To say that technology has changed the way we live and work is an understatement. From ordering food via apps to managing data performance on all-seeing dashboards, technology advancement has and will continue to make a tremendous impact on every facet of our lives. And that means that real estate is not excluded from the vast growth.
The internet remains one of the most popular resources for home buyers, with 95% of customers searching for property online, and half actually finding their ideal home that way, according to National Association of Realtors research.
But if you think viewing houses online is the latest in real estate ‘tech’, think again. Today, Augmented Reality (AR) has transformed the way properties are being shown and experienced. Real estate professionals are not only offering a unique experience and perspective to potential buyers but also saving time, cost and effort.
With capital city clearance rates dropping to just 43.6 per cent in the 3 months to December 2018, down from 53.6 per cent over the previous quarter and 62.3 per cent over the same period a year prior (Core Logic data), AR is the perfect tool to engage with buyers and provide them with an immersive property buying experience.
Here are ways augmented reality technology is leaving its mark on the industry.
Showing Homes Without Being Physically There
Standard property inspections usually run between 15 to 30 minutes with agents opening the homes for potential buyers. But what happens when a prospective buyer discovers a property outside of inspection times? With multiple homes showing in a single day, house hunters are bound to abandon inspections that clash with their schedule. With AR tech, buyers are no longer limited to the inspection times to see a house they are interested in. One property agency, Harcourts Stafford, uses AR to transform their property signage into digital home tours. Their potential buyers who’ve missed an inspection or have discovered a property can ‘view’ the home without the agent being physically there.
AR Tours Showing Homes Before They Are Built
Selling a home is about selling a dream. For a developers, it can be difficult to help the potential buyer visualise an end product. This means sales processes become lengthy and developers can face issues with pre-selling projects. Brisbane-based AR company, UnifiedAR, has developed a technology where you can now show prospective buyers what the end product will be. Watch the video where a potential buyer is taking a tour of a home on the actual land before it’s built.
AR No Longer Reserved For Real Estate Giants
The cost of developing a customised AR app can start anywhere from $100k and end up in the millions. But as homegrown tech companies start developing their own technology, AR is no longer reserved for real estate giants. AR has now become more accessible to small to medium real estate agencies, enabling them to lead their local market. For example, instead of investing $100k-200k for an AR tool, Harcourts Stafford appointed UnifiedAR to develop their customised AR app at a fraction of the cost.
Bridging The Gap Between Print And Video
AR has come at the perfect time. As print media is at the tail end of its glory, AR has bridged the connection between the traditional medium and video. Using AR Apps, real estate agents can now embed videos in the property magazines they are already distributing as a way to promote their listings. This provides potential buyers with a more engaging experience.
If you haven’t explored AR as a way to boost your real estate business, now is the time to get started. This technology is only expected to grow further, as indicated by a recent Goldman Sachs report, predicting that the VR and AR market in real estate will reach at least $80 billion by 2025. That is one pie you do not want to miss out on.
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