The Mirror World and the digitization of real estate
Despite the size and financial clout of the real estate industry, it’s been slow to digitize in any significant way.
In our previous article, we explored the concept of Digital Twins and the Mirror World, and what they mean to us in Nomoko.
Here’s a quick recap…
“At Nomoko, we see the Mirror World as the enabling infrastructure for the 4th Industrial Revolution — the time where the physical and digital world can connect and interact seamlessly. It’s also what we made our mission to build — an ecosphere that allows its users to work with available Mirror World Data (ultra-precise Digital Twins at city scale as semantic 3D models, together with other, 3rd party spatial data), an SDK to build with this data and the overall Mirror World/Spatial application ecosphere — something like an application store, if you will.”
Our vision then is to build a Mirror World ecosystem that enables spatial applications to bring value to different industries.
And we’re starting with real estate.
Why Real Estate?
Real estate is a naturally spatial industry with its basis in the physical world. With land becoming scarcer and the general public becoming increasingly aware of how it’s being used, there’s an urgent need for more precise and sophisticated spatial analysis not only of any new development being proposed but also of its surroundings where other properties may be built or impacted. This makes real estate a natural first choice for our Mirror World Application.
Despite the size and financial clout of the real estate industry, it’s been slow to digitise in any significant way. This is likely down to its maturity and the legacy that comes with that of doing things ‘a certain way’. It’s clear to us then that building a Mirror World Application for such a traditionally run, longstanding industry will be unavoidably disruptive — but it is also a unique opportunity!
In fact, we’re extremely excited for the next leap and the realization of innovations that will revolutionize the whole industry.
The digitization of real estate
Despite its lethargy towards full digitalization, the real estate industry has been embracing the use of smart 3D models since 1980s. Building Information Modelling (BIM) and Computer Aided Design (CAD), for example, are tools commonly used to visualize and design real estate projects. But BIM information is rarely carried through to the real estate sales and management side of the business. Without features like real-time tracking, BIM isn’t designed for operations and maintenance, unlike the more recent ‘digital twinning’ concept from thought leaders like Deloitte.
Take a look at this illustration. The commonly-used BIM covers the designing and construction aspects of a real estate property; while the ‘Digital Twin of real estate’ governs the lifecycle of a building or an infrastructure, which covers mainly the operation and management side — and it becomes clear that the plot identification and planning process in real estate remains an underserved area from the Mirror World point of view.
Creating a Mirror World application that optimizes real estate investment opportunities has become an interesting space for Nomoko to explore.