It is the ideal solution for would-be property tycoons
Potential property tycoons can start building their empire thanks to a significant new app launched on iOS and Android via the Google Play Store and App Store.
Property Magnate is the most realistic virtual reality property and investment trading game designed to emulate the building of a real property portfolio on a virtual reality platform. It 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 the market created by the game.
The game sells properties through 26 Estate Agents over 13 regions (2 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 the property either by listing it for sale through one of the games’ Estate Agencies and waiting for a buyer or through the games’ Market Maker who buys the property immediately, enabling 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.
David Harding, Director of Property Magnate, said. “My inspiration developed after observing my son, James, becoming involved in a 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.”
Since the mid-1990’s private landlord property investment has become relatively mainstream in the UK, with an estimated 2.5m 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 remain a challenging 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 potential future investors’ knowledge base in the market.
The game is also great fun and seeks to draw on the aspirations of many people, an issue very much at the forefront of today’s society with the increase in reality TV programmes. The game enables people to achieve and build what they otherwise may not do in the real world and demonstrate their skills and ability to their peers.
All properties are automatically income-producing, at real market yields, with annualised rent paid daily. The game similarly nets off the income with costs such as insurance, repairs and management fees. When gamers purchase or sell a property, they are charged the same investment and sales costs as in a real-life transaction.
Gamers are entered onto a leader board to test and judge their ability against their peers and are notified if their position changes. Additionally, each gamer can see other gamers’ portfolios and add those properties to their wish list if 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 can 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 their Sterling equivalent and donated to a pre-designated charity.
Excellent educational tool
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 allows the game to be used as a free educational tool.
Gamers can top up their credits through the app itself to buy more property and increase their portfolio value.
Post-launch, the game will be enhanced with additional features such as:
- Members’ area
It will be created on the games website, enabling gamers to trade their game credits with each other.
- Naming rights
The games Estate Agencies will be badged with real-life agencies to enhance the effect and feel of the game. Gamers will also be able to visit the actual websites of those agencies.
- Off-plan developments
Real developers and their developments will be added to the game allowing gamers to buy property “off-plan” and to visit those developers’ websites and view the developments coming on stream.
- Banking division
A banking arm is to be added to the game enabling gamers to leverage their portfolio and thus increase their portfolio size and growth.
- Property auctions
A property auction agency is to be added, enabling gamers to both buy and sell property through a timed auction.
- Chat room
A chat room is to be added, enabling gamers to communicate with each other and sell the property to each other in discrete transactions.
- Trophy assets
A specialist agency is to be added to sell and trade-in trophy assets such as London Bridge, Buckingham Palace, The Shard, etc. A trophy asset tally will be added to the leader board so gamers can see who has the most.
- Alternative assets
Alternative assets of interest to high net worth investors such as antiques, jewellery, classic cars, sports cars, yachts and the like will be added through a specialist auction site and trading agency enabling gamers to further demonstrate their wealth and skill and emulate the lifestyle of real high rolling property entrepreneurs.
- Property development
A specialist land and new homes agency will be added listing Greenfield Sites and property suitable for development enabling gamers to trade in and develop their assets to increase their wealth.
- Overseas properties
An overseas property agency is to be added, enabling gamers to buy in crucial overseas property areas and in time it is proposed that the game will be rolled out to full international status.
Property Magnate is an exciting, real-life game that will bring tremendous enjoyment to its gamers and develop future property investors’ skills. You can find more information about the game here.