It should come as no surprise to anyone that we are living in a digital transformative age where many companies are adopting new technologies to better themselves. The real estate industry is no stranger to change and has evolved over many years. Solutions like virtual staging, virtual property tours, enhanced property visualization, etc. are forever changing the way agents work with buyers. These new technologies open up infinite possibilities for streamlined property showings.
If you are a real estate agent, company, or someone in the industry, then this article is just for you. The many opportunities available can take your business to new heights. In this article, we will discuss how extended reality in real estate is a boon for the industry and how you can provide a whole new level to buying and selling land.
A Summary of extended reality
Extended reality is an encompassing term referring to any technology that blends the digital and physical worlds. Presently, there are three aspects of extended reality (or XR) used in real estate. These aspects are virtual reality, augmented reality, and mixed reality. Further development of technologies that blend the two environments comes under extended reality.
The objective behind XR is to blend the two worlds to create a new space. Here, physical objects and digital objects interact and coexist. The technology will utilize the low latency and high speeds of 5G to deliver high-quality content. The result is an immersive and engaging experience users will enjoy.
Extended reality market insights
Market analysis indicates the global XR market will have a CAGR of 45%. Market growth for this industry is driven by factors like greater smartphone penetration, increasing demands of digital environments, the rising popularity of augmented and virtual reality tech, and their broad range of use cases.
The importance of XR in real estate
The best way to highlight the importance of XR in real estate is in the following statistic:
A total of 8 out of every 10 real estate agent uses virtual staging to help potential customers. These virtual property tours help buyers understand the value of that property. Additionally, offerings like customizable interior design visualization help these potential buyers get a better understanding of what their dream home looks like.
Virtual staging and interactive property walkthroughs
Virtual property tools are a brand new way of showing off real estate to customers without the latter physically being there. Here, agents use interactive property walkthroughs to help potential buyers take a tour of the property. The people can get a sense of the layout, size, and features without actually being there.
AR takes this immersion a step further. Augmented reality applications help buyers see how their furniture and décor would look in the space. Buyers can use customizable interior design visualization apps on their phones or tablet. These apps help them place virtual furniture and decorate the room to their taste.
Virtual property tours also help sellers in numerous ways. This approach helps them showcase their properties to potential buyers irrespective of their distance. Virtual reality home buying makes real estate purchasing accessible to a broader audience. It opens up new markets for sellers and increases opportunities to find the right buyer.
Enhanced property visualization
Property renovation requires people with a creative mind and the ability to visualize the result. However, people often make mistakes along the way. One way to ensure that does not happen is through virtual staging. Here, homeowners utilize customizable interior design visualization to see what the finished product looks like.
The aid of enhanced property visualization helps people have precise insight into possible renovations. That way, they get an accurate understanding of what their property looks like. And the best part is they can do all this without spending extra money. Augmented reality applications make it easy for anyone with a phone or tablet to understand how these changes affect the house.
The many ways AR streamlined property showings
Listed below are some of the interesting ways virtual reality home buying is streamlining deals between sellers and buyers.
3D models make it easy for businesses to create custom offerings for potential buyers. This approach helps the buyers see their product realistically.
Any homeowner can use augmented reality applications to view potential furniture layouts in real-time. These apps make it easy for them to decide the best option for their space.
Greater product information
The buyers can access enhanced product information through augmented reality. This accessibility includes features and detailed specifications that are typically not found in regular marketing materials.
Virtual property tours reduce the amount of time and effort usually required for sellers and buyers to connect. That reduction in time results in efficient deals and better satisfaction for both sides.
Further use cases of extended reality
Extended reality is not limited to the real estate sectors alone. There are plenty of industries that benefit from this technology. Listed below are the most notable examples.
Video games are the biggest consumer of XR technology in the market today. Beyond this, entertainment events like concerts, sports events, and exhibitions can also thrive on XR. Rather than gathering in overcrowded venues or stadiums, people can participate in these events from the comfort of their homes. XR makes it possible to be fully immersed in an event without being there.
Most notably, the Denver Museum of Nature and Science utilizes AR in its museums. With this, visitors can see dinosaurs in their natural environment rather than looking at their fossils.
Medical imaging is another area where extended reality has potential. Modern CT scans and MRIs extensively use this technology. Here, it is possible to use a 3D representation of the human body instead of 2D. This approach improves the efficiency of diagnosing the patient.
Extended reality also has applications in surgical training. Here, students can work with virtual patients and practice different techniques.
XR applications and technology are a boon for the manufacturing industry. Companies can use the technology to train equipment operators and mitigate the risks while ensuring the operator’s safety. Komatsu for example adopted XR technology to train their equipment operators. General Electric saw an improvement in workers that wire wind turbines after integrating AR-based assembly information into their infrastructure.
Extended reality gives you tangible and valuable advantages to businesses. Companies that have integrated it into their structure are already enjoying the benefits. Now is the time to tap into this industry to reap the rewards.
If you do not have an expert in XR technology in your company, you can always turn to external sources. Many companies specialize in this field and can help you get started on the right foot.