The innovations like Augment Reality (AR) and Virtual Reality (VR) have changed the way we see and interact with things, buy or sell products and enjoy the services. The real estate business is one of the top beneficiaries with a huge impact on its processes of buying, selling, and managing properties. So, AR and VR have a lot to offer to Realtors and if you are considering integrating AR/VR into your business, then this article is for you. Stay tuned.
The latest advent like Augment Reality (AR) and Virtual Reality (VR) is transforming every sector while real estate is the prime beneficiary. Giving your client what they want can be challenging in a tech-savvy world. However, the utilization of AR/VR in real estate has significantly reduced the real estate sector’s challenges. Augmented Reality and Virtual Reality bring the perfect solution to real estate by fulfilling its changing needs while satisfying discerning customers.
Being one of the old and fastest growing industries, real estate is going through profound changes due to information technology development. No doubt, there are various other changes happening in the sector. However, our article focuses on real estate technologies and how these technologies are transforming the industry. So, this article introduces what AR/VR advent is and how they are disrupting traditional real estate.
What is AR/VR ?
AR refers to Augmented Reality that provides users an interactive experience of the physical world by integrating digital information. At the same time, VR refers to Virtual Reality, a computer-generated simulation of a 3D image or environment that allows users to interact with things in a seemingly natural or physical way using a particular electronic device.
The initial adoption rate for AR/VR in the Real Estate sector is sluggish as realtors were perplexed if AR/VR brings any good for the business.
AR/VR from Market Perspective
The global market size for Augment Reality and Virtual Reality along with Mixed Reality will reach 28 billion U.S. Dollars in 2021. However, it is expected to reach $250 billion in 2028 worldwide.
The image by Statista shows that the AR/VR/MR market size worldwide is set to grow considerably. As the smartphone penetration rate is incredibly high these days, the need for Mobile VR, especially in Real Estate, is the need of the hour. According to a report, Mobile AR users reached over 800 million in 2021while it is expected to grow to 1.73 billion in 2024.
In a nutshell,
- The mobile AR Market is expected to reach $16.6 billion in 2022
- There are around 810 active Mobile AR users worldwide
- The Virtual Realty (VR) market is expected to reach $12 billion in 2022
A study conducted by Goldman and Sachs reveals that around one million realtors, including real estate agents, use immersive technologies, including AR/VR and MR technologies, to showcase properties.
The popularity of AR/VR in Real Estate
Did you know that 51 percent of buyers looking for properties online and with 360-degree tours of the property, the use of AR/VR tools in this sector has significantly increased?
Even though the use of AR/VR technology in the real estate sector is minimal, the potential of immersive technologies cannot be ruled out. So let’s take a look at the user-based forecast by Statista.
Find more statistics at Statista
Benefits of AR/VR in Real Estate
AR/VR is all set to disrupt traditional real estate. A large number of realtors, from brick and mortar to established ones, are exploring the potential of Augmented and Virtual reality in their businesses. Undoubtedly, the use of AR/VR is at its initial stage; tech advent will be a game changer in terms of offering a better and enhanced customer experience. We have listed some of the top benefits you get after integrating Augmented Reality, Virtual Reality, and Mixed Reality into your real estate business process.
Make Customers Take Customized Plot Tour AR/VR Equipment
With Augmented Reality, a realtor or an agent gets a handy tool, helping him showcase or easily narrate a story about the property, plot, or building. There are times when you cannot explain things effectively to customers verbally, but it gets easy with the AR experience, giving your customers an impressive and interactive property tour.
Significantly Saves Time and Efforts
Let’s understand this through a scenario of how the traditional real estate functions: A customer expresses interest in a property. He connects with the property agent and inquires about the property he is interested in. Now, the agent sends him the list of properties and plot. Again, customers will go through the brochures or the list. Now, the customer will select a few from the list and ask for a property visit. The agent will schedule the visit. Now, customers will visit the plot and will have so many questions to ask the agent.
The whole process will take around one day to a week, and in some cases, customers get frustrated. Besides, if you cannot convince your customer correctly, they will not buy the property from you.
Now, with AR technology, showcasing property has become more accessible. If a customer expresses interest in your property, visit him or request him to visit your office, and with the help of an AR/VR system, you show them the properties interactively. It will save the time of both the realtors and customers.
Helps in Luxury Sales
When it comes to buying luxury homes, you get a limited number of potential buyers. They may be or may not be local. In some cases, they may not be living near you. In that case, you need to showcase your property using virtual devices using AR/VR techniques. Using tech advent can help you convince the luxury home buyer effectively.
Aids International Investment
Equipping your real estate with smart technologies, such as AR/VR and others, will make things easy and convenient for realtors to woo international investment. Showcasing properties will be accessible with Augmented Reality and Virtual Reality technologies. All you need to need to have the best AR/VR app development company to build you the AR/VR app for your real estate business.
With the highest ever AR App Development requirement at Dash, we believe that real estate is witnessing a big haul in terms of digital transformation. This article has explained the use cases and the benefits of augmented and virtual reality app development for your real estate business. If you have a further question related to the latest advent, let us know, and we will help you with a solution. We are a top-rated Web and Mobile App Development Company working towards clients’ goals. We offer a comprehensive range of app development services on top of the latest technologies, including Augmented Reality (AR) and Virtual Reality (VR), Artificial Intelligence (AI), Machine Learning (ML), Angular, Flutter, ReactJS, React Native, PHP, and others. Contact Us for more information.
We’re technology experts with a passion for bringing concepts to life. By leveraging a unique, consultative process and an agile development approach, we translate business challenges into technology solutions.
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