While they may seem fictional, VR and AR already exist and are changing the way we design, present, buy, sell and maintain real estate. Using virtual reality your real estate company can showcase properties for sale through virtual walks, virtual 3D tours, and interactive 360-degree views. To do this, your agents need to photograph each room with a high-resolution panoramic or 360-degree camera and then stitch the photos together using virtual tour software. Your customers will need VR headsets to view virtual 3D tours.
AR technology integrated into your app can add digital objects to the real world. When a customer activates a smartphone that has AI software installed and points the camera at a real object within the property, the AR tool can recognize that object by matching it to a set of black and white markers or a location. He can then suggest relevant AR content (text, images, sounds) that the client can overlay on the real object.
Please note that you need to prepare all AR content (every furniture type, color, shape, and other digital elements) in advance.
How can you use AR/VR technology to your advantage?
VR and AR applications can bring many benefits to your business.
Global coverage. Since VR and AR technologies allow your clients to view real estate from the comfort of their homes, the geography of your target audience can expand to the whole world. You can attract more renters to rent your holiday apartments or find more investors for your portfolio.
Expanded property visualization. With virtual and augmented reality tools, you can effectively showcase objects that have not yet been built, showcase building exteriors and interiors, and personalize object decoration according to your customers’ preferences. Plus, with an AR-powered app, your customers can buy their favorite designs online.
Saves time and money. Implementing VR and AR tools can help you free up the time and money your agents would need to escort clients and explore their surroundings. Better to let them spend this time on vacation travel, get convertible car rental in Dubai and bring you more VIP clients among Arab sheikhs.
Increased customer engagement. By integrating VR and AR technologies, you can increase customer engagement. According to a NAR report, 56% of home buyers who search for homes online find 3D virtual home tours a useful decision-making tool.
The demand for real estate applications based on VR and AR is growing. Statista predicts AR and VR growth in the global real estate market from 0.8 billion in 2020 to 2.6 billion by 2025. By following these exciting trends in real estate technology, you can gain a small market share.
- Realtor.com, the brainchild of NAR, provides users with AR-based features called Street Pick and Sign Snap. By pointing the smartphone camera at a property of interest to them, users can immediately receive detailed information about it from the realtor.com database.
- Popular with interior designers and architects, MagicPlan allows users to create and edit floor plans, create cost estimates, view spaces in 3D, plan DIY projects, or furnish interiors.
- IKEA Place is the most popular mobile augmented reality application that invites users to virtually refresh their interior with decorative items and furniture from the IKEA catalog, and then buy goods on the IKEA marketplace.
Compete where you can win
Today, in order to be on the wave and distinguish your real estate business, you need to turn to modern technologies. They bring savings, and savings generate profits. You should be quick to decide which technical capabilities to use. The faster you introduce technology into your real estate business, the better your chances of gaining an edge over your competitors and attracting the attention of major investors.
But before embarking on your digital transformation, it’s important to do a deep analysis of your current business and determine what you have to offer that no one else can offer. This will allow you to develop a strategy for leveraging your sustainable competitive advantage using the right technology.