Augmented Reality (AR) & Virtual Reality (VR) Trends For The Real Estate Industry in 2021
With a customer-driven approach, the Real estate industry relies on strong relationships, experts in this industry who want to best serve their customers must be looking to bring the latest technological trends. Augmented Reality (AR) and Virtual Reality (VR) are immersive technologies that enable users to interact with the digital world. These developments are redefining the way people purchase real estate properties nowadays. Almost 90% of real estate companies have begun to implement AR and VR real estate solutions to deliver efficient services to their customers. Although virtual reality excludes users from your environment and brings them to another world, augmented reality reinforces their actual reality. Mixed reality refers to the mixture of these two. These developments assist users to envision properties and discovering what they will be like to live there. From publishing catalogs to virtual property presentations, advanced technology is used everywhere.
The global Augmented Reality and Virtually market is forcasted to reach USD 296.9 in 2024 according to Statista.
Realtors, Buyers, and sellers leverage the convenience and enhanced experiences provided by augmented and virtual reality. AR/VR can save time and money not only for prospective landlords or owners, but also for sellers and realtors amid downturns when buyer-to-seller and buyer-to-agent ratios decrease considerably. Potential buyers will soon be able to virtually move freely in their future home or office, simply by wearing a VR headset or viewing an AR representation of it on their smartphones or tablets by utilizing immersive tech. And, in today’s highly volatile real estate market, this could be the key to achieving immediate success.
Applications of AR/VR in Real Estate
Visual Architecture
It can be difficult to sell unbuilt properties. However, with these technologies, buyers can easily imagine a piece of property as a complete architecture. AR/VR technologies make the interior and exterior of the architecture visible. It can provide a full-scale model of the unbuilt properties, enabling buyers and realtors to finalize the deal more quickly while reducing further expense.
The greatest thing is that it will also assist real estate brokers with reaching out to other clients and closing a deal. Buyers, on the other hand, can easily select the property that best suits their needs.
Virtual Tours
If someone wants to purchase a property, he or she will visit various properties before deciding on one. It takes up a significant amount of their time, particularly when the properties are far away and need a long journey. Although, this is not the case with virtual reality. Clients will virtually visit the properties from anywhere and at any time using VR.
Only VR headsets are required; it provides an incredible experience of visualizing properties in three-dimensional mode. You can tour several properties in a couple of minutes or hours and shortlist a few for in-person visits.
Real Estate Companies Adopting Two Types Of Virtual Tours
- Interactive Visits
Regardless of your place, Interactive Visits will assist you in deciding when to go inside the house. To switch to the next location, simply click on the special spots in the view area. While it is difficult to create such immersive VR models, it is worthwhile to attract more users.
2. Guided Visits
It is a standard commercial video that can be either simulated or 360-degree in nature (a type of VR). This virtual tour is ideal for established properties because it is simple to implement in Guided Visits. To take images, all you need is a panoramic camera.
Property Staging
Consider showing a buyer an unfurnished location. Can you believe it would be easy to close a deal on those properties? Property Staging (the interior of a property) offers clients a clear understanding. Following a thorough evaluation, it was discovered that about 77% of real estate agents believe that property with staging assists the buyer in making a rapid decision.
And this is where AR/VR can support you. These technologies will demonstrate how the property will appear after staging. They can reflect the property in the best ideal manner, whether it be augmented reality or virtual reality. AR also plans the house with its furniture and other necessities, giving the customer more information about the property. IKEA, for instance, uses AR technologies to enable users to see the furniture needs. All of which would assist the real estate firm in concluding a contract with fewer efforts.
Better Analytics Driving Decision Support
Analytics are also key aspects of using immersive technology because they enable realtors to evaluate a customer’s interest in a property and also the customized experience. Analytics provider experts can provide KPIs for web pages such as page views, sessions, and exits. Nevertheless, these technologies and insights will provide realtors a more in-depth understanding of particular things or services that prospective clients want.
For example, a customer’s desire to see what a living room could look like with maple hardwood floors and cabinetry on the ceilings can be captured digitally and then used this information to interpret and plan the best next steps.
Analytics derived from VR and AR experiences can also provide clear visibility into complex buyer behaviors. The fact that customers spent more time viewing a specific property inside the virtual tour, may signify their interest in this and related properties. The amount of time spent in particular virtual portions can suggest possible issues with the property that must be fixed before it can be sold. This data, however, can be segregated not just at the demographic level, but also geographically, seasonally, and behaviorally, to help drive better decision-making.
AR/VR Commerce
The commercialization of AR and VR for real estate solutions is the way of the future. We saw representation, staging, and other stuff, so what if you could change the elements on yourself?
Let’s imagine you’re taking a virtual tour of a house and you want to make a few improvements to the interior. Then you can go to the online store, choose the elements you want to modify, and simply add them to your tour. This allows you to customize the styles for AR/VR commerce.
Another point is that if you are making changes to the interior property and want to purchase everything that was seen in the interactive property, you will do so. Yes, you read that correctly! You will go to the virtual shop and purchase the furniture or other elements you want.
AR/VR Applications
All of the above-mentioned concepts can be used more effectively in AR and VR real estate applications. With the support of an app, you can conveniently give demonstrations and presentations to customers. You will complete all of your business’s tasks with a single real estate application. The app will assist you in attracting more clients to your real estate business. A real estate mobile app development company will best support you in digitizing your real estate business.
Why Does AR/VR Work In Real Estate?
Cost-effective
AR and VR adapt and replacing some conventional marketing campaigns, offering improved ROI while also eliminating the costs of land staging.
Time-saving
With these developments, there is no need to schedule your day and drive to see a property; you can take a virtual tour from wherever you are at any time of day.
Enhanced Client Experience
In contrast to scheduled physical visits, AR and VR provide excitement, personalization, and time to explore property.
In-depth Analytics
This interactive solutions can offer key insights into consumer behaviour and interests, enabling realtors to optimise potential experiences.
Global Reach
Real estate experts are no merely constrained to a local audience as people can virtually access properties from anywhere in the world.
End Note
It appears that augmented and virtual reality technology have limitless implications in the real estate industry. They are overhauling the way we look at properties, and many real estate brokerages and property stagers have already begun introducing AR/VR in an initiative to provide their clients with a more interactive and personalised experience. Real estate companies and agencies can increase the overall growth of their business and make it more affordable and accessible by leveraging AR/VR to turn the customer’s purchasing experience and make it more engaging.
In highly competitive markets, such as the real estate industry, AR/VR technology will have a significant competitive advantage. X-Byte Enterprise Solution is an end-to-end digital service provider (Web and Mobile Apps) and is working with many real-estate agencies and helping them to leverage technology by developing digital solutions like Properties Management, AR/VR Implementation for Virtual tours of properties, Block chain based Smart Contracts and many more.
