Augmented Reality (AR) is taking the industry by storm, and it’s no different for the real estate sector.
With AR, companies may no longer rely on real estate agents.
This up-and-coming technology will enrich the property viewing experience and transform real estate transactions.
Thankfully, implementing the technology today will not be as complex as you imagine with the help of a professional AR app development provider.
So, if you’re not adopting this technology, your business is at risk of getting left behind.
Find out more about how AR in real estate can increase your business income.
What Is AR in Real Estate?
At its core, augmented reality is a technology that integrates 3D digital graphics with the real-world environment in real time, most commonly through mobile devices.
The visual and sensory elements of AR enable innovative ways for businesses to engage their customers and even drive them to make purchases.
In terms of real estate augmented reality, both customers and realtors can save more time as they do not need to take trips to visit offline sites.
AR will instead build a virtual ecosystem that’s just as realistic as the actual property.
They have more freedom in exploring the construction model home even to the smallest details.
They will also gain more insights into how spacious the house or building is, the number of rooms, the interior as well as exterior design, and more.
It’s no wonder that half of commercial real estate investors believe that AR will take more precedence in the future, according to a survey by Deloitte in 2019.
Further, AR can also be used by agents and real estate developers to diagnose problems from a far distance and design solutions simultaneously.
Why AR in Real Estate is Important?
The augmented reality real estate market is globally valued at USD 1,129.34 billion in 2020.
Investors poured a total of USD 31 billion into real estate tech startups, with 50% of the funding allocated toward VR or AR-driven companies.
Since 2019, more than 61% of businesses have begun the adoption of AR/VR technology, including Google, Microsoft, Facebook, and HTC.
This is because the market share of AR is seeing a bright future, predicted to grow as high as USD 252.16 billion in 2028.
Studies also show that businesses have a huge interest in a range of AR tools to bolster their real estate development, such as head-mounted displays, smart glasses, and head-held devices.
All these numbers go to show how AR should be a top priority if you’re in the real estate sector.
Here are more reasons why:
In the business world, time is of the essence. Most prospects and realtors take long and time-consuming trips to visit the property.
Furthermore, AR apps enable users to see multiple housing models at once.
Through their mobile devices, they can find out available properties around their area.
Not to mention the money wasted on gas and food along the way, which also contributes to a more sustainable and environmentally friendly business practice.
With AR, customers can take a tour of the building or house on sale, anywhere and anytime.
In return, realtors can guide their customers simply via smartphones or AR tools.
Long-Term Cost Optimization
The initial investment for real estate AR implementation may seem hefty, but the long-term value will provide a scalable return on investment (ROI).
AR can be a creative marketing breakthrough in your business, expanding customer reach, establishing market presence, and bolstering brand value.
Immersive AR-driven property tour experiences can also introduce new service offerings, multiplying your revenue streams.
Enhanced Property Visualization
Aside from virtual property tours, AR technology can impose digital overlays on the physical world to visualize room decors.
Not only is this a method to entice your customers, but also an opportunity to collaborate with designers to add more value and appeal to your property.
AR can also be advantageous for such as new constructions and renovations.
Technical capabilities bridge the gap in traditional 2D property representations to visualize yet-to-be-realized projects.
Through customized 3D models, AR further aids the marketing of furnished or unfurnished properties. This will enable clients with real-time and detailed information, enriching their experience and advancing the sales process.
Personalization is one of the most effective marketing tactics for grabbing customers’ attention and pushing them to conversion.
AR technology can tailor digital content based on individual preferences to create more relevant and engaging interactions.
Using AR-powered real estate apps, users can set up the criteria of their ideal residence.
Push notifications will be sent out when there’s a nearby residence that fits into their preferences and budgets.
Augmented reality for real estate can drive further results if it’s coupled with data analytics to track and analyze consumer behavior during virtual aspects.
For marketers and realtors, they can identify aspects that catch the most attention from the audience, and double down their strategies to increase the efficiency of property showcases.
Additionally, data analytics can help understand customers’ preferences regarding design elements and spatial layouts.
Such customization goes beyond mere aesthetics.
It’s all about understanding and responding to the nuanced demands of clients to deliver a more responsive and customer-focused real estate experience – ultimately streamlining the matching process between buyers and dream properties.
Increased Operational Efficiency
Real estate augmented reality with its advanced magnifying features allow architects and developers to evaluate buildings on a granular level.
This way, they can spot construction problems that oftentimes go unnoticed.
As a result, they can resolve the problems faster, address the repairs to the landlords, finish the projects on-time, and improving design choices.
High Potential for Scalability
Augmented reality for will keep on evolving and there will be more features you can leverage to market the properties on sale and attract more customers.
Versatility is another factor that makes AR highly promising for the real estate sector.
AR can be integrated not only with phones, but also tablets, laptops, TVs, and any device.
Examples of Augmented Reality in Real Estate
Clearly, AR is going to disrupt the real estate industry.
The technology can be a helpful tool in optimizing every stage of your real estate development, from planning to management.
Let’s take a look at the best use cases of AR in real estate you can also adopt in your own business.
Dimensions and Floor Plans
What if you can use AR to map out building dimensions, floor plans, and your overall interior design?
That’s the purpose of AirMeasure.
Instead of using a physical ruler, AirMeasure will help measure the length and width of a room just as accurately.
Another app that can help with 3D prototyping is MagicPlan.
Using this tool, you can easily create and share sketches, field reports, and project estimates with the rest of your team.
Perhaps this is the most popular usage of AR in real estate.
Using architectural visualizations, realtors can create virtual tours to engage customers through digital representations.
Taking it even further, you can even enable your customers to imagine living in the neighborhood through a virtual bike tour.
This is especially important as customers most of the time do not only decide after evaluating the house and interior but also the whole neighborhood.
AR technology can be really useful to visualize if a specific furniture, in certain colors, sizes, or styles, will fit beautifully with the rest of your home decor.
This way, you don’t have to worry about trial and error or purchasing the wrong furniture.
Even for interior designers, AR provides more flexibility which is usually hard to achieve in a traditional staging due to the constraints of furniture and decor availability.
This is what IKEA tries to capture.
The company uses an AR application for real estate that enables customers to furnish their apartments with furniture from IKEA’s online catalog.
The AR market share is constantly growing with the never-ending prospects of innovations, especially for the real estate sectors.
If you’re thinking of integrating AR into your real estate business, our team of tech experts and business consultants at Intelivita is ready to answer your questions.