The real estate industry is changing fast, latest technology trends are already making a massive impact in the sector in terms of how customers find, discover and experience a property. According to National Association of Realtors research, Internet remains one of the most popular resources for home buyers, with 95% of customers searching for real estate online, and a record 51% actually finding their ideal home via Internet.
The real estate industry is evolving rapidly by the latest innovations in technology. Augmented Reality and Virtual Reality are the two powerful technologies making the biggest impact in this sector. Even though Augmented Reality as tech is still in the initial phase, AR in tech is already offering serious business opportunities.
The technology combines digital information with the real world to create a new experience – and the most common example is Pokemon Go game. Augmented Reality apps can be built around architecture, buildings, housing renewal, refurbishment, interior decoration, etc.
Goldman Sachs report predicts that the AR and VR market in real estate will reach at least $80 billion by 2025. It is also said that by 2020, the construction industry will be of 9500 Cr. Sq.Ft. and there will be 730 million digital users. The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all the sectors of the economy.
Here is how Augmented Reality will impact Real Estate,
1. Property Discovery
AR lets your customer experience the property in a completely new way. Augmented Reality App can be built by property builders which enables the customer to view homes, condos, offices, surroundings, etc from their smartphone. They can go for a tour to see around the street, building, interiors, or event city block.
2. Marketing Collaterals
Move away from your boring real estate print ads, brochures, etc. with interactive Augmented Reality ads. AR enables users to consume information in the form of 3D models, videos, games, etc. You can even showcase your properties under construction in real-time and how it will be coming up in future.
3. Sales Pitches and Presentation
One of the difficult task real estate agents face is to create a presentation of properties for their prospective clients. With AR, agents can make the app do the talking. It lets them showcase properties irrespective of location, time, size etc. Increase your conversation ratio significantly using Augmented Reality.
AR is like the magic world which lets customers experience the virtual journey of properties and customize it like they want without actually doing it. Instead of showing images of our previous work, you can now let customer see how their future house will look like after designing, furnishing etc. The beauty is that you can let them play around and choose what they want using a smartphone.
5. Panoramic View
One of the common issue property buyers face is understanding the surroundings of their building, especially when they are investing in properties from different locations. You can build up AR app using weather data, maps data etc. which lets the buyer experience the place in different climate conditions, different time, check traffic, experience the area around the properties etc.
Improve Luxury Sales
It’s not easy to close luxury sales especially when the property is under construction. To pitch for luxury sales with PowerPoints and brochures is not an easy task, instead using Augmented Reality to take them through a virtual tour can improve the conversion ratio. Lynley Sides, REX – Real Estate Exchange quotes, “Immersive viewing experiences are particularly relevant for luxury homes when there is a limited pool of potential buyers, many of whom are international.”
Peeking into the future, this AR-VR technology will be becoming more user friendly. Both the marketer and the buyer will be able to define their requirements then and there itself and make the necessary changes as they want it, and there will be no more waiting for the changed designs. And, most of these things can be done by customers itself with just few clicks and taps.
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