AR in Real estate | Definition, benefits, & more!
Before the introduction of augmented reality, the entire real estate market revolved around the concept of apartment visits. Although it took time, finally this AR technology has been successfully adopted by the real estate industry, saving a lot of time and money for the companies as well as customers that earlier spent on travelling to the location.
However, when it comes to using augmented reality for real estate, there are certain steps that you need to take.
What is AR in real estate?
AR (Augmented reality) in real estate tends to use augmented reality and advanced visualization to represent real-world environments like apartments, houses, or commercial offices to the prospected buyers. In short, with the help of augmented reality, real estate companies can showcase the 3D models of the properties they wish to sell to different clients across the world.
One of the biggest challenges that most real estate businesses face is the time that is spent on house/property tours. Realtors as well as customers have to book their calendars in advance if they wish to show and see the property and the worst part is that there is no guarantee of getting the deal done.
AR technology help solve this problem. Using this technology, realtors can showcase their property to the prospected buyers using real-time visualization and can take the decision.
Benefits of augmented reality in real estate
There are many advantages of real estate technology like AR. To understand why AR is becoming a popular choice of real estate technology today, check the list below –
One of the major benefits of AR in real estate is that it helps save a lot of time for both realtors and customers. Unlike the traditional means where both realtors and customers have to visit the property to decide whether to purchase or not. Thanks to AR technology, now you don’t have to spend hours of time and large resources on property tour anymore since it allows realtors to lead the lookovers via smartphones while being in their offices.
Better product visualization
Another highlight of real estate technology like AR is that it allows you to sell something without having to physically set up the property. For example – real estate agencies’ customers can look at the final result of new construction before it is actually complete. This makes it easier for customers to envision how the entire project will look once complete.
Detailed data analysis
Realtors can look at valuable data about their customers when they are using augmented reality for real estate companies. For example, real estate companies can check how many customers have attended the virtual tours and how many of them have shown interest – enabling them to analyze their tours and improve them if necessary – eventually improving customer satisfaction.
Cost-effective means for real estate
Before AR real estate technology, realtors and real estate companies use to spend a lot of money and resources on showcasing their properties. Thanks to Augmented reality technology, they can save a lot of money by providing virtual tours instead.
Another use of these virtual tours is in advertising. Most reputed real estate companies today are using augmented reality to improve their advertisements. Virtual pictures allow customers to appreciate more features of the property, increasing their engagement with the ads.
In short, augmented reality has made the overall sales and marketing experience for the real estate industry more engaging. Where it has helped realtors save a lot of their money and time, there it made the prospecting and buying journey more effective and time-efficient for the buyer. So, if you are not yet using this latest means, we highly recommend you introduce new real estate technologies like AR.
At Cosmere Technologies, we have a dedicated wing – CGI Cosmeretech that offers AR/virtual staging services. You can check out our AR portfolio here and contact us if you wish to find out more about it.