AR and VR are disrupting the realty industry for good. According to this report by Goldman Sachs & Co., by 2020, 130k real estate agents will leverage AR/VR to show homes to customers. The real estate sector is changing rapidly in terms of how customers find a property and view it, thanks to the reality-altering technologies AR and VR.
Virtual Reality and Augmented Reality are helping real estate agents offer a unique and exciting experience to their buyers by allowing them to digitally tour properties from anywhere in the world. This use case of AR/VR in the real estate sector has magnified the opportunities for growth and disruption in the space.
The internet is already one of the primary ways customers look for property, with 95% of buyers looking for property online and 51% successfully finding their ideal space that way, according to data from the National Association of Realtors.
How AR and VR are Disrupting Real Estate
Here are a few ways in which these reality-bending technologies are leaving an impact on the realty sector:
● Enabling an immersive experience - AR and VR not only allow agents to show buyers the current state of any property, but they can also project how a property would turn out after its interior is designed or any other pending improvements are finalized. In essence, real estate agents are able to help buyers visualize their home/office space as it would look when they get possession.
● Saving time - Any real estate agent would tell you how time-consuming the process of showing a property used to be. Thanks to AR/VR, home showing has now become seamless and easier. Game-changing technologies are allowing buyers to experience a property from far away and make choices by filtering homes they do or don’t like.
● Unlocking international investments - As AR and VR get into the real estate sector, someone sitting in the US can look at properties in the UK. Thus, foreign investment opportunities will stop being bounded by location with augmented reality and virtual reality. And, the international investment potential in the global real estate market will get unlocked leading a host of opportunities.
● Minimize the time to sales - As a real estate developer or agent, it is hard to sell a property when it is under construction. Not anymore with AR/VR. Sellers will be able to pre-sale their property and shorten the project sale cycle. The ability to help buyers visualize the end product will help agents get the cash stuck in long projects by making early sales.
● Condense the buyer’s journey - As buyers shortlist their favorite properties from the comfort of their homes, there will be fewer properties for agents to show around. Experts believe it is still a long way before the home showing process can be completely eliminated since the natural light, smells, and the overall look and feel of a property can only be sensed by being there.
● Virtual touring for tenants - It has become common for tenants to take a virtual tour of any property before committing to a lease. A product called Realync allows its users to tour an apartment, record presentations, take notes, and share queries and comments. The product supports both live video tours and pre-recorded videos.
● Luxury property sales - AR and VR- enabled immersive experiences will become even more essential in the sales of premium and luxury sites as there is a limited pool of buyers, many of whom are located internationally. This trend in the real estate space will allow for a more globalized approach to real estate.
Companies such as Sotheby’s International Realty are already using Virtual Reality to offer their potential buyers 3D tours “through a compatible mobile device such as iPhone or Android phones paired with a VR headset.”
It’s safe to say that AR and VR are the future of the real estate space.
Value Addition of AR and VR to Real Estate Buyers
Apart from solving a lot of challenges for the real estate customers and agents, AR and VR will also add immense value to the way properties are shown and bought in the realty industry.
AR cloud technologies will help agents stage a single property differently for different buyers. For instance, the visual narrative for a home for a newly-wed couple can have candle lights in the dining area, flower petals and photo frames in the bedroom, etc. However, the same setting can be changed for a buyer with a newborn. The pantry could be stocked with baby formula sachets, the yard can have a swing, etc.
By staging and presenting a property in a customized manner, buyers will be able to imagine living in the space and this will smoothen their decision-making process.
Besides this, real estate companies can also give potential buyers the freedom to make amendments to their space digitally, as they like. By changing the aesthetics of their space, buyers will be able to gain a better feel for their future residence. Self-help videos and presentations can be placed along the buyer’s tour journey to help them enhance their learning about the property.
These value additions further strengthen our belief that AR and VR present a host of opportunities for the real estate sector and will have a lasting impact on the industry as a whole.
Get a VR/AR Enabled Mobile Application for Real Estate
Maxmobility is a mobile application development company based out of Kolkata, India. We work with the latest technologies to build future-proof products for businesses in real estate. We have experts in our team who design and develop AR and VR enabled mobile apps for real estate agents and their companies.
We safeguard our mobile apps with the right security protocols, make them robust and efficient, and promise significant ROIs to businesses from their mobile applications.
If you are a real estate company looking to innovate with AR and VR, Maxmobility has the most advanced solutions for your organization.
Reach out to learn more about our services.