Are you a real estate business frustrated in providing clients with long lists of properties? Then, this guide covers everything you need to know about AR/VR in real estate.
We got your back. We understand how time-consuming it is for you to deal with multiple clients each time, show them physical properties, keep on negotiating with them, and spend additional money on covering the distance physically.
So, leveraging AR/VR technologies in real estate and construction businesses can be a game changer for your business.
Today’s customers want everything in the comfort of their homes, so it’s the right time for you to transform your real estate business, grow it, and get more clients.
In this blog, we will tell everything, starting with what AR/VR is, the top 7 AR/VR use cases in real estate, and its benefits.
So, get ready for this.
Table of Contents
What is Augmented Reality?
Augmented reality adds digital world elements to the physical world.
This technology makes it easier for users to try the clothes from the comfort of their home, or they can choose which furniture would best fit in their living room.
For Instance – Your phone will capture the physical environment through cameras and sensors, and the sofa will appear in real-time in your living room.
According to Forbes, “AR is a technology that superimposes digital elements in the real world”. The best example of AR is Pokémon Go which takes a standard image of the world around you and superimposes digital content, such as virtual 3D images in the physical world.
AR in real estate is a blessing for prospective buyers and makes visiting the property in 3D easier. While it was tedious to find the property in a traditional work setting as you need to visit the realtor’s office, and then he will take you on property tours.
With AR/VR in Proptech, you can explore various properties with a few clicks leading to efficient utilization of resources (time, money), etc.
What is Virtual Reality?
Virtual reality refers to the computer-generated environment where the users are immersed in it. Users can experience virtual worlds using VR headsets. It gives you a real feeling like you are in a virtual space.
It makes the virtual environment more exciting than you ever thought – you can pick up, throw, and build things there. Virtual reality takes you to a new world where you can interact with objects using voice, touch, and gestures.
Now, VR in real estate is the next big thing and has untapped potential as it provides an immersive experience for potential buyers to visualize themselves within the home. Users can explore the property from every angle.
For Instance – Virtual tours or 3D walkthroughs of a place are increasingly becoming popular, wherein real estate agents and tenants can interact virtually.
Use Cases of AR/VR in Real Estate
1. Virtual Tours
These Virtual tours in Proptech are gaining immense popularity, making it easier for real estate agents to showcase their properties more confidently to potential buyers.
Besides that, this technology is a goldmine for buyers as they can view properties anywhere in the world with just a few clicks. Thus, virtual tours provide immersive experiences to customers where they can interact with objects in physical settings.
For Instance – Matterport, a SAAS-based organization, helps real estate agents create 3D virtual tours and helps them reach out to potential clients. These tours increase the likelihood that homebuyers and real estate agents can secure high selling prices.
2. Virtual Bike Tour
Through virtual bike tours, customers get the advantage of experiencing a virtual simulation of neighborhood surroundings. These tours let the customers take an insider’s view and feel the environment before they are built.
For example – SmartTek helps realtors create virtual tours and lets them ride through the streets and experience how it would feel.
3. Virtual Staging
Imagine a scenario where you need to choose from 2 places – one is an empty property with no furniture, and the second is a property that looks appealing and is bombarded with furniture pieces. Which property would you choose? Of course, the second one.
So, virtual staging allows realtors to stage properties requiring little investment. Virtual staging is related to creating interior designs and digital staging accessories in virtual spaces. Such technology empowers buyers to purchase property in less time instantly.
Besides that, it enhances the overall customer experience by allowing them to customize the interior décor and design of the property, such as trying different furniture settings, changing the materials in space or modifying the floor plan, etc.
Additionally, it provides a lucrative alternative for real estate agents as they can stage listings for sale without incurring additional expenses. Thus, it reduces costs associated with traditional staging as realtors use AR/VR technology to create realistic images for properties.
4. AR Assisted Real Estate Marketing
With AR-based apps, customers can learn pertinent information about real estate objects and need not worry about contacting a real estate agent.
Customers can get to learn various insights about the property, such as pricing, space, carpet area covered, etc., by simply pointing the smartphone towards the building. Thus, AR in Proptech is there to transform the walkthrough neighborhood into an insightful shopping tour.
5. Property Maintenance
AR and VR in real estate are a blessing for property managers helping them to identify and address maintenance issues.
For Instance – By wearing virtual headsets, maintenance crews can identify and diagnose problems and look at plumbing and electrical systems in 3D.
6. AR/VR Commerce
AR/VR commerce is an exciting technology that comes into play. Imagine a scenario where you are taking a virtual tour of a property, but the infrastructure is something that is bugging you a lot. So, you don’t need to worry about it. With virtual commerce, your problem is now solved.
Virtual commerce makes it easy for you to go to a virtual store, select the elements of property you want to change, and add them to your tour.
Even if the clients do not make changes in the virtual 3D tour, it might be possible that they are interested in buying pieces of furniture by visiting the virtual store and purchasing it on the go. Thus, you can adjust the interiors of the property to your taste.
7. Virtual Instructions
Usually, real estate agents and landlords feel that communicating with tenants is time-consuming. Though traditional conversation is like a straightforward task, it becomes messy under certain circumstances.
VR in Proptech solves this problem, as landlords can effectively communicate with tenants by wearing VR headsets.
For example – Suppose your clients are calling you and asking you about where a certain switch is. Then, it can be a problem for real estate businesses.
So, 3D real estate helps customers understand how utility services at a property work. Thus, guests can enjoy a pleasant experience, and at the same time, landlords need not worry about giving back-and-forth instructions to guests.
Benefits of AR and VR in Real estate
1. AR/VR Saves Time and Money
AR and VR in Proptech save significant time for real estate agents, specifically for distant or remote properties.
According to a Goldman Sachs report, it is projected that around 1.4 million real estate agents will use VR technology by 2025. VR makes it easier for realtors to have a 3D view of the property, and they need not worry about scheduling visits to physical houses or planning a visit to foreign properties.
Thus, it’s a win for both realtors and customers. VR technology saves transportation expenses for customers, and at the same time, real estate agents can save their physical open house expenses.
On the other hand, AR in real estate is helping realtors attract potential customers by showing virtual versions of furniture inside the property and giving an idea to customers of how the space would look when it is furnished.
In this case, realtors don’t need to purchase expensive furniture to provide a view of the property. AR solves this problem by saving resources and customizing everything as per customer needs and preferences.
2. Make an Emotional Connection
Unlike traditional 2D space, virtual reality allows customers to interact with the location or space. AR/VR technologies provide customers with immersive experiences, giving them a sense of presence and allowing them to feel like they are in a virtual environment.
Therefore, it builds a sense of emotional connection with VR real estate and encourages users to buy the property on the go without giving it a second thought.
Thus, the person viewing the house through 3D-rendered interactive tours perceives that this property belongs to me, which increases the chances of selling the product.
3. Drives User Engagement
In earlier times, it took more time for realtors to close deals and increase the sales of properties. With AR/VR technologies, prospective buyers can feel inside the property, providing them with a sense of satisfaction.
For example – Using AR-powered tools, you can create user-generated content (UGC), and visitors can see how different rooms and spaces will look per customers’ design preferences.
4. It Offers a Global Reach
Real estate agents know how time-consuming it is to arrange virtual visits, showcase properties and negotiate terms and prices. The challenge is that they can serve a limited number of customers simultaneously.
But AR/VR solves this problem by allowing realtors to manage multiple clients and showcase their properties through virtual tours, even to long-distance buyers.
VR technology makes it possible for real estate agents to expand their reach and find more potential buyers easily.
With the help of VR technology in Proptech, real estate professionals can arrange virtual visits for the audience and offer them the convenience of showcasing properties to everyone, regardless of geographical constraints.
Thus, it leads to an increase in sales and boosts customer satisfaction.
This guide gives you an understanding of the top 7 AR/VR use cases in Proptech.
It’s necessary for you to adopt the latest technologies, such as AR/VR, so that you can attain a competitive edge in the real estate industry.
Such technology makes life simpler for realtors as they can close more deals by showcasing properties at the virtual level. At the same time, it enhances customer experience and encourages them to book a property now.
So, VR and AR will become the next thing in real estate. If you have yet to explore these technologies, it’s high time for you to taste their success.