Everybody needs shelter, but human needs change quickly. Thus, real estate is an ever-evolving industry. Businesses in this sector look for innovative ways to beat the competition. Real estate is now witnessing a magical transformation by adopting augmented reality (AR) and virtual reality (VR) technologies.
VR and AR software tools allow real estate businesses to design a 360-degree realistic virtual view of their property and easily share it with prospective customers. VR replaces reality, AR adds to the experience by projecting things over this view, and this combination or hybrid is called mixed reality. Reports suggest that the global AR/VR in Real Estate Market will reach USD 1151 million by 2023.
While VR offers a virtual tour of a property, AR can help you view the same property differently. Real-estate businesses can showcase the same property as a home, an office space, or a fashion studio by altering AR projected virtual interiors. This way, they can target different categories of users for the same property at nominal expenses.
AR and VR use in real estate ensures many perks to businesses. Let’s see how.
How Augmented Reality and Virtual Reality Benefit Real Estate?
Real estate businesses, property agents, and buyers all benefit from AR and VR tools. Here are the top advantages of AR and VR in real estate.
1. Wider Reach for Sellers and Buyers
AR and VR have enabled a higher global reach to real-estate businesses. Real estate companies can offer prospective buyers 360-degree virtual property tours with an immersive experience using these technologies. With an AR and VR-based virtual tour of the property, property buyers no longer have to take the stress and travel long distances to get a basic view of the property they are considering.
It thus helps real-estate customers/buyers get a better picture of properties located in any part of the world from the convenience of their homes. They can choose from a broader range of property options available without hassles. By offering comfort to sellers and buyers, AR has thus increased the prospective market and customer base for real-estate businesses.
2. Saves Time and Resources
Real-estate businesses and buyers save an enormous amount of time by utilizing AR and VR. Real-estate companies can take advantage of this time to target more potential buyers, and buyers can browse over more properties to match their needs. Sellers no longer need to spend vast sums of money on costly interiors to attract buyers for their property as there is no need for buyers' in-person visits. They can create virtual tours with varied interior options to give prospective buyers a realistic view of the property.
Besides, buyers no longer need to travel to view these properties. For example, an MNC employee gets transferred to New York from Chicago. He has time constraints. Thus, he can look for and book a suitable home in New York before actually moving there, just by leveraging virtual tours of various properties in consideration. He saves both time and money.
3. Cost Reduction and Increased Return on Investment
Time and resources conservation is directly proportional to cost cuts for businesses. Thus, AR and VR ensure notable cost reduction for real estate. Sellers no longer need to create costly brochures and marketing materials. Virtual representation of the property is easy to develop and circulate. Moreover, virtual tours of the property can also be modified easily as per changing market needs.
Thus, VR and AR enable overall cost reduction for real-estate businesses and remarkably enhance the return on investment (ROI) and brand loyalty.
4. Enhanced Customer Experience
AR and VR add a mesmerizing touch to the property. Mixed reality makes everything appear realistic and entertaining. Besides, the illustration can be personalized to suit the requirements of different buyers. By creating multiple AR and VR-based virtual tours of the same property, the sellers can impress a more extensive range of buyers with varied expectations.
For under-construction properties, sellers typically create illustrative images. Buyers often get disappointed later when the construction completes, and they get to see the real property. AR and VR make it easier to create and present accurate illustrations that appear natural. It adds to buyers’ trust and raises the possibility of sale or deal closure.
5. Business Insights
Real estate property management systems can provide a personalized experience to customers through AR, VR, and mixed reality. For example, a customer looking for a home office space can view AR projected office interiors on the same property and understand how the property would match his purpose. Additionally, the data provides insights on property demand, the number of prospective buyers viewing it, preferred locations, and more. It generates valuable data on customer interests and intent.
This information helps in real estate marketing. It provides valuable customer insights to real estate agents and business owners. The software can record what prospective buyers are looking for and help real estate sellers target the customers accordingly. Besides, businesses get customer feedback on their property that can help them improve their overall business.
To Summarize
AR and VR are the latest and most promising trends in the real estate sector. These technologies have completely reshaped the way people view, buy, and sell properties. It has made the processes hassle-free, convenient, and cost-effective. Moreover, mixed reality enables exceptional creativity in the way businesses market their property and buyers view it. The resulting experience is thus mesmerizing.
“If you can dream it, VR can make it.”
This quote by Matthew Schnipper holds for both AR and VR, the technologies that can outstretch to the extent of human imagination and create miracles for the real estate industry. So, adopt AR and VR for your real estate business and pave the path for an exciting future!
Author Bio
Lisa Brian is a Sr. Content Writer with GoodFirms. With 5+ years of experience in content writing and digital marketing, Lisa loves to write about business, cutting-edge technologies, and emerging trends in the software industry.
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