In this digitally driven era technology influences, every aspect of commerce, and the real estate business is not further behind in the rally. Observing this tech impact on our buying and selling behaviour, the real estate market (like most), is resorting to virtual reality and augmented reality technology for better business opportunities, customer engagement, and to uniquely position themselves as marketers in this digital playfield.
Augmented Reality and Virtual Reality let the audience have an authentic, immersive, and engaging visual experience with the product before deciding to purchase it. Real estate buyers are cautious as it requires capital as well as a lifelong purchase, thus having AR and VR technology will not only guide customers but the real estate business as well to make the right choices for their customers.
Let us gauge how Augmented Reality is transforming the real estate landscape:
Visualisation is the Key
While 2D print catalogues and miniature 3D models are most popular in the real estate business, it still lacks to complete the picture. Augmented Reality offers better architectural visualisation of the property, as we know that the power of visualisation is supreme to fine prints. Realtors can employ AR VR tools in Real estate to display their properties with utmost accuracy and detailed guided tours to every corner of the property in real-time.
As AR/VR is the medium that helps in visualisation, by using this technology, realtors can also convince customers to invest in under-construction properties and un-started/future projects in great detail.
Customization to the original plan
One of the benefits of introducing augmented reality in real estate that it helps with customization. Every realtor and every customer want their property to be distinguished and unique. With AR tools customers can easily make changes to the original plan to suit their requirements.
They can visualise the construction, added details, and even decide the décor needed for the property. It also allows relators to understand the specific need of their customers and search for properties accordingly.
Better engagement with the property
AR technology allows an immersive experience for the customer, allowing them guided and an interactive virtual visit to the property. The more the customer engage with a product, the more they feel a sense of connection and ownership to the product. With better lighting, 360° experience, and enhanced visual appeal, customers engage with the property in great detail and establish a connection to the property and they are more likely to invest. With simply a link, the customer can revisit the property as many times as they like on their phone.
It also allows customers to survey the neighbourhood properly- like what shops, malls, and hospitals are available in the vicinity and the distance to station and airport with perfect accuracy.
AR is an economical remedy
While hunting for the right property, the customer has multiple options to choose from before putting their investment into a purchase; Visiting so many properties is physically taxing and time-consuming. Through AR technology the customer can see multiple properties virtually in detail, it helps in narrowing down choices and making the right call.
Many times, they cannot visit the property due to timing issues or prior commitments. Setting up a date to visit the property physically is a big challenge that both relator and customers face. With AR technology Realtors can show properties virtually to the customers with added finesse before the actual visit, an AR virtual tour is not only a viable and economical option but it fosters transparent communication between the relator and customer.
Through technology and media collaboration across businesses has become a norm and the real estate market is no different. One of the great impacts that AR/VR technology is that it presents an opportunity to join forces with other businesses. For example- Real estate businesses can collaborate with interior designers, architects, construction companies to create an enriching experience for the customer.
Real estate businesses can collaborate with social media companies and Augmented Reality companies to promote their business, inform about upcoming properties, communicate with their customers, and can even show properties in AR/VR on social media. The possibilities are endless with this technology.
Opportunities for Cross border investment
Investing in properties in different cities is a common practice but a challenging one, due to limited knowledge and resources. But with the technological advancements of AR VR in Real estate, customers will not hesitate to extend their hunt for property beyond geographic convenience. If a property is appealing but located in a different city or state, the customer can easily access information remotely from the comfort of their home, take a virtual tour of the location and property before making an informed decision.
Through this, relators can also spread their business profoundly in multiple locations to attract investors.
Power to Attract New Age customer With Millennials and Gen Z entering the earning and investment age, it is most likely that real estate is too, on their investment radar. Companies are striving to find ‘new ways’ to communicate with this diverse and flexible cohort, and real estate business should not be far behind.
Millennials and Gen Z are most adaptive and responsive to technology. If companies use AR/VR tools to sell a product they are most likely to engage and invest in that product. According to a survey on DotLoop, 64% of Gen Z are more likely to trust technological content than any other generation, making them the perfect customer for this technology. They are likely to do more online research, read reviews, and want to interact before investing than other generations.
This generation wants immediate communication, transparency, and technology-enabled efficiency. Thus, it is likely that they will expect to engage in AR/VR technology and the real estate market must be equipped to meet this need.
Augmented Reality and Virtual Reality have successfully branched out from being mere phone filters and games, now these technologies are actively making an impact on serious investment such as real estate business. This technology simplifies the process, pays attention to every little detail keeping the needs of investors and consumers in check.
Augmented reality companies in India like Wowexp.ai are working to provide the best technology to real estate companies and their investors. This technology has already made a significant impact in the real estate business, and it is set out to be a new norm in the real estate business too, and all it requires is only a smartphone.