In this digital age, augmented reality (AR) is gaining traction in every industry and real estate is certainly one of them. The sector is getting an innovative touch with changing technology and enhanced inter-connectivity has brought a turnaround in terms of how customers find a property and how they view it.
Going by the statistics, Goldman Sachs has reported that real estate related augmented reality and virtual reality technology will be around $80 billion per year industry by 2025.
This technology is merging the real world with the imagined one in a way that shows buyers specifically what’s possible for a property. Going a step further, top augmented reality app development company enables real estate agents to depict all the possibilities of decoration and furnishing for a vacant home. AR is also playing endless opportunities in providing interactive demonstrations at installation. Leading real estate agencies are using AR as an effective marketing tool to engage customers in conversations and purchases.
Benefits of Augmented Reality in Real Estate
Serves as a new marketing option for real estate
- People admire everything more interactive and entertaining. A real estate agency could use AR tools to advertise and distribute products in an innovative way
- Interactive print catalogs and big boards with AR integration
- Geo-tagging on the items for sale so that customers can identify them easily
- More call-to-action buttons and engaging animations for customer interactions.
- A dramatic change in showcasing the product to the buyer
- AR enables the real estate agents to save their time with individuals who are not serious buyers
- Realtors have more time to focus on prospective buyers
- Vacant and poorly decorated homes sell faster on high-prices because of AR technology and digital home staging
- Digital home tour or digital home staging helps retailers to sell homes faster with more margin. AR is the driving force which makes luxury homes more competitive in the open market
- Buyers can explore AR catalog via mobile apps, and they pick the site of interest before going to the realtors
- AI models are so realistic that they allow buyers to decide which real estate sites fall into their interest.
Augmented reality app development company adds reality much before the completion of the project
Before the entry of VR and AR, developers faced a great deal of difficulty in providing a visual of the end product. It often paved the way for longer sales times, decreases the rate of pre-sell projects, and delays the whole cycle. But with the use of VR/AR, realtors can show the glimpse of the end product to the prospective buyers. It helps the sellers to move funds fast in the cycle and increase the ability to pre-sell projects. Talking about another survey which is conducted by the bank of America. It says, out of 2,000 consumers, 36 percent of respondents said they comfortable in attending an open house using augmented reality.
It simply implies that people are embracing technology with open hands.
How augmented reality features look in real estate app?
- 3D views of buildings and amenities with AR with real-time 3D rendering. It includes all the details like landscaping, animation, color and textures
- Augmented technology presents a detailed 3D floor plan
- This technology allows buyers to locate the property on a map
Attributes of augmented reality app from buyer’s perspective
- The buyer opens the app interface and focuses it on the printed advertisement
- The app automatically reads the code and present it an imaginary 3D architectural model of the property.
- Buyers can explore the 360’ scenic view of the space by accessing this model
However, one can easily argue the fact that most of the home buyers are still relying on the option of in-person site visits. VR and AR come into the picture only when immersive viewing experience is required, which is the case with luxury homes only. And there is only a limited pool of potential buyers here.
But as the world has become more globalized and connected, AR is making a huge mark in the world of smartphones. All the leading real estate agencies have already incorporated interactive AR features into their mobile apps and catering customers around the world. This technology will definitely bring some huge profits for real estate sellers, while buyers will enjoy a more engaging, dynamic and immersive home buying experience.
So if you are seeking to develop an application that leverages augmented reality technology. Mobcoder, an application development company, can help you to develop one. Our developers are acquainted with the latest trends of augmented reality and like emerging technologies, and equipped with a sharp development acumen to deliver an app with latest features and high-functionality.