The Impact of Augmented Reality and Virtual Reality on the Real Estate Industry

The Impact of Augmented Reality and Virtual Reality on the Real Estate Industry
16Jan, 2020

In today’s times, both Augmented Reality (AR) and Virtual Reality (VR) are greatly impacting numerous industries, including real estate. In recent years, AR and VR technology has seen immense growth and is continuing to grow rapidly. As per Statista reports, by the year 2025, the total revenue in the AR and VR industry is estimated to rich $2.6 billion. Both these technologies have the remarkable ability to change the perception of the world. Virtual Reality is the technology that has the ability to transpose the user and bring him or her to some other place.

On the other hand, augmented reality takes the current reality of the user and adds something to it. It simply augments the user’s current state of presence, often with clear visors.

Benefits of Augmented and Virtual Reality

Augmented Reality and Virtual Reality are the two most influential technologies today that are making the biggest impact in the real estate sector.

Below are some of the top benefits that augmented and virtual reality technologies can bring to assorted businesses:
• VR and AR technologies have the ability to create a rich, immersive and interactive user experience
• With AR and VR, personalized content can be customized as per the user’s particular needs
• AR and VR allow readers to actually connect with the published content
• Virtual and Augmented Reality can lessen language barriers
• Virtual and augmented reality technologies are the new channels for enhancing brand awareness
• AR and VR can help greatly in customer buying decisions.
• Detailed analytics can be generated with AR and VR for better understanding of user behavior

How Are AR and VR Changing the Real Estate Sector?

AR and VR have become especially popular in the real estate sector due to the enormous benefits they offer to real estate professionals. More and more real estate professionals are leveraging these popular technologies to offer unique experiences to buyers. By altering the real estate scenario, AR and VR are redefining experiences in the real estate industry. These technological advancements have contributed to the increased use of immersive user experiences, thereby resulting into easing the process of selling and/ or buying residential and commercial real estate. Implementing AR and VR technologies in real estate sector will ease both buying and selling of properties. Below mentioned are some of the key changes that AR and VR has brought in the real estate industry:

Accelerating International Investments

The arrival of AR and VR technology in the real estate industry has opened the doors for foreign investments. The reason is that now people can easily experience a property at any place while sitting at another place. The comfort of experiencing any kind of property without actually visiting that particular place has made both these technologies a remarkable way to unlock the international investment potential in the global real estate markets.

Allowing Clients to Experience properties

When it comes to showing the property to clients, so much time and energy are involved in this process. However, with the advent of AR and VR apps, the real estate agents are finding the whole process of showing properties to their clients much easier and seamless for them. These technologies allow potential buyers to experience various properties from the comfort of their home and move freely in their future residence or office virtually, just with the use of a VR headset or watch an AR representation of it on their smartphones or tablets. Thereby saving their as well as real agent’s precious time and energy.

Improving Decision-Making Process

In the past, it was quite challenging for real estate developers to pre-sell their projects. This is because it used to be tricky to make the potential buyers envisage the end product. However, with the arrival of AR and VR, real estate agents are now able to give a complete property tour to their clients to make them experience the end product even before completion of the project. This further helps real estate professionals to promote their projects effectively and saving funds to avoid getting stuck in projects for a longer duration.

Provide Clearer Understanding

Augmented Reality and Virtual Reality visualizations work more effectively as compared to photos and videos with a text description. Even more complex objects can be presented in a better manner by means of AR and VR technologies. Using these technologies, clients can accurately visualize large buildings through augmented 3D models. Moreover, AR and VR apps help real estate agents to show properties to clients, adjusting the style, furniture, surroundings, and more.

Better Engagement

Along with various other sectors, AR and VR technologies in the real estate sector gets customers more interested and engaged as they can interact with the property in a better manner even before purchasing it. Experiencing different types of properties using these technologies is quite entertaining and fascinating. Using AR, real estate professionals can easily render 2D images into 3D reality. Additionally, with the facility of visualizing the room plan, furniture adjustment, size, and other settings, potential buyers can get a better quality and seamless experience. Both these latest innovations in technology have the ability to turn potential customers into real buyers.

Saving Considerable Time and Expenditure

Both Augmented and Virtual Reality (AR/VR) technologies are the most immersive technologies that are considerably improving the salability of a property by offering convenience and enhanced experiences to buyers, agents and sellers alike. Undoubtedly, AR and VR technologies are saving considerable time and expenditure not only for prospective renters or buyers but also for sellers and realtors.

Conclusion:
Looking at all the above mentioned benefits, it would be correct to say that AR and VR are revolutionizing the real estate industry. Both AR and VR technologies have supplemented traditional selling methods while giving a competitive edge to real estate professionals. With these technologies now we can easily foresee and experience the properties personally in the real world before moving into a new space. Truly, AR and VR are benefiting both the real estate agents and their clients.

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