Discover the groundbreaking influence of Virtual and Augmented Reality on the real estate sector, who can benefit from adopting that new-gen technology, and how it elevates marketing.
Virtual and Augmented Reality in Real Estate: How New Technology Transform The Industry
How VR and AR Technology are Transforming the Real Estate Industry
You might already know that VR and AR are making the headlines in Proptech. Implementing immersive experiences in real estate marketing strategies allows companies to stay ahead of the curve and elevate provided services. Read on to learn how Virtual and Augmented Reality reshape the real estate sector and who benefits from such a technological revolution.
Virtual Reality: What is it?
Virtual Reality is a three-dimensional computer-generated environment that can be explored through special devices by the person. While being immersed in the virtual environment, people can interact with objects, manipulate them, and perform various actions. Serving the real estate industry, Proptech developers apply VR technology to create virtual tours, staging, architectural representations, visualizing interior or exterior in the design phase, and more.
Augmented Reality: Explained
Augmented Reality is a technology that combines real-life, existing objects and computer-generated ones in the united picture. Think about AR as a filter you can apply to our reality to see additional items atop real ones that create the illusion of being in the same place. Augmented Reality technology is a great interactive marketing tool for the housing business. Applying Augmented Reality in real estate, agents can use tablets or smartphones to demonstrate how the furniture and interior design can look on still ongoing construction sight.
What is the Difference between Virtual Reality and Augmented Reality
The similarities between AR and VR in real estate are clear:
- Both use the same technology;
- Both are applied so users can experience virtual environments in an immersive way;
- Both transform the industry and real estate services approach.
The difference between VR and AR is in how you use it, not in capabilities. For VR, users require a specific headset to be able to experience 360-degree video tours, while AR adds its magic to the real world through applications on mobile devices like smartphones, tablets, or laptops. Some real estate companies use a combined approach called Mixed Reality (MR) to provide out-of-this-world experiences with the advantages of two technologies.
Virtual Reality and Augmented Reality Solutions in the Real Estate
Here are five ways in which virtual and augmented reality real estate marketing strategies are applied in real business to elevate the sales process.
Property Listing Showcase
Traditional showings take a lot of our time, especially when you’re a buyer trying to find a perfect home. With an interactive or guided virtual tour, real estate companies can attract prospective buyers and elevate customer service. Virtual walkthroughs are easily-accessible and interactive, offering detailed views from any angle.
Full-scale Architectural Representation
VR and AR technology solves the issues of selling property under construction or renovation. A full-scale model of an unfinished listing can provide customers view of everything from the floor plan and exterior design to possible interior solutions, backyard usage, and more.
Property Staging
It’s a challenge to sell property with empty, unfurnished walls. Yet, Augmented Reality for real estate agents transformed what we knew about staging. Using AR or VR technologies, agents can adopt interior design solutions to the specific taste of their clients to guarantee a deal. Virtual staging is popular among furniture shops, like global enterprise IKEA, as it visualizes trendy pieces in real-life rooms, letting customers select the right item.
Real Estate Apps
A Real estate app can incorporate any of the following features, letting the users experience out-of-this-world customer services and immerse in property showing with VR or AR technology. The apps digitalize the business, opening new opportunities and horizons.
AR/VR for Commerce
Some of the Proptech innovations open mind-blowing possibilities for both agents and customers. With ARVR commerce solutions, you can explore the virtual property, change the interior with real-life products, get redirected to the store, and purchase the furniture or decor piece you love from visualization. Connecting 3D models with the stores opens more business opportunities for the designers as well.
Benefits of Applying VR/AR Technologies in Real Estate Business
The incorporation of Augmented Reality (AR) into the real estate market offers numerous advantages for both real estate agents and their clients. This revolutionary technology brings forth a host of benefits, enhancing the overall experience and efficiency in the real estate realm. The key advantages of utilizing AR in real estate are highlighted below:
Saves time and resources
Implementing Augmented Reality in real estate facilitates significant time and resource savings for companies. By showcasing properties through augmented reality, real estate agents can conduct virtual property tours via smartphones, eliminating the need for physical site visits and conserving valuable resources. As a result, companies benefit from significant time and resource savings, enabling them to allocate resources more efficiently and allocate budgetary funds judiciously.
Better product visualization
AR offers the valuable capability of visualizing real estate projects that may not yet be physically tangible. Clients can preview the final outcome of new constructions or property renovations during consultations, providing a realistic and immersive experience. AR not only enhances the efficiency of communication between real estate professionals and clients but also contributes to informed decision-making, fostering a deeper understanding and appreciation of the envisioned real estate projects.
User behavior data analysis
Augmented Reality enables realtors to gather insightful data about customer behavior during virtual property tours. Analyzing where customers focus their attention allows agencies to refine presentations, tailor offerings, and enhance overall product quality, leading to increased customer satisfaction. This data-driven approach empowers agencies to refine their presentations with a heightened level of precision. Realtors can tailor their offerings and marketing strategies to align more closely with the preferences and priorities of their target audience.
Cost optimization
Despite the initial perception of augmented technology as a costly investment, it proves to be a cost-saving measure in the long run. The reduction in physical property visits not only minimizes expenses but also allows companies to enhance profitability by creating compelling product offerings. Furthermore, companies can curtail the costs associated with elaborate marketing campaigns and frequent travel, redirecting these funds towards innovation and product enhancement. Ultimately, the incorporation of augmented reality proves to be a prudent financial decision, as it not only optimizes operational efficiency but also positions real estate businesses for sustained growth and competitiveness in the evolving market landscape.
Reinventing the market
Augmented Reality has revolutionized industries such as hotels by offering virtual tours, providing potential guests with a vivid depiction of their accommodations. This not only influences reviews but significantly enhances the overall customer experience. Guests can virtually navigate through rooms, explore communal spaces, and visualize amenities, creating a sense of familiarity and comfort even before stepping foot on the premises. In essence, augmented reality’s integration into the hospitality sector not only redefines the way hotels showcase their offerings but also elevates the customer experience. This technology proves to be a pivotal asset for hotels striving to stay ahead in a competitive market.
Better advertising options
Augmented Reality technology serves as a powerful tool in advertising, offering virtual depictions of properties that allow potential buyers to appreciate various features, including building size, room space, and furniture layouts. This is particularly beneficial for architects, who can leverage AR apps to create models for effective marketing purposes. For prospective buyers, this represents a significant leap in the way they interact with property listings. AR enables them to virtually “walk through” a property, gaining a realistic sense of its spatial layout and design nuances. This interactive and immersive experience fosters a deeper connection with the property, empowering potential buyers to make more informed decisions.
Best Real estate VR/AR examples
The integration of Virtual Reality (VR) and Augmented Reality (AR) technologies has significantly transformed the landscape of the real estate industry. In this exploration of notable examples, we delve into innovative applications that leverage VR and AR to enhance various facets of real estate, from simplifying measurements and visualizing construction projects to revolutionizing property showcasing for real estate professionals. These cutting-edge solutions not only offer immersive experiences but also streamline processes, save time and resources, and elevate the overall quality of engagement between real estate professionals and their clients.
The best way to understand how VR/AR works in real estate is by looking at some real examples.
AirMeasure
AirMeasure simplifies furniture and room space measurement through a phone’s camera. By pointing the camera at the furniture, users can easily obtain measurements, streamlining the measurement process.
Street Peak Realtor App
This Augmented Reality real estate app provides instant details about properties when users point their phones at buildings. Information includes room and bathroom counts, estimated values, and other relevant details.
Astralink
Astralink allows construction workers to visualize the final product, showcasing the required work and placement of details during the construction process. This application significantly aids the construction industry in the demo stage.
RealAR
RealAR fulfills architects’ dreams by enabling them to see virtual designs of homes. It offers a firsthand experience of living in the designed space, bringing architectural concepts to life.
IKEA
IKEA’s AR application enables users to virtually furnish their apartments using items from the online catalog. Users can visualize furniture placement and experience the entire setup before making a purchase decision.
Virtual Staging Solutions
With over a decade of experience, Virtual Staging Solutions excels in digitally furnishing, constructing, or remodeling properties. Their services, including virtual staging, restyling, remodeling, and envisioning, aim to inspire buyers and maximize property sales value.
OpenSpace
OpenSpace offers a SaaS-driven site monitoring solution for construction projects. Using AI-driven technology, it converts construction site videos into a format similar to Google Street View, allowing real-time monitoring, issue identification, and collaboration.
Giraffe360
Giraffe360, a 3-in-1 virtual tour camera, offers HDR photography, virtual tours, and floor plans with 98% accuracy. Trusted by global brands, it revolutionizes property showcasing for real estate agents.
Spacely
Spacely pioneers AI-enabled virtual reality solutions for real estate and construction. Leveraging AI and virtual reality, Spacely creates immersive experiences for property showcasing, construction planning, and design collaboration.
CompanyCam
CompanyCam integrates augmented reality into its cloud-based field service management suite solutions. Enhancing team communication and collaboration, it provides real-time insights for maintenance, repair, and construction professionals.
Boost Your Conversions With AR/VR Technologies
VR/ AR real estate marketing strategies aim to increase your sales, generate new quality leads, and boost conversion rates. Such a digital solution is adaptable to your targeted potential buyer and channels its imagination, providing an illusion of the life they could have in one or another property. VR and AR build a connection between listing and buyer. Therefore, it transforms how we sell properties and reshapes the real estate sector and construction industry with digitalized, out-of-this-world marketing.
FAQs
Can Commercial Realtors Benefit from AR?
Yes, AR is new-gen technology that benefits a residential or commercial real estate agent.AR for commercial spaces can highlight unique features, add design options, and help see property potential.
What Makes VR and AR the Best Tech in the (Industry)?
Proptech offers many innovative solutions, yet AR/VR takes real estate virtual walkthroughs to a new level. It allows clients and agents mobility, making any property accessible at any time. AR and VR are interactive and engaging methods to showcase and sell the property by letting users see the potential of the space.
How Can I Use VR or AR?
There are many ways you can incorporate VR/AR technologies in your business, depending on the services you provide, your requirements, and your business goals. Consult with professional Proptech developers to find the best-suited solution to your cost expectations and needs.
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