Tech News
September 9, 2020

7 Reasons Augmented Reality Will Reshape The Real Estate Industry In Future

You might be surprised to know that virtual reality(VR) and augmented reality (AR) will become an $80 billion market by 2025, and out of that, $2.6 billion will be exclusively for real estate. The technology is changing the processes of designing, buying, and selling properties.

Technological advancement has become a vital part of our lives. It is reshaping every industry, and the real estate sector is not an exception. Nowadays, real estate professionals are more focusing on delivering user-centric services by using the latest technological advancements. One such recent innovation is augmented reality (AR).

Various professionals have reaped the benefits of investing in AR app development. And for this, you can also contact different mobile app development companies, they will help you to integrate the technology into your processes, as the benefits are immense.

The technologies can provide a more engaging experience for potential buyers and increase sales. Let's check out how AR is reshaping the real estate market. So, here we go!

How Augmented Reality in Real Estate is Reshaping the Business

Augmented reality in real estate is already providing various business opportunities. Let's explore the numerous benefits that AR can bring to your real estate business.

1. By Enhancing Customer Engagement

It has been observed that augmented reality in real estate makes customers more engaged. The popularity potential of Augmented Reality helps to promote the large customer base for Realtors.

Instead of displaying 2D blueprints of property, real estate agents are providing customers with VR/AR headsets. Through these headsets, customers can view 3D models of the property and make changes such as customizing the color of the paint, furniture, and more.

For real estate agents, augmented reality will provide ample opportunity to get information about their projects without an advanced internet connection while meeting a potential buyer or investor, which results in more significant benefits to the business.

And it is not a secret that anyone has a better chance when dealing with engaged potential customers, turning them into actual customers buying products and services. Unlike scheduled physical trips, AR provides entertainment and the opportunity to experience home.

2. Works for Perfect Architecture Designing

Augmented reality can create an exact copy of physical locations in digital formats. Consider architecture models and blueprints that architects can design and even communicate on a real-time basis.

Such interactive architecture modeling will help reduce many staff-hours that would otherwise be spent on mundane tasks - such as taking measurements, marketing measurements on the blueprint, scaling the design, and so on.

Are you wondering how is this possible in a real-life scenario? Augmented reality mobile applications can deal well with these issues. With a touch of a button, customers can enable AR models of any apartment of their interest in all angles. They can browse, compare, and analyze houses and offices in great detail, without having to move out of the office or home. 

Besides, they can experience a feeling of 'almost-present' with it.

3. Provide Effective Marketing Options

Real-estate professionals are using Augmented reality to present their ideas to investors. In this way, it becomes easier for investors to decide whether to invest in their project or not.

Apart from this, AR is also playing an essential role in running marketing campaigns. Realtors are now able to send the messages to the right audience using the geofencing feature.

You can use this to your advantage with this innovative tool for advertising and distributing your products:

  • Printing catalogs are more interactive with Augmented Reality.
  • Geo-tags to help you locate your items on sale in the real world, so that customers can discover themselves.
  • New advertising possibilities.
  • Animated contact us and call-to-action buttons.

4. A Clearer Understanding of Products

Properties that are not built can be challenging to sell. Realtors need to find a way to show the buyer what it will look like, and assure them that it is their dream property.

Here AR comes into action because it gives buyers a picture of the result. When a customer cannot visualize the final product, the deal may take longer to close, and this may prevent realtors from selling new projects. But AR makes the product more tangible that is required to sell pre-selling and unbuilt properties.

AR lets you adjust the style, furniture, and surroundings of the property to meet the customer's taste. With all this information available, realtors have a higher chance of closing a deal.

AR view works much better than both photos and videos with a text description. It provides the facility to visualize large buildings through augmented 3D models. With the AR app functionalities, customers are shown the apartment, furniture, surroundings, and so on.

5. Save Time and Resources

Potential buyers do not have to look at a property when AR lets them experience it. Instead of a calendar filled with open house dates, buyers can narrow the pool to a smaller set of features that best suits them. They can locate AR catalogs through an app and decide which reality homes reflect their property needs.

Customers, as well as agents, get frustrated visiting every site one by one. Sometimes, they come up with the wrong choice in case of time constraints.

Augmented reality in real estate makes the process easy and effective. It saves both the real estate agent and client time. Instead of showing potential buyers around properties, realtors can spend their time following other possible leads. 

Statistics say it is common for tenants to lease an apartment they have seen on the AR app that allows them to take a tour, ask questions, and record presentations. 

With an augmented reality real estate app installed on your mobile phones, you can now get a virtual tour of your property miles away from your location.

6. Real-Time Information Access

Do you know how real estate agents used to demo properties that they have for sale? They used printed catalogs. When the number of leads is less, and there are fewer attributes to sell, this may be a possible solution. 

But, when there are too many properties to sell and the more customers, real estate agents need a scalable solution.

Augmented reality is a deploy once, run anywhere application. It gives real-time information wherever you are. Also, details about assets can be instant. This makes it possible to provide accurate information to potential customers. 

Augmented reality has another critical advantage in the real estate industry. AR works by placing digital snippets of information over physical objects, including buildings.

It is possible to create augmented reality mobile applications that can list empty spaces or properties for sale. Users can point to the buildings around them and get real-time information about their availability, facilities, floor space, etc.

7. Virtual Floor Planning

Most customers stated that "it looks quite big, but we're not sure it's spacious." This is the problem with empty spaces. They look hollow, making it challenging to decide whether they are huge or not.

Or human eyes can only judge spaces with so much precision. In particular, precise details such as floor plan and carpet area cannot be determined easily.

It is here that an Augmented Reality can make a difference. Augmented reality apps can give customers a room by the room viewing experience. They can also visualize the room measurements on an accurate scale basis. 

For example, IKEA's augmented reality mobile application helps customers buy furniture that fits perfectly according to the floor size of their homes.

Bottom Line

To conclude, Augmented reality can bring changes that have the potential to revolutionize the real estate industry and acts as a problem-solver for real estate professionals. It can also make life easier for customers. 

From finding vacant properties to knowing their facilities, as well as floor plans, augmented reality can bring a significant change in the real estate business. If you are interested in creating 3D designs for your agency, hire an augmented reality development company in India, and enhance your future real-estate project.