Virtual and augmented reality is disrupting industries and are helping many crawl out of the crisis caused by the pandemic.
Looking at the past 2 years, it’s imperative to say that the economies across the globe have taken an unprecedented hit. No country, no market and no business is an exception to this. However, this pandemic has truly jostled businesses to rethink and revamp processes that were increasingly becoming redundant and hindering growth even before the pandemic hit.
Some industries were in desperate need of a digital revolution. Despite the initial resistance, it is only technology that has helped sectors like real estate to only become far more resilient but also thrive by addressing various existing pain points.
As pandemic loomed over every sector and the effects of it are undeniable, some sectors were quick to pivot.
Not letting the restrictions come in the way, the real estate sector has successfully embraced the AR and VR technology all while ensuring the safety and well-being of everyone in the ecosystem.
Here’s how augmented and virtual reality are transforming the real estate sector for good
1. Convenience and safety –
Gone are the days of dealing with the hassle of coordinating with various property owners and prospective buyers. The unimaginable shift of physical visits to virtual visits has made the entire process more efficient. It helps save time and cost which can be further used to scale the business. Given the current circumstances, physical visits mean greater exposure to virus and higher risk of contracting the same. Now with the convenience of everyone’s home, property can be seen in the virtual world through augmented and virtual reality.
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2. Fuelling Imagination –
Without the use of augmented and virtual reality, creating a seamless experience for the prospective buyer was a great challenge. However embracing virtual and augmented reality enables the agents to blur the lines between reality and the proposed future of a real estate. Right from visualisation of the design to tweaking it, making real estate decisions have never been easier. With interactive 3D models, a viewer can truly experience the aesthetics of the place.
This also helps create an immersive experience for the viewers helping them imagine the future potential of a property. This has also enabled property staging which has statistically proven to improve the chances of deal closure, better the conversion and reduce the apprehensions while accelerating decision making drastically. This goes to the extent of designing the entire property with furniture and other essentials. This AR and VR technology is increasingly being used by architects and interior designers. Additionally, on site tours have been great to maintain a transparent client relationship and for communicating the progress of the project.
Once this strategy meets technology, it accelerates the impact. This can be done by adding augmented reality (AR) to this tour, supported by high-end digital renderings that truly brings the vision of the project to life with breathtaking detail. There’s also scope for personalizing this experience and truly giving it those intricate touches that make all the difference. Imagine a high net worth client investing in a large scale project, for a client like this, personalising the 3D render with branded hoardings, posters and billboards can leave a lasting impact resulting in a higher retention rate. In today’s day and age, experience matters and with augmented reality and virtual reality you could be rest assured and create an incomparable experience for your clients.
3. Tackling problems of conventional approach to real estate purchases –
One of the biggest challenges faced by agents and property owners has always been operating within a restricted market and not being able to attract consumers with good purchasing power in different demographic areas. This conventionally stems from the fact that international or even national visits are often difficult. Virtual and augmented reality solve for that and open up an unrestricted market for them, helping them easily access and target buyers from different areas. Augmented reality has made it possible for a potential buyer sitting in the west of the world to evaluate and experience properties located at the farther end of the world. What was once a problem with no foreseeable solution has now been converted to an opportunity for business and this has only been enabled by augmented and virtual reality.
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Augmented reality real estate and virtual reality real estate is the future of the real estate industry. A future that is powered by tech. A future that enables growth and transformation for the industry like never before. The merits of integrating and adopting virtual reality and augmented reality in the business ecosystem for various stakeholders within the real estate infrastructure are undeniable. Scale your business and embrace growth with virtual and augmented reality.