A ‘realistic’ virtual reality property and investment trading app launches
A virtual reality property and investment trading app that has been launched on the Google Play and App Stores.
The game is designed to emulate the building of a real property portfolio on a virtual reality platform.
Property Magnate uses real properties, under licence, from the Zoopla database, and creates a real-life environment enabling gamers to search for, and buy, real life residential and commercial property on a market created by the game.
David Harding, director of Property Magnate, said: “My inspiration developed after observing my son, James, becoming involved in football virtual reality league and trading games.
“Being passionate about property, I thought that it would be an excellent format to enable people to understand, and become involved in, the property market.”
The game sells properties through 26 estate agents over 13 regions (two per region), and if not on the market, gamers can use the games’ acquisition agent to buy properties off market.
Once purchased the gamer can sell on the property either by listing it for sale through one of the games’ estate agencies and wait for a buyer, or through the games’ market maker who buys the property immediately. This enables the gamer to get on and make another purchase.
All purchases are subject to realistic purchase fees and tax, and sales are similarly netted off against estate agent fees and tax.
Since the mid 1990’s private landlord property investment has become relatively mainstream in the UK with an estimated 2.5 million such landlords now operating in the UK property market. It now plays a large part in savings and pension planning for many families.
Property Investment does however remain a difficult sector to enter for many people. This is due to the lack of capital, skills and knowledge. Although this virtual reality game will not resolve the capital issue, it will help to develop a would-be investors’ knowledge base in the market.
The game enables people to achieve and build what they otherwise may not be able to do in the real world and potentially demonstrate to their peers their skill and ability.
All properties are automatically income producing, at realistic market yields, with annualised rent paid daily. The game similarly nets off the income with costs such as insurance, repairs and management fees.
When a gamer purchases or sells a property they are charged the same purchase and sales costs as in a real-life transaction.
Gamers are entered onto a leader board so they can test and judge their ability against their peers, and are notified if their position changes.
Each gamer can see other gamers portfolios and add that gamers properties to their own wish list in the event the property is placed on the market.
Top gamers (by leader board position and/or trading volume) will be invited to “invitation only” charity auctions where they will be able to use their game credits to bid for and buy real-life purchases such as watches, holidays, sports car race days etc.
Game credit proceeds will be converted back to its Sterling equivalent by the game and donated to a pre-designated charity.
The game is free to join, and each gamer receives a free allocation of credits upon joining. This enables all gamers to use the game without making any In-app purchases of credits and particularly for that reason allows the game to be used as a free educational tool.
Gamers can top up their credits through the app itself in order to buy more property and increase their portfolio value.