With the housing market being worth over $33.3 trillion, there’s an enormous opportunity, and entrepreneurs are taking notice. New technologies and apps for Real Estate have integrated Augmented (AR) and Virtual realities (VR).
Customers can, just by putting on a VR headset or watching an AR video representation on smartphones, look through a property with the comfort of their sofa. Technology promises convenience, saves people time and money, and helps them make the best, most informed decision to achieve their future goals.
According to recent research by Deloitte, about 90 percent of companies with annual revenues between $100 million and $1 billion are now leveraging Augmented Reality or Virtual Reality technology. With the ecosystems of the Internet of Things (IoT), network data enables realtors to analyze if the customers prefer VR tours to physical visits, the ease in property shortlisting, and whatnot. Let’s look at the differences between these two technologies and some current ways of how they are being used to improve customer experience and brand building.
How are AR and VR different?
Augmented Reality (AR) uses technology to add to our reality. The most famous example of an AR gaming app is Pokemon Go, and that for VR is Jaunt VR. The significant difference between the two is the way they fiddle with your notion of reality. VR tools are often equipped with a headset, through which the user explored a whole new world. It is 75% virtual and 25% real. However, AR or Augmented Reality augments the real-world scene, which is 75% real and only 25% virtual.
Innovative Ways Virtual Reality/ Augmented Reality Can be Used in the Real Estate Sector
Among all the different ways you can use VR and AR in Real Estate, here are the most innovative ways to use the two technologies in Real Estate.
A. Simplified Guide for Customers
Generally, customers or potential tenants talk to their property owners to get things done whenever a challenge arises. For instance, they might call to ask how to use the HVAC or find a particular switchboard. This is not only inconvenient but also consumes most of the realtor’s time.
With VR in Real Estate, tenants can experience a virtual tour of their property with the minutest details. Tenants no longer need to ask their realtors in case of any challenges, and thus the issue is resolved in much lesser time! Such virtual tours allow tenants to see what all utilities are there and how to use them, keeping them away from facing issues.
B. Easy Touring
One of the most significant utilizations of Real Estate VR is for home tours. This is not only beneficial for the customers willing to buy a property, but also for the ones selling it!
Experienced software companies usually put their best photographers on the field to create a 360-degree rendering of the property. Investors or property seekers can now see about 25-30 properties virtually in a single day!
This also helps Real Estate agents with selling properties. They need to carry a VR headset along and ensure that the customer’s experience is on point. Closing a deal becomes ten times easier this way. Also, this rules out the limitation of showcasing the exact property to a single customer at a time.
Read more about how VR in used for travelling here.
C. Renovate and Innovate (Reno-Innovate)
Real Estate business owners and investors usually face problems in visualizing an idea of how they want their project to be. It creates a communication gap between the agent and the contractor. VR technology has made it easier to develop and explain renovation projects. This leads to better execution and, thereby, even more, outstanding results as a whole.
D. A Great Deal for Engineers
With AR/VR, users can scroll through different properties that aren’t even constructed at the moment! They can see 3D models providing a clear view of other properties along with their surroundings. Using these technologies, builders can develop full-scale showcasing models. Though the activity requires a substantial investment, it helps estimate and understands the project’s actual value.
E. The Rise of V-Commerce
Apart from enhancing the customers’ experience, these tours can be integrated with V-commerce. Real Estate companies and agents can collaborate with the sellers of home decor objects. Any decorative object that viewers will see during 3D tours can be set for sale. And this opens up a whole new array of opportunities for E-commerce organizations!
In conclusion, most organizations today spend most of their time finding innovative solutions to the same old Real Estate problems. As customers evolve in their expectations with Real Estate, more VR and AR solutions would come in. The two technologies are blending for an overall enhanced and engaging experience. Contact our experts to know more about using AR and VR in Real Estate!