How Are AR And VR Technologies Transforming The Real Estate Business?

With changing times, customer behaviour, product demand, and business operations also change. As a reflection of this change, businesses have to constantly evolve in order to sustain and survive the pressing times. For this, they need to continuously attract the customer, as the business today is backed on the power of customer engagement.

Real Estate is one such industry which faces a lot of business damage if the customer is not engaged rightly. It is one such dynamic industry which is rapidly changing every day. From site updates to project inclusions, everything changes in no time. As the customers today want everything available at their fingertips, it is necessary to embed new technologies in this business area.

Augmented Reality (VR) and Virtual Reality (VR) are the most trending digital technologies that provide an immersive experience to the user at the comfort of their home. In the real estate sector, they have transformed the way properties are designed, bought, sold, and maintained. It is estimated that about 90% of the real estate agencies worldwide have started using these technologies to provide the best service experience to their customers.

Here is a list of few experiences that AR and VR can deliver for the real estate industry:

 

Property Tour

In a typical property buying scenario, a customer will visit many different properties before deciding upon which one to buy. This entire process of visiting properties in-person is a very taxing, time-consuming, and energy-draining process; and more so if the properties are located far from where the customer lives.

Using VR technology can solve the above problems by allowing clients to virtually visit the properties and short-list the ones that they would want to visit in-person. They can experience a 3D walk-though of multiple properties in a day while seated at their homes. This immersive virtual experience is just as similar to the real one for customers to make informed decisions. Real estate developers and agents can use this technology to build interactive and guided property tours.

 

Virtual Staging 

Building a model house with chic home decor is an age-old marketing tactic to sell a property. This has been practised to increase the sales-conversion as customers like to see a step-up before buying. However, setting a model house with luxurious home decor for each of the properties can be an expensive task. This is where AR and VR technology can be of help.

By using these technologies, the real estate developer can showcase how the property looks like with staging(home decor). The technology can help them build designs of furniture and other essentials to provide a more detailed experience to the customer. This will help the real estate companies close the deal with lesser efforts and reduced lead cost.

 

Architectural Representation

Selling an under-constructed property is the biggest challenge for almost all the real estate developers in the world. Customers will have to make decisions seeing the 3D models, model flat, property plans, and some rendered property visuals. None of these provides an experiential view of the project. A customer can see, but not feel the project that they are investing in. Virtual reality can effectively help you solve this challenge. The technology can help the potential customer to visualise the interior, exterior, and surrounding areas of the project which isn’t built yet. This way customers get a better understanding of the property that they are investing in.

AR and VR have started spelling their magic in the real estate world. However, it is usually the large developers and agents that are investing in this technology. There is a lot of unexplored potential in this technology and more real estate developers and agents are yet to taste the success of it.

GoodWorkLabs is one of the leading AR and VR app development agency in India, the USA, and Europe. We come with hands-on experience in building an end-to-end AR and VR application that provides an immersive experience to the users and great ROI to the businesses. Should you be looking forward to creating an AR and VR application, please do reach out to us at +91- 9863077000 or [email protected] for a free 1-hour consultation of how we can help you.