Virtual And Augmented Reality Restructuring Real Estate Industry

Forces of nature pushed our ancestors to shift from nomad life and construct a permanent shelter. When the shield, in the form of houses got permanent, they started to discover ways of comfort. Eventually, constructors began to build houses based on budget and luxury and then the search for a perfect house gave birth to real estate industry!

The recent technological developments are offering a promising future for real estate industry. The foundation of this industry is based on imagination at every level of property development. From designing the blueprint of the building to construction and interior finishing, real estate industry is based on the ability to visualize every idea. With the advent of Virtual and Augmented reality, visualization can now take place at an entirely different level.  While AR will let us watch every minute details of development, VR will give us a virtual ride in a virtual apartment.

Source: quora

Saves Time and Accelerates the Buying Process

These technologies have the potential to completely revamp the way we construct buildings and then sell them. For real estate professionals, it is an opportunity to target potential buyers and let them develop an opinion about the property via a digital tour from anywhere in the world. This allows both professionals and customers to save time and speed up the buying process.

Online Furnishing of Apartment

The process of furnishing an existing home or an apartment could be easily simplified by Virtual Reality and Augmented Reality. For instance, you want to adjust a couch and a bed in a small room with VR and AR, you can determine the way it could fit in an appropriate manner. Or you are confused about 3 couches, wondering which one will go best with curtains? Instead of forcing your imagination, use these technologies to judge it for real. You can also design your interiors and check the color combinations with ease.

Possibility of International Investments

This technology is capable enough to unlock the potential of international investment and participate in world’s real estate markets. VR/AR can influence consumers at global level and the possibility of augmented foreign investments. They are considered as the future of technology and soon consumers will be able to deal in properties internationally.

Source: pinterest

Viewing Intangible Products

Real estate follows certain policies that influences consumers for advance payment while the project is still a blueprint. Hence, it’s a tedious task for developers to show to a prospective buyer what exactly they are planning. It is possible that developer and buyer don’t end at same note as they cannot visualize the end product. This leads to extended sales times, difficulties to pre-sell projects, funds get stuck in projects for longer period and an overall delay in the cycle. With VR/AR, it is easy to showcase your imaginations virtually and what the end product will look like.

Option to Buy Property from Home

What could be most satisfying than touring your dream home while sitting at home or office? In this hectic schedule, finding a perfect apartment is like finding a perfect partner. With Virtual Reality, one can narrow down the list of potential houses in much lesser time. However, you cannot experience the quality of furnishing and if there is any smell in the house and many other issues.

Realtors Can Either Adapt or Get Replaced

Though the technology is still at nascent stage and it will take decades for actual transition but staying away from this technology may prove fatal in coming future. Yes, no technology can replace real emotions and feelings like smell of the newly-made furniture or freshly coated paint. But, in this hectic lifestyle and growing demand, VR and AR could turn out to be the most important tool.

Immersive Viewing Experience

The idea of buying home without inspection is a risky affair. It is vital to check out the property for real despite of what claims they are offering especially for international buyers. With the technology of Virtual Reality, one can encounter the immersive viewing experience of the property in New York, while sitting on a couch in France.

Recently, an app was launched named Sotheby’s Curate that aims to distribute with staging. It is built with Google’s new Augmented-Reality software platform ARCore. This software allows purchasers and dealers to “virtually stage” an apartment. You can fit in your favorite furniture’s and match it with home office sets, dining rooms and so forth.

The future of real estate industry is still uncertain. Though various technologies are on their way to transform the industry but its real effects can only be seen after their implementation. Meanwhile, don’t forget to comment in the section below.