How real estate firms are already profiting from VR and AR.

AR-VR benefits real estate business.

As the time changes, the demand and interest of the customer also changes. And as a reflection, business has to evolve itself. Business needs continuous customer attraction. If the interest of customer is lost, then business will collapse in no time.

Among all the sectors of business, the real estate business is dynamic one. It is the business in which things are changing too rapidly. The updated improvements get outdated in no time. Customer requirements of their dream house, shop or a property are evolving day by day. And that is why it has become necessary to embed new technologies in this business.

Immersive digital technologies such as virtual reality (VR) and augmented reality (AR) are transforming the way we design, buy and sell, and maintain real estate. After briefing about the definition of Virtual Reality and Augmented Reality, we will jump on their use in real estate business.

What is Virtual Reality?

Virtual Reality is that type of artificial reality which is having no any connection with the real world (just like the disclaimers of the films!). It’s totally imaginary world created by computer simulations. It makes us to dive into a totally different digital world.

What is augmented reality?

Augmented Reality is not entirely different from the real world. It is just like a supplement to Virtual reality. In other terms, AR is a technology that superimposes a computer-generated image on a user's view of the real world, thus providing a composite view.

Virtual reality in Real estate

Have you ever bought or sold a property? Then you know how the real estate business works.

Typically, a real estate agent provides a long list of properties to the client. Afterward come the explanations, negotiations, and finally the real-life visits to houses and apartments. This workflow has remained the same for decades, but in fact it's inconvenient and time-consuming not only for realtors but for homebuyers as well.

But since 2015 on VR has emerged as a new marketing tool in many industries, including real estate. VR itself became more versatile and dynamic, and experts predict a steady rise of VR in real estate. Total revenue estimation of VR/AR software in this industry is $2,6 billion by 2025.

After all these praises, a question ‘How?’ is there in our mind. Let’s explore it.

Virtual reality helps in various segments of Real estate which are as follows:

  • Virtual Tours
    Buying property for personal needs or business requires a lot of time and patience. It gets even tougher when the property and the customer are geographically distant. Virtual reality has the potential to save time and money for real estate preview, by visiting realty remotely. Any modern VR headset is capable of demonstrating such real estate virtual tours.
  • Virtual Visualization
    VR can also assist the sales of property under construction. Marketers and real estate agents always struggle in advertising such housings because of lack of actual objects to see. And architectural 3D visualization allows seeing the future look of exterior or even interior designs.

    Image source : Google

  • Virtual Staging
    Pale walls, the absence of furniture, no decorations, etc. can greatly reduce the chances to sell the apartments. Beginning far back from 1985, agencies started to collaborate with interior designers to show enhance properties. It is called staging. They saw that staged houses required 80% less time to sell. This method can be implemented into virtual showcases too. Moreover, virtual staging costs less than the real one.
  • Image Source : iStaging

Augmented reality in real estate

It is in these early days that architects face one of their biggest challenges, according to Greg Lynn , who has used AR in his own commercial building designs. The challenge is in getting a structure off the drawing board and into the real-world environment, and AR appears to be a viable solution to the issue.

Image Source: Supersuperagency.com

The value of AR technology in architecture is in the ability to generate pop-up 3D models of projected structures, enrich them with additional digital content, and to overlay them with animated simulations to analyze how people and equipment will eventually flow through and around them.

When projects move from the prototyping to the construction phase, augmented reality can be used to enhance, or perhaps even replace digital drawings used by fabricators and engineers. Lynn believes that ultimately, AR will help to reduce errors and omissions in real estate projects, and thus save time and money for construction and development companies.

Image Source: goingbeyondprit.com

Augmented reality Real estate apps

Apps are handy and more convenient tool nowadays. Real estate business is also having a handful of augmented reality apps available in the market. We will have a bird eye view of some best VR apps one by one.

  1. measARe:
    It is essentially a digital ruler, but a really fancy one. measARe is used by pointing your device and following the simple guidance you start measuring. The best part of Measure Kit is that it doesn’t just measure straight lines but tricky parts as well. Read more this solution at https://pluto-men.com/insights/measare/ (See video here : https://www.youtube.com/watch?v=dOuX5rGCzXY )
  2. Astralink:
    It is intended to help construction workers in visualizing exactly how should a finished piece look like. Its usage is very practical, showing everything from how the finished floors will look to where all the different pipes will go. (website : http://astralink.io/)
  3. RealAR:
    Created for real estate, RealAR helps buyers/clients visualize the work of architects. It is intended to help you see how your dream home would look in real environments. You can stand on your plot of land and by simply using your smartphone or tablet you can get a very good representation of how your home will look. See the video here : https://youtu.be/A4LuGzwvARU
  4. Safety compass:
    Safety Compass enables workers to receive safety information and visualizes it with AR. It offers critical site information well before they enter a hazardous area and it is marketed as “Real Time Safety Through Augmented Reality”
    It includes:
    • live data
    • notifications if hazardous
    • In-Depth Safety Information
    (Website : http://www.thesafetycompass.com.au/ )
  5. ARKi:
    ARki is making its users very satisfied. ARKi is an augmented reality app that showcases architectural projects in augmented reality.
Real estate 360 degree virtual tour

With a 360 Degree Virtual Tours For Real Estate, you can treat your prospects with a veritable real life experience of visiting your property, something that can stand you in good stead to attract more visitors and as a result more buyers.

Why 360 virtual tour?

In a nutshell, it helps in following aspects namely,

  • Gives Rich Experience
  • Provides comprehensive solutions
  • Improves customer satisfaction
Augmented reality in real estate marketing

Marketing of a project is an important part of real estate business. The customer attraction mainly depends on how effective your marketing is. For this, your advertise must be interactive for customers. Augmented reality takes a bow here! It converts the printed advertise into visualization with the aid of QR codes and mobile camera as a scanning device. The location, virtual graphics of the real estate projects can be spoon-fed to the customers, which reduces the ambiguity in customer’s mind and thus, advertisement attracts the needy customers towards your site.

Other thing is that, real estate businessmen can make their customers to know the price and features of the properties on sale with the help of Augmented reality. The below picture clears it all.

Image Source : Google

Thus, AR can help much effectively in real estate marketing.

3D virtual reality real estate.

It helps in creating visuals graphics for any real estate property or a site. The best example of 3D VR real estate is “Virtual space”( https://www.virtualspaces.in/ ) VirtualSpaces is a Mobile Virtual Reality startup that helps in visualizing architectural drawings using Immersive technology.

Profit from Augmented reality and virtual reality in real estate sector

According to Goldman Sachs , leading to an aggregated real estate commissions market of $107 billion. Unsurprisingly, the same report also indicated “the value proposition of a VR home listing ad can significantly outweigh that of an online ad.” It also predicts that the VR and AR markets in real estate will reach $80 billion by 2025. Increase in the business will ultimately increase the profit in real estate sector.

AR and VR in commercial Real estate

Of course, VR isn’t exactly new in real estate. The residential market has been quick to adopt these new tools, as the New York Times reported last year. In fact, right here on the Radical Galaxy Studio website, visitors can explore realtime walkthrough animation examples for apartments and condos. And with a VR headset, these virtual environments can be made infinitely more experiential and interactive—bringing to life un-built architectural spaces.

But the commercial real estate space has lagged far behind the residential market. And because large commercial leasing brokers have been slow to adopt these new technologies, building owners are losing potential revenue while clients hesitate to sign on to a space that doesn’t yet look perfect.

With all that untapped potential, virtual reality is poised to become the next game changer in commercial real estate. After all, aside from fully finishing and furnishing a vacant space, virtual reality is the most effective way to let potential tenants see what they’d be getting. Virtual reality real estate tours, for example, allow cautious clients not only to visualize the final space but also actually move around it, interacting and experiencing every aspect of their future offices, from walking in the lobby to riding the express elevator.

Benefits of Using AR and VR in real estate

Innovations mostly benefits us like a boon. AR and VR in real estate are exactly like the same. Using AR and VR in this field is already eliminating the barriers between real estate business and customers in the market. Besides this, the use of AR and VR in real estate is having following benefits:

  • Mobility : Seating on the comfortable couch, customers are able to see, visit the properties located a hundred or thousands of kilometers far form them
  • Visualization of changes : Trial and error is possible before ground implementation of the project
  • Better construction management: Plans presented with the use of new technologies are much clearer, and the visualization of various stages of construction improves the work of the people responsible for its implementation.
  • Cooperation with the client made easier
  • Saves much amount of time
  • Offers global reach to the business
  • Greater prestige: Changing from conventional ways and means, using AR and VR in real estate business leave prestigious mark in the market.
  • Potential for development: Continuous evolution of AR and VR helps in steady development of this sector as well.
  • Greater profits : At the end of the day, profit with optimum usage of the resources is the major objective in any business. AR and VR in real estate helps us to achieve it.
Summary

VR and AR technologies have already started to transform the real estate industry. However, so far it’s mostly just been some large real estate agencies such as Sotheby's that are providing virtual tours for some of their properties. More real estate agents are likely to follow suit and use the benefits of VR to make their work more efficient.

The simplest forms of virtual home tours (360-degree videos and photos) are accessible to any realtor. As for more immersive and sophisticated VR experiences, there are lots of companies that can help real estate agents create them.

Virtual reality and augmented reality are going to become big things, and will transform the real estate industries.

Hiren Kanani Chief Technical Officer

A resident wizard for iPhone, iPad, Objective-C, Swift, Unity 3D, AR, VR, AR Kit Development and Xcode App Development. Nothing gets him more obsessed than a tricky coding problem or the challenge of finding a more efficient way to deploy a technology solution.