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How Augmented Reality Will Change The Way We Develop Commercial Real Estate In 2020

How Augmented Reality Will Change The Way We Develop Commercial Real Estate In 2020

Everything is only a matter of time with technology

Looking back a decade or two, you can quickly see how technology has reshaped our lives, time and time again. What’s now muscle memory today of picking up a smartphone and requesting an Uber never existed not-so-long-ago. We pay our bills with banking apps, order dinner delivery through DoorDash, and even sell our car. Imagine life today without your smartphone – or not. Just when you thought you’d done everything you could possibly do with a smartphone, another innovation changes our world once again.

It all started with the Pokémon GO craze

What a surprise that a silly game would take offas it did – and yet, create such a new trend on more serious topics. On the one hand, hard rules had to be put into place at offices to deter people from playing the game in the workplace. On the other hand, the idea was truly inspired.

Augmented Reality (AR) grew into a mechanism to share detailed ideas in a very simple way and has since become a valuable tool for retailers and property owners to showcase the future state of a project. Retailers like Ikea were quick to incorporate the technology as early adopters. Real Estate however, is quickly catching on too, and we expect that 100 million people to be using AR by the year 2020. Even more exciting, experts predict 3.5 billion AR-enabled devices by 2022. AR has great potential to change how business is done across several industries. In the real estate market, it can change the entire process! Let’s explore a few use-cases.

No special equipment required

A significant difference between virtual reality and augmented reality is the necessity of specialized equipment for virtual reality, while augmented reality only requires a smartphone to use, so accessibility is as abundant as clients owning smartphones.

See renovations beforehand

With the use of augmented reality, a client can visit a fully built property visually without the buildings actually being there in real life. In this way AR potentially saves a broker the hassle of explaining layouts and floor plans while the client can clearly see the interior of the property and each room as if it were physically there and complete.

Imagine the hours saved when a buyer can see buildings with the use of AR from “day zero” of a project or even before, and create a shortlist of properties they want to invest in before the ground has even been broken.

To put it another way, many brokers are trained to see the “bones” of a building and visualize the potential, while a client often lacks that ability and may pass up a perfect investment as a result of not being able to “see it” themselves. For a client unable to picture beyond what they immediately see, this can be the difference between a sale and a prolonged search for something that meets their distinct specifications.

How AR Helps Brokers

A broker can take the description of what the client is looking for and build it into the AR model for the client to review. They can even build in staging and furnishings in AR to help the client see themselves occupying the building. If a client anticipates a need for renovation with their potential property, AR can assist with visualizing what the building would look like with some of the upgrades already in place.

From a cost and time perspective, expect significantly decreased demand on your time as a broker while maintaining and potentially increasing the number of closings with your increased capacity. AR saves you time, energy, and effort.

New build projects

In the past, architects built models, like little dollhouses, to display a rendering of their building design. They use this model for investors and potential residents until the building is complete to the point of being safe enough to tour in person. That said, renderings have nothing on the professionalism and detailed look of augmented reality though.

With the help of augmented reality, buyers can visualize commercial and residential properties before they are complete. This tool enables a broker to start selling as soon as the AR model is finished instead of waiting for the building to complete before they can present the property to potential clients. Imagine clients grabbing their iPhone or iPad and touring office buildings to select their cluster of offices before construction even breaks ground. AR just brought the concept of pre-sales to a whole new level.

This is just the beginning

AR is blurring the lines between simulation and reality. Experiences in AR allow buyers to form more distinctive expectations with increased confidence in purchasing decisions and shortened sales cycles. AR is already present and thriving in video games (where it all started), medicine, urban planning, and today in real estate. Even better, cost savings potential to brokers quickly reaches the thousands when you think of not having to stage a space to ensure a sale. With AR, perspectives can be created in a variety of styles, one that is sure to delight the buyer.

CVIKERAR is now AKULAR

No matter how you say it, we are disrupting urban and real estate development through augmented reality. Turnaround time is as little as 2 hours to turn your architectural plans into an augmented reality experience. With GPS coordinates, we can simulate the exterior as well as the interior. We can represent each of the four seasons and even show the sun positioning to mimic light and shade at different times of the day.

From a remodel to a new build, your customers can walk in and around your 100% scale model as if the project were completely finished.

Have we got your wheels turning in your head yet? Try the app for yourself and get a feel for it today. Once you start to picture yourself using AR and begin to envision the growth of your business, the next step is to contact us and let’s start a conversation about how our technology can create a positive impact on your sales.

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