Augmented Reality (AR) is a recent technology that enables businesses to create 3D images of their products and services. One of the reasons behind its growing popularity is due to its ability to create realistic representations of anything, whether that’s a model house or car.
A lot of industries are now adopting and incorporating it into their processes. The property sector is particularly on the forefront of this, with players such as realtors, property developers and sales reps relying heavily on the tech to flaunt on the aspects like how to build an underground room in the model or to show a design of a hidden storeroom.
According to a recent study, AR is expected to contribute around $2.6 billion in turnover by 2025. The game-changing tech is already helping with customer outreach and nurturing market research, and sales among other things.
In this article, we take a look at five ways in which Augmented Reality is impacting the property sector today:
Cutting the cost of property marketing
The inclusion of Augmented Reality in marketing has significantly improved the overall quality of adverts without necessarily increasing the costs. With this tech, consumers can preview homes for sale or rent from any location through their devices including smartphones. This way, potential customers don’t need to travel to the location for property viewing.
What’s more, the technology eliminates the need for tours conducted by real estate agents, ultimately saving money for realtors and even furnished apartment providers.
Supporting convenient property staging
Before AR technology became mainstream in the construction industry, many companies faced a lot of difficulties showing off their work in progress. This issue can now be resolved using augmented reality.
This technology helps to show and tell by sharing intricate details of a home design to shape the decisions of interested customers.
Some reports show that adding this feature improves the closure of home deals by over 70%. Put otherwise, AR influences seven out of ten customers to pay for houses in full usually after several previews.
When done right, the visual presentations of interiors play a key role in convincing would-be buyers or renters that they’re finding a comfortable space to live.
As a result, real estate agents close more viewers than if they were using the outdated 2D images. Understand it like having succulent terrariums over the classic small ones.
Facilitating consumer-assisted commerce
AR technology now allows home buyers to create 3D models of their desired property without having to leave their homes. For example, AR-powered home buyers can access an online store and add various elements to their house.
What’s more, consumer-assisted AR commerce is expediting the closure of deals.
With traditional commerce, consumers can only request changes to a property after a physical inspection. This makes it a nightmare for realtors, who besides having to attend to each prospect individually, miss out on cost-saving opportunities such as bulk purchases of furniture, building materials, etc.
On the other hand, virtual orders placed through AR make it easier to centralize planning of such consumer requests, thereby saving both time and costs.
Globalizing the property business
Property businesses can use augmented reality to trade outside their physical locations. With the rise of e-commerce, it is possible for realtors to reach out to a wider customer base and engage in more targeted marketing.
Besides, borderless trading has the potential to encourage fair global market competitions while contributing to the world economy,
Also, AR can play a key role in expanding business networks as realtors interact with plenty of consumers and cultures.
Finally, technologies that globalize things tend to revolutionize the traditional ways of doing things.
Based on history, technologies with such capabilities boast golden and longstanding gains, and AR is certainly one of those!
Hastening digitization of the property sector
The inception of augmented reality technology has significantly helped the property sector to take advantage of the Internet by digitizing various key processes.
For example, this tech makes it easier for home sellers to provide information regarding the availability of properties as well as details about them in real-time.
Additionally, sellers can use AR tools to highlight certain features and elements that create such a strong emotional connection among potential buyers to increase closing rates.
Finally, customers can rate their purchases and leave online reviews to encourage improved experiences for others in the future.
In the past, the property sector offered limited ways for buyers to share their feedback, but that is now solved by AR.
Is AR the future of the real estate industry?
AR technology has the potential to transform the way the property sector is operated.
Besides improving how industry players promote their products online, this tech is also transforming how information is shared as well as enhancing customer services.
In a nutshell, AR is a step in the right direction and should be embraced even more going forward to connect and explore the untapped opportunities in the real estate industry.
Are you using AR or planning to adopt it in your real estate business?
We’d love to hear your feedback in the comments below.