Real Estate

Nowadays, technology has introduced changes in every industry and real estate in no exception. The AR/ VR technology is not limited to gaming and entertainment... Lure the real estate tycoons and potential customers as well. It offers submerging on-screen recreation of a real-life environment or setting. IKEA is one of the leading businesses that has employed it. Its jaw-dropping features let you sense the size of the product. According to Statista, the market of AR/ VR will be 18.8 billion USD in the present fiscal year (2020) and will increase exponentially in upcoming years. It is estimated to reach the mark of 160 billion USD by 2023.

Benefits of AR/ VR technologies for the
real estate industry

Better connection

Previously, the representation of real estate projects was limited to 2D drawings which only depicted dimensions.

AR in real estate enables customers to get more involved and interested. With AR capabilities or VR headset, a potential customer could view 3D creation of the project from any angle and thus, it creates a better chance to turn them into potential customers into buyers. There are many real estate owners taking advantage of the power of AR & VR capability to deliver immersive experiences about the project to their customers.

An innovative way for marketing

People adore sci-fi and entertaining experiences. The experience of sensing the house before its construction would be memorable. One can grab this opportunity for their own profit. This could lead to conversion of an incurious customer into potential customer. Publicity gained by word of mouth is an added advantage.

Cost effective

The use of AR/VR technology minimizes or nullifies the traditional marketing methods, where a person reaches out to potential buyers. The need for marketing personnel will decrease and in turn save overhead cost. It also enhances brand value. The AR based mobile application incurs one time development cost only.

Reach out to more customers with ease

The AR based mobile application can be installed on smartphones. A buyer can access all the information like dimension, material, texture etc. It is the easiest way to reach international buyers. It also provides features to build augmented reality portfolios which can be accessed offline during meetings and events.

Quantifying the outreach

AR based apps have features to compute the number of people engaged, length of each engagement, which action they performed etc. With all these data, a company is able to calculate their exact outreach.

Use cases of AR/ VR in real estate

  • Virtual walkaway
    The buying/ selling of a property is a troublesome and time-consuming process but this is completely modernized with the aid of AR/ VR solutions. This allows a buyer to visit multiple times to walk through the property without even stepping out of their home or office.Buyer can simply experience the virtual environment using smartphones with AR capabilities or by wearing VR headset for immersive experience.
  • Architectural visualization
    Marketing a project that isn’t fully constructed is a critical issue faced by real estate developers or agents. A few developers have erected full scale models for the showcase, but this idea requires a large sum of investment. This problem is overcompensated with AR/ VR capabilities that enable buyers to experience the virtual environment to check out interior as well as exterior features offered by the builder.
  • For Marketing Purpose
    AR/ VR assisted apps enable potential customers to get essential information about the property like a price, carpet area, super built up, etc. before proceeding communication with a real estate agent.
real estate

Application of AR/VR in real estate
industry

Virtual staging

Let's consider two cases : one is showcasing empty property and another is showing the same property set up with interior design. Which would be more appealing? The answer is obvious: the one with set interior design. According to a Profile of Home Staging report by the National Association of Realtors, 77% of real estate developers says staging helps to attract the attention of buyers. In reality, staging is an expensive way to market the project but technology of AR/ VR makes it relatively cheaper and flexible. It also has the option to change the furniture of the property as per customer’s choice.

Virtual instruction to tenants

Real estate agents or tenants need to communicate frequently, though this sounds simple but what if a tenant keeps calling you for silly questions and asks the whereabouts of a certain switch. This may hamper business adversely. With the virtual tour, a tenant is able to walk virtually through the selected property and understand the know-how of utility service of the same property. This can prevent unnecessary contact with real estate agents or landlords.

Maintenance/ training

It is concluded from an experiment that a person trained with a VR headset will do a specific job 34% faster compared to the one who trained in an orthodox way. This may assist in training of workers & labors and make it clear, concise, and memorable.

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Bevond has the best developers who have a great experience and earned expertise for giving the shape of the user-friendly Augmented Reality App for all relevant platforms. We are confident that we can create experiences that will delight your customers.