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Augmented and Virtual Reality Impacting the Real Estate Industry

December 14, 2018

In the home-buying process, typically the real estate agent provides you with a list of properties, then after the explanations and negotiations, you finally have the ability to visit the homes of your interest. Usually, this process takes plenty of time for real estate agents and the clients. Recently, augmented reality and virtual reality have been introduced to the real estate industry and it’s become a game-changer by significantly improving the home-buying experience.

UWhat is Augmented Reality (AR)

Augmented reality adds digital elements to a live view through the use of a camera on a smartphone or tablet.

Incorporating accent walls in your design is another popular way to add a dynamic twist to any room. It makes the room appear livelier and well balanced and ties all the elements of the room together. Likewise, if you feel your condo is smaller, painting with lighter-toned colours are known to be more reflective, which give the illusion of a larger room.

What is Virtual Reality (VR)

Virtual reality is a complete immersion experience where users wear a headset and feel like they are experiencing simulated-reality first-hand.

Both VR and AR have been a positive addition to the real estate industry, and here’s how.

Saves Time for Realtors and Clients

The integration of these advanced technologies allows real estate agents and their clients to save time. With VR and AR, realtors can provide their clients with 360 degree or video 3D videos and simulations of potential homes. Research shows that home-buyers most often search for homes on the internet, making this technology an increasingly important factor to the industry. The best part about using VR and AR is that you can experience a tour of potential homes, in the comfort of your own home or in the realtor’s office, instead of travelling to each property.

The Technology Can Reach Clients Internationally

With this technology, individuals moving from another country can easily experience and fall in love with new homes. AR and VR provide the ability to unlock international investment potential within the world’s real estate market and has the potential to create an increase in foreign investments.

Benefits Clients Who Wish to Purchase Pre-Construction Condos

Often, selling or purchasing pre-construction condos can be a challenge since you won’t know what to fully expect when you buy the new home. With the help of AR and VR, clients are now able to visualize the details of a home since the technology can show prospective buyers what the end product will be. Likewise, this is advantageous for real estate agents as it increases the ability to pre-sell projects.

While there are many technologies breaking into the real estate industry, both augmented and virtual reality have stood out and created a positive impact!