AR(Augmented Reality) and VR (Virtual Reality) are gaining traction in almost every industry you can think of. As per the resources, it is estimated that AR and VR will have an $80 billion market in 2025. Real Estate is no more behind in this technology race.
In fact, these technologies are transforming the way people buy real estate properties these days. About 90% of the real estate agencies have started using these technologies to provide better services to their clients. From the printing catalogues to virtual presentation of the properties, modern technology is used everywhere.
So, are you interested in knowing how AR and VR technologies are reshaping the Real Estate?
In this article, we will be going through a few points which show how AR and VR are changing the real estate industry.
Virtual Reality & Augmented Reality in Real Estate
Here, we’ve listed a few ways on how AR and VR will enhance the user experience in real estate.
#1 Property Showcase – Virtual Reality
Basically, when a client decides to buy a property, he/she will visit multiple properties to choose the one. It consumes a considerable amount of clients’ time; especially when properties are far which needs a long journey. But, the same is not the case when it comes to virtual reality. With the help of virtual reality, clients can visit the properties virtually from anywhere and anytime.
The only thing required is VR headsets; it provides an amazing experience of viewing properties in three-dimensional mode. Just in a few minutes or hours, you can visit multiple properties and shortlist a few for visiting in person.
There are two types of virtual tour methods adopted by real estate companies.
Interactive Visits will help you to choose where to move inside the property irrespective of your location. You just need to click on the special spots in the view field to move to the next spot. Though it is tough to build such interactive VR models, but it worth gaining more users.
It is a conventional promotional video which can either be in virtual form or in the 360-degree form (a type of VR). This type of virtual tour suits best for the existing properties as they can be built easily in Guided Visits. All you need is just a panoramic camera to capture videos.
#2 Property Staging – AR/VR
Imagine showing an unfurnished property to the buyers. Do you think it is easy to close the deal for such properties?
Property Staging (the interior of a property) gives a better idea to the clients.
After a deep analysis, it is observed that about 77% of the real estate agent agrees that property with staging helps the buyer to make the decision quickly.
And that’s where AR/VR can help you the best. These technologies will showcase how the property will look with staging. Whether it is augmented reality or virtual reality, they will represent the property in the best possible way.
AR even designs the property with its furniture and other essentials which lets the buyer have more ideas about the property. For example, IKEA lets the user view the furniture essentials through AR technology. All this will help the real estate company for closing a deal with lesser efforts.
#3 Architectural Representation AR/VR
To sell the properties which aren’t built can be tricky. But with these technologies, buyers can easily imagine a piece of land into a complete architecture.
Interior, as well as the exterior of the architecture, is made visible by AR/VR technologies. The full-scale model of the unbuilt properties is provided by these technologies. It helps buyers and real estate agents to make a deal sooner.
The best part is it can even help the real estate agents to reach more buyers and make a deal. On the other hand, buyers can easily choose the land which suits them best.
#4 AR/VR Commerce
The future of AR/VR real estate lies in commerce. We saw representation, staging, and more, but now just think what if you can adjust the elements by your own?
For instance, let’s say you are taking a virtual tour for a property, and you thought of making a few changes in the interior. So, you can go to the online store, select the elements you want to change and just add it to your tour. This way you can adjust the styles with AR/VR commerce.
One more thing, if you’re making any change to the interior property and willing to buy something which was shown in the virtual property then you can do it.
Yes, you read it right! You can go to the virtual store, and buy the furniture or any other elements that you like.
#5 AR/VR Apps
AR/VR real estate apps can work best to apply all above-mentioned principles. You can easily provide the demos and presentations to the buyers with the help of an app. With just a single real estate application, you can perform every single task that you require for your business. The app will help you to attract more users to your real-estate business.
A real estate mobile app development can help you best to digitize your real estate business. You can make a list of the few best development companies and choose the one which suits you best for the same.
Benefits of AR/VR Technologies in Real Estate
You might be having doubts about whether the practical implementation of these technologies is benefited or not. Well, to clear your doubts, here is a list of few benefits that your business will get with these technologies.
- The biggest benefit that buyers & real estate agents get is for time. A huge amount of time is saved with the help of AR/VR technologies.
- With AR/VR technologies, real estate agencies can reach buyers at the global level. There will be no boundary restrictions when using technologies.
- These technologies will let buyers visualize how their property will look like. It helps buyers to build an emotional connection with the property. Therefore, deals can be closed sooner than the traditional one.
- It is a one-time investment to build a real estate application. Therefore, in a way it will save money that you spend on other resources like staging property, maintaining it, and more.
Are You Ready To Integrate AR/VR Technology In Your Real Estate Business?
AR/VR technologies are already in the process of transformation. The simple form of 360-degree video is used by most of the realtors, but if you want something different then these technologies can help you best. Henceforth, we can say that it is high time to take your business on the whole new level.