AR/VR Technology: Real Estate’s Next Revolutionist?

Want to buy a home but struggling to find the right option? While today customers are certainly more empowered and spoilt for choices, the flip side is that immense information also makes decision-making challenging. As a result, numerous industries including real-estate is offering the greatest level of personalization to make the process seamless and hassle-free.

In the real-estate industry, organizations are considering different approaches to catch the attention of customers. Leveraging technologies like Augmented Reality and Virtual Reality, many property industrialists have changed the property buying, leasing, and selling experience. Let’s see the potential of Virtual and Augmented Reality App Development in the real estate world.

Total Immersion in Construction and Design Process

Current Scenario: A construction company offers the client to view a full-scale model or prototype to deliver immersive construction experience. However, any changes in design may result in accelerated cost and escalate completion time. Sometimes, the prototype is not enough to visualize intricate design details at the early stages.

The AR/VR Advantage: Architects use AR/VR during the initial design phase for evaluating different design ideas. The technology lets you develop design solutions at full scale and use virtual components for physical objects which save costs. Taking care of minute details, your clients can get a better sense of finished development.

Example: Using an AR/VR app, JLL offers a complete immersive real estate view of projects at the early design stage. With this, potential customers have an emotional connect with space and imagine a detailed layout of fixtures and fittings, from anywhere around the world.

Offer Compelling Purchase/Sale/Lease Experience

Current Scenario: The entire purchase, sell, or lease process is based on buyers who visit properties. However, owners, brokers, and sales agents are facing a few challenges to make the process more efficient. First, marketing suites are not open 24/7 so you cannot visit anytime. Second, if you stay miles away, it becomes more difficult to visit suites anytime soon.

The AR/VR Advantage: With AR/VR technology, potential buyers or tenants can now view the property from anywhere around the globe. Along with expanding the geographic reach of potential clients, sellers can also suggest several customized interior options to enhance user experiences.

Example: An advisory real estate firm located in New York, Newmark Knight Frank offers VR walkthroughs of buildings which are under construction to prospective buyers and tenants. Using the AR app, its brokers and selling agents show properties through brochures which increase satisfaction and further empower clients to get unique and intuitive experiences even at initial stages of development.

Before we go further, we must know that one of the major challenges which are plaguing real estate sector is ‘shortage of time’. Driving from one property to another and handling multiple prospects at one time can be time-consuming. AR/VR technologies are real problem solvers.

The major benefits are depicted from two perspectives – the buyer and the seller.

Benefits to Buyer

Buyers are always on the fence when planning to buy a home. Let’s look at how AR/VR infusion can help them to reap out its advantages soon.

1. Visit Property Anytime, Anywhere
You can be, at New Jersey yet take a closer look at a mansion in Munich. This level of convenience augmented reality brings to home buyers. It enables them to visit properties remotely multiple times without being physically present there. However, a few people say can’t we do a video call and do the same? Augmented reality embeds data snippets across physical objects thus buyers not only see the property but can do an online inspection including getting property measurements, furnishing details, and much more. The best part is, you don’t need a real estate agent to assist on all this information.

2. A 360-Degree View of Properties
While pitching a property for sale, buyers want to see in and out of marketing suites. In fact, often it becomes a deciding factor to close a deal. Augmented reality successfully infuses external views giving buyers a panoramic view of the desired property.

Benefits to Seller

A closer look at how sellers or real estate agents can leverage the potential of augmented reality real estate offerings.

1. Wider Geographic Reach
With augmented reality agents or sellers can provide a physical presence for each property demo thus increase the chances to reach out to mass audiences and pitch properties them for sale/lease/sale. The physical walkthroughs indeed bring greater probabilities of closing the deals than following the traditional real estate processes.

2. Immersive Marketing Channel
One of the key traits and core function is to give an immersive feel of physical places and surroundings. Place your potential customers right into the home along with data snippets and highlight the main features of a home using the technologies. For instance, guide them through the type of paint, furnishing options, floor space measurement and type of flooring. Taking a tour while keeping every minute detail in mind, encourages prospects to buy a property without any second thought.

How Virtual Reality is Transforming the Real Estate Industry

Potential customers don’t have to leave their comfort anymore, take virtual tours of properties with virtual reality and make smart investments. Virtual reality has a huge impact on buyers who are viewing a staged house. According to the National Association of Realtors,

•  77% of buyers think it is easier to visualize property as a future home
•  40% of buyers are more willing to walk through before physical visits
•  38% of buyers overlook other property faults

1. Architectural Visualization
It’s always difficult to market a property which hasn’t constructed yet. No anymore! With VR technology you can view 3D models which let buyers imagine the architecture and the neighborhood.

2. Splendid Landscape Design
A good landscape design not only increases customer engagement but also upsurges sales. Thanks to VR, finding the dream home has become more fun and less nervous. As all the tours are available on smartphones, the new technology saves time.

How Augmented Reality is Reforming the Real Estate Industry

Augmented reality tools are gaining popularity with every passing day. Incorporating the right AR development features into mobile apps can help you take your business to newer heights!

1. Aim, Tap, And View Properties
AR technology allows app users to view all the nearby properties by just aiming your smartphone at a building. Users can tap on the property and the app overlay property information on a device’s live camera feed, instantly.

2. Make Smart Future Investments
Apps for both iOS and Android allow users to learn more details of properties which are available for sale or rent. A user can check the estimated value of the property, bedrooms & bathrooms available, rental price, recently sold price and much more, without the intervention of the owners or real estate agents.

Summary
Whether you need an intuitive AR/VR app for your business or need a custom-built Auction Software Development, we are there for you. Keeping up with the latest evolving technology helps you meet customer expectations. Overcoming the major challenges like increased costs, uncertain economic environment, and higher competition, AR/VR app development has become an innovative real estate solution that empowers firms to experience outstanding business outcomes.