Technology is slowly and gradually becoming a vital part of our lives. It is not only simplifying our daily life but also reshaping the way different industries works – especially the real estate sector. Today, real estate professionals are focusing on delivering user-centric services using the latest technological innovations.
As the real estate sector and technology are getting closer together, AR (Augmented Reality) and VR (Virtual Reality) are paving their way towards becoming a crucial tool for marketing and leasing agents.
Various realtors have reaped the benefits of investing in VR/AR app development, while others are planning to integrate the technologies in their processes, because of a plethora of benefits it offers. Some of which are:
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Benefits of VR/AR in Real Estate
Better customer experience:
Real-estate agents are employing the technologies to boost customer’s experiences. Instead of displaying 2D blueprints of the land/property, they are offering them VR/AR headsets. Through these headsets, the potential users can see a 3D model of the property and make changes like customizing the paint color, experimenting with the furniture to be placed, etc. In a nutshell, these technologies are bringing the blueprints of the properties to life and helping in making the whole process seamless.
Faster decision-making process:
Earlier, it was a challenge for the real estate agents to pre-sell their projects. They were supposed to advertise the project to the home seekers using the power of visualization. However, with the advent of Augmented Reality and Virtual Reality, they are able to take the clients on a tour and empower them to feel the end product. Besides this, the information related to the property is projecting in front of them making it easier for them to grasp all the details and make their mind. Thus, the technologies are assisting professionals in promoting sales and earning profits effectively.
Real-estate professionals are using the technologies to present their idea to the investors. This way, the investors are finding it easier to make the decision if to invest in their project or not. Besides this, the technologies are also showing a significant role in driving marketing campaigns. The Realtors are able to send the right message to the right audience using the geofencing feature.
Higher NRI purchases:
With the introduction of VR/AR in the real-estate realm, there is a significant increase in foreign investments. Through features like digital tour homes, the potential customers are able to walk into the home without being actually present on the site. Not only this, there are various VR apps that let the users perform actions like opening doors, revamping furniture, exploring property elements, etc. with a mere finger or hand motion. Thus, real estate professionals are able to convert clients from any corner of the world.
Although the potential of augmented reality and Virtual reality is still not completely uncovered, it has been seen that the technologies will continue to grow in the future. According to Digi-Capital, VR/AR will reach $150 billion of revenue by 2020, with AR taking the bigger piece of the cake making nearly $120 billion of share. This has drifted various players to connect with the top mobile application development companies and launch their own applications. In fact, the tech giants like Apple and Google are encouraging them by launching AR tools in the form of AR Kit and Google AR Core.
VR and AR Applications used in the Real Estate Industry
The AR-based application empowers the users to dig out the information about houses/property available for sale in an area. The user just has to tap on the image of that property and the information like home value estimates, interior images, taxes, boundaries, nearby schools, etc. will be displayed. It also shows the property lines around the home with its ‘Walk the Property lines’ tool. Besides this, home seekers can also learn about open houses, recent sales and so on.
Houzz app is quite popular for its ‘View in My Room 3D’ feature which let the home seekers have a look at 500,000+ images of furniture and decoration products and try them before making the purchase.
This VR-based mobile application empowers the users to take the dimensions of a room to make a floor plan faster and effortlessly.
Using Augmented Reality technology, this application offers a 3D visual communication facility to the customers which renders them with an interactive representation of projects and thus, delivering them an emotional experience. The application is also useful for companies in the field of project management, architecture, etc.
Lux AR App:
The application employs GPS geolocation technology to serve the customers with the location of the properties around them available for sales, and interact with the surroundings.
The application uses the augmented reality to let the users easily compute the amount of material required for the project, and make floor plans.
Though VR/AR technologies are still in their nascent stage, they are establishing themselves as table turner for the real estate sector. By allowing the home buyers to have a 360-degree view of a property even before it is constructed completely, the technologies are enriching their experience.
If you are in the real estate sector, you should look forward to investing in VR/AR app development to provide better services to the target audience and earn higher revenue.