Have you ever sold a digital mansion with a unicorn stable and a chocolate river? Probably not.
However, as a Metaverse real estate agent, this can be done. The profession in this virtual reality platform is still in its infancy.
Nevertheless, in today’s article, I will dive into the ins and outs of Metaverse real estate agents, virtual property sales, and real estate marketing strategies.
So it will cover…
- An introduction to Metaverse real estate
- The Metaverse real estate market
- What a Metaverse real estate agent is
- How to become a Metaverse real estate agent
- How to do Mateverse real estate marketing
- 3 Examples of Metaverse real estate brokerages
Let Me Introduce You to Metaverse Real Estate
I have been thinking about whether to write something about Metaverse real estate for a long time.
Admittedly I was a bit reluctant because whenever I think of the Metaverse, I must think of the movie “Ready Player One” where the whole population lives in a virtual reality game.
Still, their real physical life is pretty sad and somewhat dystopian.
However, Metaverse allegedly grows by the year, and real estate exists in it. So I convinced myself to write an article about it (source).
Let me introduce you to Metaverse real estate in this section.
What is Metaverse?
A good explanation was mentioned in an article from Wired:
“the metaverse” can include virtual reality—characterized by persistent virtual worlds that continue to exist even when you’re not playing—as well as augmented reality that combines aspects of the digital and physical worlds. However, it doesn’t require that those spaces be exclusively accessed via VR or AR. Virtual worlds—such as aspects of Fortnite that can be accessed through PCs, game consoles, and even phones—have started referring to themselves as “the metaverse.”
So it’s a digital universe consisting of interconnected virtual environments, enabling users to interact with each other and engage in various activities, such as gaming, socializing, and even conducting business.
The Metaverse Real Estate Market
At least for me, a fascinating aspect of the Metaverse is the rise of virtual real estate.
People invest significant amounts of money in digital properties, just like in the physical world.
To give you an idea of how much people are paying for real estate in the Metaverse, consider the sale of a virtual plot of land on the Decentraland platform for a staggering $2.4 Million (source).
This trend continues, with more investors and businesses recognizing the potential for virtual properties in these immersive digital worlds.
What is a Metaverse Real Estate Agent?
Now the next question you may have, is, what about Metaverse real estate agents, and what role do they play in this virtual real estate market?
So, Metaverse real estate agents are like the more tech-savvy cousins of traditional real estate agents.
Like in the real world, metaverse real estate agents’ roles and responsibilities are similar to their traditional counterparts.
The difference, however, is that they don’t need to be licensed (source).
As a Metaverse real estate agent, you will also save on gas. Instead of showing a brick-and-mortar house to potential buyers, they’ll take you on a virtual tour of a digital mansion with its unicorn stable and a chocolate river.
And a client no-show where you wasted your precious time getting to the property to show is also out of the picture.
I deeply researched whether there is information about Metaverse real estate agent’s income.
This website states a possible annual income of $100,000 per year. But I doubt that this information is reliable.
No source is mentioned, and since Metaverse and, more so, the real estate market is still in its infancy (and also hyped), I doubt there is any reliable data regarding the income.
Heck, it’s even hard to find Metaverse real estate brokerages, as you will see later.
What Role Do Metaverse Real Estate Agents Play (Traditional vs. Metaverse)?
They must be knowledgeable about the virtual platforms they operate in and stay updated with the latest trends in the metaverse real estate market.
Like in real life, they also need to find suitable properties for their buyer clients, negotiate prices, and facilitate transactions – all within the digital realm.
While they might not be handing over physical keys, they ensure that their clients receive a smooth transition into their new digital abode.
However, real estate transaction is eventually more frictionless than in the real world.
Opening a digital wallet to buy a virtual property on Metaverse would be best.
This wallet can use your digital assets, such as cryptocurrency, to purchase the property.
You may need different wallets for different metaverse platforms.
On Decentraland, you will need MANA coins, and on The Sandbox platform, SAND.
These are some of the property platforms where you can also check for the sales history:
As I mentioned, Metaverse agents don’t have to deal with the hassle of physically visiting properties or coordinating with contractors for repairs.
Instead, they can “teleport” from one virtual property to another with just a few clicks. This definitely saves some gas.
While traditional agents must be well-versed in local laws and regulations, metaverse agents must familiarize themselves with the ever-evolving rules and policies governing different virtual platforms to offer value to their clients who may not have the time to do that.
Additionally, Metaverse real estate agents can sometimes generate passive income by leasing their virtual properties to others for events, advertising, or even digital farming.
Why Would Someone Use a Real Estate Agent in the Metaverse?
As the demand for virtual real estate may keep growing, they can help buyers and sellers navigate the complex world of digital property transactions.
Sure, like in the real world, you can always do it yourself, which has upsides and downsides.
Ideally, a Metaverse real estate agent possesses unique skills and knowledge to guide clients through the process, ensuring a smooth and successful experience.
There are several reasons why someone would use a real estate agent in the Metaverse.
Like in the physical world, a metaverse real estate agent can provide valuable guidance and expertise in navigating the virtual real estate market.
Here are some key reasons:
1) Expertise and market knowledge
Metaverse real estate agents, are well-versed in the dynamics of virtual property markets and are familiar with various platforms and their specific rules, regulations, and trends.
They can provide insights into the best locations and properties to invest in, ensuring clients make informed decisions.
Searching for the perfect virtual property can be time-consuming and overwhelming, especially for those new to the Metaverse.
A real estate agent can streamline the process by shortlisting properties that align with the client’s preferences and budget, saving time and effort.
3) Negotiation skills
A Metaverse real estate agent has experience negotiating deals and can help clients secure the best possible price for a property.
They understand the intricacies of virtual real estate transactions and can advocate for their client’s interests during the negotiation process.
4) Technical support
Metaverse real estate agents can provide technical support and guidance for clients unfamiliar with the platforms or the technology behind virtual real estate.
They can help clients set up their virtual wallets, understand digital ownership rights, and navigate the user interfaces of various platforms.
5) Risk management
Virtual real estate investment can come with its risks and challenges.
A knowledgeable metaverse real estate agent can help clients identify and mitigate these risks, ensuring a safer investment.
The below video gives an additional view of why someone would use a real estate agent in the Metaverse.
How to Become a Metaverse Real Estate Agent
Unlike the real world, there is again no formal education to become a Mateverse Real Estate Agent (e.g., a licensing course)
However, you can learn the building blocks to offer the abovementioned value to potential real estate buyers and sellers, such as digital marketing, virtual reality, blockchain (including certifications), and traditional real estate.
You may also want to join Metaverse real estate communities, attend virtual events, and connect with industry leaders.
Lastly, you want to gain practical experience, including buying virtual property and building a portfolio.
How to Do Metaverse Real Estate Marketing and Lead Generation
As real estate marketing is what my website is mainly about, I need to include the topic of real estate marketing on the Metaverse.
So how do you do real estate marketing and lead generation as a Metaverse agent?
Since Metaverse is a copy of the real world (except the unicorns and chocolate rivers), similar rules apply to real estate marketing and lead generation.
You also want to set yourself apart from the competition, want to focus on one real estate niche (my article), and likewise know the needs and wants of the potential clients you target.
And when I think a bit longer about how this may play out in the future, it will likely be as follows.
You can target mainly potential buyer clients in the real world and on Metaverse via different marketing channels.
Why more buyer clients?
Because seller clients will benefit less from the abovementioned value a Metaverse real estate agent will provide.
Metaverse property sellers are likely more versed with this virtual reality and its workings than buyers (at least in the current infancy stages) because they already went through the process of searching, finding a property, and carrying out the transaction.
In contrast, potential Metaverse buyers with no or only some experience of Metaverse will benefit more, at least in the beginning stages we are still in.
However, the more someone spends time in and has experience with it, who may already own several properties, the less value the services of a Metaverse real estate agent will have.
This will likely happen when more people get on this virtual reality train.
So the more people adapt and get in Metaverse, the less of the above value-adds a real estate agent can bring to the table stay relevant.
But there will still be some value a Metaverse real estate agent can offer.
For example, the social-skill-lacking personality type may still need someone with negotiation skills.
Other potential clients may also lack time because they are busy with other activities on Metaverse (riding the unicorn along the chocolate river, maybe). In this case, the benefit of saving time will stay relevant.
You can find various articles I wrote about real-world marketing channels and lead generation methods here, here, here, and here, by the way.
However, the Metaverse also offers numerous marketing channels for businesses and individuals looking to promote their products, services, or brand.
Here is a short overview:
1) In-world Advertising
Businesses can advertise on billboards, signage, or other digital assets within the metaverse environment.
This includes strategically placed ads on virtual buildings, streets, or custom-designed structures.
2) Virtual Events
Hosting virtual events, such as product launches, conferences, concerts, or exhibitions, can help businesses engage with their target audience and promote their offerings.
These events can be live-streamed or pre-recorded, allowing attendees to participate from anywhere in the world.
3) Sponsorships and Partnerships
Collaborating with popular metaverse platforms, influencers, or other businesses can help brands reach new audiences and generate buzz.
This could involve sponsoring in-world events, creating branded virtual items, or co-hosting virtual experiences.
4) Virtual Showrooms and Stores
Businesses can create virtual showrooms or stores within the Metaverse to showcase their products or services.
These immersive experiences can be highly engaging, allowing users to interact with the brand in a unique and memorable way.
5) Branded Virtual Assets
Companies can create branded virtual assets, such as clothing, accessories, or vehicles, for users to purchase and use within the Metaverse.
These assets can help increase brand visibility and create a sense of community among users.
6) Influencer Marketing
Collaborating with influencers within the Metaverse can help businesses tap into established audiences and generate interest in their offerings.
Influencers can promote products or services through live streams, social media posts, or virtual events.
7) Social Media Integration
Many metaverse platforms are integrated with popular social media networks, allowing users to share their in-world experiences with their online followers.
Businesses can leverage this integration to create shareable content and encourage user-generated content that promotes their brand.
8) Gamification and Contests
Businesses can engage users by incorporating gamification elements within the Metaverse, such as challenges, quests, or contests.
These interactive experiences can help build brand loyalty and create memorable moments for users.
3 Examples of Metaverse Real Estate Brokerages
I end this article with a few Metaverse real estate brokerages I found during my research.
Here are the three I found:
This low number of Metaverse real estate brokerages confirms that Metaverse is still in its infancy.
Moreover, the current users are still early adopters and, thus, much more tech-savvy than the average population.
Hence, the added value of a Metaverse real estate agent likely isn’t relevant and much in demand.
I forecast that once (or should I say if) the Metaverse reaches the early majority in the technology adoption lifecycle, we will see better how it will play out for real estate agents.
Some even opine that Metaverse is already a flop. Many articles abound when you enter “is metaverse a flop” in the Google search.
I will leave with a funny video about Metaverse real estate and how important it is to buy “flood insurance” when buying property there…
This article has been reviewed by our editorial team. It has been approved for publication in accordance with our editorial policy.