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The Rapid Rise of Augmented Reality in Real Estate Development

The Rapid Rise of Augmented Reality in Real Estate Development

Consumers often find the process of working with real estate developers to be overwhelming, especially if they find themselves unable to share the vision of the architects and interior designers despite their drawings and renderings. Such shortfalls can amount to additional time and cost as a design comes to life, and the customer identifies a need to change.

From rebuilds to remodels, augmented reality (AR) is revolutionizing real estate development, remodels and sales. Just like the Pokemon Go game, AR is an app that enables customers to immerse themselves, visually and see homes and building project designs before they are built with enough detail to feel like they are right there before any shovel touches the ground. Much of the mystery is unveiled, and many miscommunications cleared up with the assistance of augmented reality bringing designs to life. Customers can now enjoy a rendering customized to their preferences. AR rendering is more natural because AR helps consumers easily visualize and place themselves in the middle of it all. The bonus benefit is fewer unfortunate surprises and change orders during the course of construction.

Incredible benefits in the real estate industry

Augmented reality is creating some critical benefits from design to sales, saving time, and enhancing customer satisfaction.

Better engagement with 3D visual interaction

Customer engagement heightens with the rendering of 2D images into 3D objects. Augmented reality in real estate puts them in the middle of the property they are examining for a first-hand look. They can select variables of the space and even stage it by placing furniture in the listing. This level of engagement helps customers get an idea of how they will occupy the prospective property and can really help turn a house into a home in their minds.

Maximized efficiency of time and resources

The use of augmented reality in real estate also aids developers in the process of shopping for existing commercial and residential properties with their clients. Instead of spending a full day to multiple days physically visiting properties to identify a shortlist, customers can now use an augmented reality app on their mobile device and enjoy a virtual tour of each property. This can be done at their convenience and from any location, whether they are across town or across the country. In addition to virtually seeing the property first-hand, they can access additional information about the structure like materials, energy ratings, and vicinity to community resources such as schools and hospitals.

Extended customer reach leads to higher profits

AR allows real estate developers to extend the range of their customer base beyond local demographics. Those that are seeking a property in an area but lack the time or capacity to travel to physically view listings can now easily stay in the loop. This realistic view can then help them make faster decisions about what they want and what’s right for them. An extended customer base can also drive up competitive bids, thus leading to a higher sale price and higher commissions.

How it works

In addition to benefiting customers, AR can help make the job easier for those involved in the design, construction and sales processes.

Construction and design process

Prior to the use of augmented reality in real estate development, an architect would present the client with a scaled model or prototype. This would take considerable amounts of time to update when changes were made. With an AR model, once a client has reviewed or changed any aspects, the model can more easily be modified to match.

Augmented reality benefits

Architects introduce the client to the project at the design phase with the aid of augmented reality. The client can view the project with more detail and try different design ideas on the spot to find the perfect solution. Communication effectiveness is improved at each stage.

Augmented reality can create a complete design at full scale and use with additional layers of detail such as fixtures and furnishings to provide the customer with a better representation of the finished development. The client is able to immerse into the project in complete detail right down to the lighting on the balcony. Clients can make a more meaningful and even emotional connection with the project underway. In addition to excellent client experience, significant savings in time and cost is also a tangible benefit with the use of augmented reality.

Property sale and leasing process

Marketing comes to a bottleneck as real estate brokers and sales agents realize their personal availability to show properties limits their capacity. Photography is a great tool, but individual tours still take up much of their day.

Augmented reality benefits

Potential customers may now see the property at full scale, immersed in a 360 degree visual. The developers can offer various views of different finished options for the site, or a sales agent for a residential property may add different furnishings and design features to make an emotional connection with the client. For residential sales and leasing, augmented reality is especially valuable to clients looking to relocate across states or internationally. A sales agent can use AR to show optional floor plans and feature the different views of the building (park, woods, pool) from selected units.

Keep up with the changes and don’t fall behind

Between retail and real estate, augmented reality is proving itself to be a game-changer in each industry, estimating by 2021 to be a $133 billion market. Retail will be commanding most headlines on the topic, however real estate professionals stand to benefit a tremendous amount. Be ready to jump on the bandwagon!

Augmented reality in real estate development and sales is proving itself to be a sweeping positive change in the industry. We already see examples of its high potential to revolutionize how the industry operates, making the sales process faster and enabling customers to make more informed decisions with the use of this technology.

CVIKER AR is in the English speaking countries now AKULAR

No matter how you say it, we are disrupting urban and real estate development and sales through augmented reality. 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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