– Augmented Reality for Real Estate –
Augmented Reality for Real Estate – Saying that technology has changed how we live and work is an understatement. From ordering food on an app to tracking data performance on all-seeing dashboards, advances in technology have made a huge difference to almost every part of our lives, and they’ll keep doing so. Real estate hasn’t been left out.
The internet is still one of the most popular resources for home buyers. According to National Association of Realtors research, 95% of customers search for property online, and half of them find their ideal home that way.
But if you think viewing houses online is the latest in real estate ‘tech’, think again. Augmented Reality (AR) has changed the way properties are shown and experienced. Real estate professionals are giving potential buyers a different kind of experience and perspective, and they’re saving time, money and effort too.
Capital city clearance rates fell to just 43.6 per cent in the 3 months to December 2018, down from 53.6 per cent in the previous quarter and 62.3 per cent a year earlier (Core Logic data). AR is the ideal way to engage buyers and give them an immersive property-buying experience.
Here are some of the ways augmented reality technology is leaving its mark on the industry.
Showing Homes Without Being Physically There
A standard property inspection usually runs 15 to 30 minutes, with an agent opening the home for potential buyers. But what happens when a prospective buyer finds a property outside inspection times? When several homes are showing on the same day, house hunters are bound to skip inspections that clash with their schedule. With AR, buyers aren’t limited to inspection times. One property agency, Harcourts Stafford, uses AR to turn its property signage into digital home tours. Buyers who missed an inspection, or who came across a property by chance, can ‘view’ the home without the agent being there in person.
AR Tours That Show Homes Before They’re Built
Selling a home means selling a dream. Developers often find it hard to help a buyer picture the finished product. Sales take longer, and pre-selling projects gets difficult. Brisbane-based AR company Orpington Omni Media has developed an augmented reality for real estate platform that shows prospective buyers what the end result will look like. Watch the video of a potential buyer touring a home on the actual land before it’s built.
AR Is No Longer Just for Real Estate Giants
A custom AR app can cost anywhere from $100k to millions to develop. But as homegrown tech companies build their own technology, AR is no longer reserved for real estate giants. Augmented reality for real estate is now within reach of small and medium agencies, and it helps them lead their local market. For example, instead of spending $100k-200k on an AR tool, Harcourts Stafford hired Orpington Omni Media to build a customized AR app at a fraction of the cost.
Bridging the Gap Between Print and Video
Augmented reality for real estate has arrived at just the right time. Print media is past its heyday, and AR connects the old medium with video. With AR apps, real estate agents can embed videos in the property magazines they already distribute to promote their listings. Potential buyers get a more engaging experience.
If you haven’t looked at AR as a way to grow your real estate business, now is the time. The technology is only expected to grow, and a recent Goldman Sachs report predicts that the VR and AR market in real estate will reach at least $80 billion by 2025. That’s a slice of the market you don’t want to miss.
