How Virtual Reality and Augmented Reality Increase Profit in Real Estate
I am sure that you must have heard the terms virtual reality and augmented reality, most probably in gaming and movies. But those are not the only industries leveraging VR and AR tech. The VR and AR industry is expected to reach $108 billion because of its extensive use in various industries, including real estate. Yes, that’s right!
But before discussing the use of augmented and virtual reality for real estate developments and enhancements, let’s understand exactly what these two are.
Augmented Reality vs. Virtual Reality
Virtual Reality –3D virtual reality describes a 3-dimensional environment that people can feel that they are actually interacting with. However, it’s a computer-generated arena where objects can be manipulated, or a series of actions can be performed by the person interacting with it. This means that a user can interact with the 3D-like surroundings without actually having to visit the place.
Augmented Reality –In AR tech, virtual objects can be placed in a real location or on top of real objects to create an illusion of being in the same place. This is achieved through monitors, smartphones, gaming consoles, eyeglasses, etc.
Virtual Reality for Real Estate
VR technology has become a new marketing tool in the real estate industry since 2015. And by the year 2025, the total revenue expected to be generated through this industry is $2.6 billion. This is because the virtual reality technology is used in various segments, including:
1. 3D Virtual Tours – VR technology is a great asset to realtors and homeowners since it allows inviting prospects to have a 3D tour of the property without actually having to visit it. The virtual tour can be taken using a VR headset for the preview of the real estate.
2. Virtual Architecture –3D virtual reality is used to augment the sales of properties still under construction. The 3D visualization of the architecture helps prospects understand what the property would look like after the construction, hence increasing sales.
3. Virtual Staging –Real estate virtual staging involves virtually placing furniture and other décor items in an otherwise empty property. It enhances the look and feel of the offering for a profitable sale and also saves tremendously on costs such as buying/renting furniture, manpower for installation, maintenance, photo-shoot, etc.
4. Virtual Advice for Tenants –VR technology improves landlord-tenant communication and is used for virtual tours, for example, when tenants are unable to visit the property.
Augmented Reality for Real Estate
Augmented reality has been a major sales booster in real estate because of several advantages, such as:
• Access to AR catalogs from phone or computer
• Geo-tags for locating listings
• Animated Call-to-Action buttons
• Wide coverage with mobile applications
• Visualization of large buildings with the use of augmented 3D models
• Available adjustment of furniture, style, surrounding, etc.
• Increased engagement of the user
How VR and AR Will Transform Real Estate?
VR and AR technology has already played a major role in transforming real estate. And in the near future, VR experiences will be expected to be more widely available. This is because this advanced tech..
• Is cost-effective
• Saves time
• Enhances global reach
• Enhances customer experience
• And provides in-depth analytics
The VR and AR industry is expanding, and real estate professionals and homeowners looking to sell are increasingly becoming ready to jump on the bandwagon. Are you?
Article provided by guest author, Rahul Agrawal, Styldod. Author Bio:
Rahul Agrawal is the Co-founder & Chief Business Officer at Styldod, where he has taught a computer to do interior design! Styldod provides the most hassle-free & inexpensive virtual staging solutions for real estate agents so they can sell their listings faster, and for higher prices. Rahul was also a co-founder of Mebelkart (which is acquired by Ask Me). He’s your everyday IIT Kanpur nerd who pushes the boundaries with his innovative entrepreneurial stints and is also a sound startup investor & advisor. Rahul attributes his success as a professional to the discipline he has learned from his district hockey days, being a swimmer and a gym enthusiast.