Showing pictures, videos, and brochures of your properties used to be enough to make clients interested and close the deal. Now with the technologies of Augmented Reality (AR) and Virtual Reality (VR), the real estate industry has the potential to go through a digital transformation.
By using AR and VR, prospect buyers can ‘teleport’ themselves into a 3D digitalized version of the property. It’s estimated that by 2025, the AR and VR market will be valued at 80 billion dollars.
What Is AR and VR Technology?
Augmented reality is a form of technology that overlays computer-generated information onto a user’s view of the physical world. For example, Snapchat uses AR technologies for its filters. Users have the ability to overlay art or distort live images.
Virtual reality is an interactive computer-generated environment where users can interact using virtual devices such as headsets. Gaming is typically associated with a type of technology where users can ‘transport’ into a number of 3D, simulated environments.
How Can AR and VR Be Used in Real Estate?
Customize and design rooms
Realtors can show prospective buyers how their kitchen will look after an upgrade/renovation or to ‘try on’ different paint colors before a room is repainted. Buyers can get a closer look at the features of a home (ex. furniture placement, room size) before purchasing it with the power of AR.
Tour international properties
VR makes it possible for people to explore places they could have never visited before. Realtors can conduct immersive tours with international clients. Whether looking for condos in Miami or searching for the perfect vacation destination, virtual reality can also save prospective buyers money on flight tickets by allowing them to take a virtual trip instead.
Fewer trips to view properties
Real estate agents often visit the property they are marketing several times to add to their notes and provide listing updates to their clients.
Taking the trip to dozens of properties takes up a lot of time and fuel especially when you add traffic to the mix.
With the power of telepresence technology, realtors can minimize the number of trips needed to view properties. Real estate agents can create a 360-degree collaboration platform and invite prospective buyers to visit properties virtually without ever having to get in their car.
Why AR and VR Work For Real Estate
AR and VR technologies empower realtors to create environments that are more interactive and engaging for their clients. Users can view properties from and do walkthroughs as if they were onsite. AR and VR can even help realtors close more deals with the high level of transparency within the presentations.
In the coming years, we will see an increase in fully immersive experiences that will leverage AR and VR as property viewing tools.
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