Don’t Converse, Immerse: How Real Estate Can Benefit from Implementing AR and VR
For the past decades, the idea of replicating the reality was in the realm of science fiction. Now VR and AR-driven technologies are firmly crawling into every nook and cranny of the major industries.
For some companies, the implementation of these technologies became a proven strategy to increase sales and acquire more customers. For instance, Pokémon GO (https://www.forbes.com/sites/insertcoin/2018/07/09/pokemon-go-has-made-1-8-billion-as-it-turns-two-years-old/), the AR-based game hit the incredible $1.8 billion over the past 2 years. In 2018, the mobile messaging platform Snap doubled its revenue. The sudden success is explained by the implementation and development of the AR-based features.
Are Immersive Technologies Limited to Entertainment?
We mainly associate VR and AR-based technologies with the world of entertainment. However, new companies are emerging, that closely work with VR and AR and hitting the headlines of the major media coverage. These technologies are at the top of the hype curve and sparked off a great interest among non-entertainment-related businesses.
The real estate sector is not an exception. In the recent report (https://www.grandviewresearch.com/press-release/global-real-estate-market), Grand View Research estimates that by 2025, the real estate market will hit $4,263 billion in revenue. As a result, the majority of the companies will play hard to set themselves apart from their competitors. Augmented and virtual reality may offer a disruptive solution for real estate businesses.
Here is Why You Should Jump into the Immersive Digital Transformation Now
Conquer new segments. Using new technologies will help to reach emerging demographic segments. For instance, according to the Touchstone Research Group (https://touchstoneresearch.com/vr-and-consumer-sentiment/), more than 70% of the developing and promising market, known as Millennials, (people born after 80-s) shows a very optimistic attitude toward using AR and AR. That is why they will be more likely to co-operate with the companies working with AR/VR-driven technologies.
Create a life-like house touring experience at any stage. When it comes to showing the properties at construction or pre-construction stage, the real estate professionals put themselves at risk of not being able to verbally create the image of an ideal property the client would potentially buy or rent. This is where the augmented reality may come to the rescue. No matter what stage the property is being at, with the AR house solution, the customer can place the building on a certain place on the surface and walk through it using a cell phone or a tablet. The elements of decor, furniture and the house amenities will be overlayed on the physical surface.
Help the client become a creator rather than an observer. A picture is worth a thousand words and we cannot help agreeing with this statement. Customers can interact with the design and furniture elements through 3D Architectural Visualization: select and move the objects, open the doors and walk through different rooms; view the interior from different angles and directions; be able to switch the lights from ON to OFF to get an idea of how the property will look at various times of the day; change the colors of the furniture. The listed features will allow the customer to come up with suggestions on design modification which eventually saves time and money for both real estate companies and their customers.
Go global. If expanding the market globally is one of the top priorities for your real estate business, the augmented reality and virtual reality may come in use. The clients are no longer required to spend a good deal of time negotiating and reviewing the long list of properties. They can view it from literally any part of the globe through 3D tours without traveling hundreds of miles and save time and tons of money.
An impression is everything that matters, after all. When dealing with new or prospective customers, it is important to keep in mind that they are not just buying houses, offices or any other property; they are looking to buy a sophisticated replica of their dreams and a concept of an ideal place which is associated with coziness, comfort, and well-being. This concept can be perfectly conveyed with the help of virtual reality and augmented reality.
Given a short overview of the benefits above, you should consider the immersive digital transformation of your business today!