Most people already knew that technology and real estate were a match made in heaven. But the worldwide shutdown of the majority of non-essential activities showed us just how important it was to be open to new alternatives.
Specifically, integrating state-of-the-art technology into the real estate process is a crucial stepping stone in the advancement of the field. One technology that has come forward during these times is virtual reality (VR), which has made virtual tours of properties possible. In this article, we’ll explore the differences between virtual and augmented reality (AR), and consider the future of real estate after implementing these technologies.
Differences between AR & VR
Virtual reality is the technology that allows users to immerse themselves in a simulated reality, completely separate from the actual whereabouts of the person at that moment. Virtual tours of apartments made using VR headsets are a textbook example of this technology at work.
Conversely, augmented reality makes use of the surroundings of the user, building up from that reality and enhancing it. This has been used in visual art and manufacturing, as well as architecture and urban design.
VR in Real Estate
As previously mentioned, VR is a perfect example of how technology benefits real estate. Although virtual tours used to sound like something for people renting in tech hubs like San Francisco or Los Angeles, they’re now more abundant.
And with social distancing in place, potential tenants, buyers and investors have been able to tour properties from the comfort of their own homes. In particular, VR allows them to move around the house and view its features in a way that still photos never could.
Likewise, virtual tours can save time for all parties involved by making it easier to choose a home or rent an apartment. Furthermore, the agent can stage the property more efficiently and the user is more likely to appreciate it because the best features of a property are highlighted.
AR/VR for Architectural Representation
To sell properties that aren’t built can be really tricky, but with AV/VR technologies, it is much easier for potential buyers to imagine a piece of land transformed into a complete architectural product, both with its interior and exterior. According to a current bachelor’s degree in product design, the quality of the product comprises its conception, emotional appeal usability, in addition to its ability to cater to the requirements of environmental sustainability, a suitable choice of materials, and the product’s life cycle.
These technologies succeed in providing the full-scale model of unbuilt properties, helping both buyers and real estate agents close a deal sooner. Realtors can reach more potential buyers, while buyers can easily opt for the land which best suits their needs.
Projecting the Future of Real Estate Using AR
However, this is not where the improvements end. AR has amazing potential to enhance the real estate business. Development and planning stages, construction and the entire selling process can be made more efficient and attractive with this technology.
For instance, projecting the construction on an empty lot can signal areas that need attention and repair before issues occur. Similarly, architects and engineers working on a project can use AR to view their buildings before constructing them and then modify or adjust them accordingly.
Even selling a vacant property depends on the ability to sell “potential” and a story. With AR, that image can become real for prospective buyers. In fact, it can showcase the property in a more customized and individualized scenario, with simulations according to the interests and needs of the individual client.
All in all, technology is available to help us innovate and advance other fields. At the moment, it might be an end in itself to develop the latest tech innovation, but as we become accustomed to them, all of these new features and products will prove to be means toward improving various aspects of our lives.
Author’s bio: Jennifer Hahn Masterson is the Lead Content Strategist at Spread the Word Solutions, holding an MA degree in business communication. She is always doing her best to help her clients find their place in the ever-so-competitive business arena, insisting on long-term sustainability rather than on some questionable get-rich-fast scheme. You can check her out on LinkedIn.