DETROIT - Rocket Homes Real Estate LLC, a subsidiary of Rocket Companies (NYSE: RKT), has launched its home search app on Apple (NASDAQ:AAPL) Vision Pro, enabling users to virtually tour and explore property listings through spatial computing technology. The app integrates the physical and virtual realms, allowing homebuyers to view homes and their surroundings in a more immersive way.
The Rocket Homes app on Apple Vision Pro offers a range of interactive features. Users can search for homes using a map that responds to their location, access 3D tours of properties, and utilize a 'Look Around' function to examine the exterior of homes and their neighborhoods. Additionally, the app supports Apple's SharePlay, facilitating virtual home tours with others via FaceTime.
The app's capabilities are enhanced by machine learning and artificial intelligence, which personalize property suggestions based on user preferences and prior activity. This technology aims to streamline the homebuying process, particularly useful for those purchasing homes in different states without the opportunity for in-person visits.
The real estate industry has seen a significant shift towards virtual reality, especially during the COVID-19 pandemic. With a global market valued at $60 billion in 2022, virtual reality in real estate is expected to grow rapidly in the coming years.
This news is based on a press release statement.
InvestingPro Insights
In the context of Rocket Companies' innovative strides in the real estate market, particularly with the launch of the Rocket Homes app on Apple Vision Pro, it's important to consider the company's financial health and market performance. According to real-time data from InvestingPro, Rocket Companies currently has a market capitalization of $24.8 billion. However, the company is grappling with significant challenges, as evidenced by a P/E ratio of -73.93, indicating that investors are concerned about its profitability. This concern is further underscored by a substantial revenue decline of -53.9% over the last twelve months as of Q3 2023.
InvestingPro Tips reveal that analysts have revised their earnings expectations downwards for Rocket Companies and anticipate a sales decline in the current year. Furthermore, net income is expected to drop, and the company is not projected to be profitable this year. On a positive note, Rocket Companies has shown strong performance over the last three months, with a price total return of 44.96%, and its liquid assets exceed short-term obligations, suggesting a degree of financial stability.
For those interested in a deeper analysis, there are additional InvestingPro Tips available. Subscribers can access these valuable insights, which can help inform investment decisions, especially in light of the company's recent technological advancements. The InvestingPro subscription is now on a special New Year sale with discounts of up to 50%. Plus, you can use coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year InvestingPro+ subscription.
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