Technology advances are transforming many industries, from healthcare to finance and real estate is not behind all this. Interestingly, the developers and realtors can enhance a prospect’s navigational experience and speed up the buying process with augmented reality in real estate. Let’s dig into it.
What is Augmented Reality in Real Estate?
Augmented reality (AR) merges the digital and physical worlds to create believable and immersive experiences for all stakeholders. Real estate uses augmented reality technology to present digital elements from a real-world perspective and enhances any area of property or land with more contextual information.
Application of VR/AR in Real Estate
When the real estate industry evolves, each technology serves different levels of immersion and safety thresholds. Virtual reality blocks out the physical world and displays a simulated environment. It gives the user a fully immersive experience and some of the applications in real estate include:
- 3D property tours
- Virtual staging
- Architectural visualization
- Virtual renovation
Examples of AR in Real Estate
Many real estate agencies are adapting AR technology to streamline transactional processes and transcend geographical distances. Let’s have some of the examples to understand better.
Live property tours: it can be tough to schedule an appointment with a client, having the hassle of travelling to a new property. Property owners and realtors can now end this hassle by giving virtual tours of the villa or apartment. Prospects can use AR tools to point out their area of inquiry and also get the required information on the spot.
Draft Floor Plans Remotely
A floor plan is a very important step in new construction and renovation. Augmented reality apps or tools allow architects to connect with the owners at any location and take all the measurements from their desks. You read that right. Using these dimensions, they can draft a floor plan and share it for review faster than ever.
On-the-go Maintenance
Property owners often have to keep an eye on their valuable assets to be in prime condition. Now with the latest tech, they can skip the extra travel and connect with the tenants or onsite security to get live visuals of their properties. Now, the experts can join the live stream through an invitation and guide the person.
Keep Extensive Document Trails
Documentation is crucial at every stage of a transaction for compliance purposes. With AR live streaming, owners or realtors can also record their virtual tours, make notes and take snapshots of the measurements of the maintenance work. These files can be shared with the stakeholders as references for a better understanding of the issue.
Benefits of Augmented Reality in Real Estate
Augmented reality in real estate facilitates prospects and realtors to bridge knowledge gaps and reach a consensus with minimal effort. Let’s have a look at some of the benefits:
- It can expand property reach.
- Enhance the experience of prospects.
- Boost productivity and safety.
- Reduce travel costs and time.
- Increase property sales
The Future of Real Estate AR
From enhanced construction processes to immersive property tours. AR for real estate offers many benefits that were not in the picture a decade ago. With these benefits, the real estate industry is improving day by day. As augmented reality and virtual reality continue to evolve, their integration into current practices will become more streamlined and sophisticated. This way, the real estate industry will experience a surge of growth.
Opportunities to Take AR further
Real estate is a space in which there is a great potential for AR to further enhance the services. Now AR tools are evolving and allow the users can just take a picture of their room to turn it into an office or generate a picture to have a blank look of a room. AI applications and tools are helping people plan interior and exterior renovations from just property photos.
Moreover, AR property tours will allow potential customers in other cities to use apps that generate virtual models of homes. This way interested buyers can have a virtual tour room by room, as if they are walking through the properties. Now the 360-degree views of each room and visualisation of decor change can be possible because of AR.
Hopefully, there is coming soon technology that will allow the user to point their camera at their dream house. The AR application will display detailed property information and specs, such as rooms, bathrooms, square footage, price and a direct link to the listing agent.
Such AR technology will save the buyers time and facilitate them in choosing their dream home with perfect visuals beforehand.
Lastly,
A technology doesn’t have to be new to introduce potential, innovation and value to real estate. By combining the virtual and real worlds, brokers and agents can offer buyer value with enhanced visualisation. There are cost- and time-efficiencies and opportunities for flexibility and customisation, real-time updates, better communication, and more informed decision-making.
AR has been here for a while now and real estate professionals must give their clients new ways to see more possibilities and create better ways to market, show and sell the properties. AR helps bridge the gap between reality and imagination by providing an attractive view of property. Many real estate developers, like Union Developers, are now using augmented reality to cater to the client for a better experience of the property.
