to research, a property is viewed 20 times on average before being rented. Smart glass and streaming technology could help the letting agent centralize the viewings and stream them online while the potential renters would save time in traveling to the many different locations.

In conclusion, as the global real estate market continues to flourish, tools like MetaPax are set to redefine how property buyers, renters, and real estate agents navigate this expansive landscape. By bridging geographical gaps and offering real-time property viewing experiences, MetaPax is truly a game-changer in the real estate industry.