According to the global investment powerhouse Goldman Sachs, the augmented reality (AR) and virtual reality (VR) market is expected to reach $2.6 billion by 2025.
Technology has transformed every aspect of our lives, and with the growing popularity of AR, the process of viewing and buying properties is rapidly evolving.
Let’s take a closer look at how augmented reality development is impacting the real estate industry.
What is AR Real Estate?
Unlike virtual reality where users are completely immersed in the digital world, AR overlays digital objects into the physical environment. It creates a seamless combination of reality and technology, ensuring a unified experience for the viewer.
In real estate, AR can be used to tour properties on any mobile device, so users get an instant feel of what the place feels like. AR can also help alter the interior of the location, giving users the chance to explore and customize the space.
Problems with Existing Tools
For most people, property is the most expensive purchase they’ll ever make. As a result, it’s very high-involvement and often takes some thought and consideration.
Visualization is a powerful tool that can take your listing to the next level. By helping your clients envision how a space can be transformed according to their needs, you can guarantee a better sale.
Currently, the tools most realtors offer are limited in scope. For example:
- Two-dimensional photo adverts don’t capture the property’s entire aesthetic
- Site visits take time and effort
- Text descriptions are limited in scope
- 3D models don’t let you customize the area
- Staging homes is expensive and does not always match the buyer’s personal style
With AR, you can overcome all these issues and ensure an immersive experience of the property.
Benefits of AR
The scope of AR in real estate is growing steadily, and we can expect many more opportunities in the future. Here are some key benefits AR has to offer now:
The next generation of real estate buyers is looking for a convenient online shopping experience. According to Forbes, 80 percent of millennials want to buy their own homes, and AR is an excellent way to engage with them.
Realtors can forego the expensive home staging process; instead, customers can add pictures of their furniture to a listing and see how the place looks.
Clearer Product Description
They say a picture is worth a thousand words—and an immersive AR experience might just be worth a thousand books. Realtors often struggle with helping buyers envision a place as their dream property, but with AR, the process becomes significantly easier.
When customers are able to visualize a property, they can make decisions faster, and realtors can increase the chances of selling a property. Additionally, it becomes much easier for realtors to pre-sell unbuilt properties as the end-product is more tangible.
Saves Time and Resources
Taking out take to visit listed houses and coordinating multiple open house dates is time-consuming and a waste of valuable resources. With listings on AR-enabled apps, buyers can browse through several listings in a few hours from any location. This way, it becomes much easier to visit potential homes once you’ve narrowed down the list.
Looking to incorporate AR in your real estate venture? Elementals Studio can help! Using high-quality 3D graphics and AR tools, we offer state-of-the-art augmented reality application development services.
Close deals faster by ensuring a seamless real estate shopping experience for your buyers. Contact us now for more information.