Virtual real estate now a reality
Media release | 13 December 2017
Sydney company Inspace XR is using virtual reality to revolutionise the real estate industry allowing customers to step in and inspect a home, a shopping centre, an office or an industrial site before it even exists.
Deputy Premier and Minister for Small Business John Barilaro said the company, which has developed its technology with the help of $25,000 Minimum Viable Product grant from the NSW Government-backed Jobs for NSW, is taking the real estate world by storm while bringing new meaning to the phrase ‘off the plan’.
“This is a great example of how the NSW Government is backing smart startups with the potential to grow and create new jobs for our State,” Mr Barilaro said.
“In just eight months Inspace XR has secured commercial agreements with some of the largest real estate companies in the world to use its VR application ‘Immerse’.
“The company is expanding its team and will target global markets including China and US in 2018, with a goal to make Immerse the world’s favourite architectural VR Design application by 2020.”
Inspace XR’s ‘Immerse’ application allows architects and designers to create VR experiences within hours so prospective real estate customers can visualise and ‘visit’ properties before they are constructed.
The company recently won the ASEAN division of the Create@Alibaba Cloud Startup contest for startup entrepreneurs and travelled to Shanghai in October to compete in the finals.
Inspace XR CEO Justin Liang said he came up with the idea after buying an apartment off nothing but a floor plan.
“I realised the real estate buying experience was broken as there was no way to fully visualise what your future apartment or house would look like,” Mr Liang said.“But now Immerse allows architects and designers to create beautiful and interactive VR experiences within hours by simply importing their CAD files”
“For real estate companies, this offers breakthrough immersive experiences to help generate forward sales or lease agreements on property that is yet to be developed.
“For architects, it brings their designs to life and for sales agents, it means being able to sell more real estate anywhere via a VR headset rather than a physical location.
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