Joe is not your average real estate agent. He is a high-roller. Someone who flips mansions at Beverly Hills and Malibu for breakfast, lunch and dinner.
For over a decade, Joe’s business has been growing steadily. Clients came in, saw the properties and were quick to make a decision, except for some who take their own sweet time.
At one point in time, the leads were so high and frequent that Joe could not continue to attend to all of them. In the real estate business, if your lead pipeline dries up, you go out of business sooner or later.
Joe being the shark of real estate did not want to go out of business. He took technology to solve the problem.
Well, technology as a whole is a vague concept to deal with it. There are several subsets to it that help a business or an industry thrive. Like augmented reality which is bringing cognitive intelligence to all industries. Augmented reality in real estate is enabling all stakeholders like Joe to do their jobs in a better way.
It brings to the table several benefits that were considered impossible or fictional until now.
Let’s implore the various benefits that having an augmented reality app can bring to your real estate business.
How do you demo a work in a progress construction project as a completed home to an interested customer? Or, how do you convince that bare rooms of an empty are as spacious as the customer wants it?
Marketing in the real estate industry is harder because human emotions are involved. People buy homes where they hope to find space and comfort for a good life. So, they need an intricately detailed view of their ‘homes’ before they make a decision.
Augmented reality with its visual presentations or 3D models of interiors over bare empty spaces. Realar places are one such AR real estate application that allows users to visualize homes and interiors on plain spaces.
The beauty of Augmented Reality is that it can create an exact copy of physical spaces in digital formats. Think architecture models and blueprints which architects can design and also interact with on a real-time basis. Such interactive architecture modelling will help shave off several manhours which would otherwise be spent on mundane tasks — like taking measurements, marketing measurements on the blueprint, scaling the blueprint and so on.
Wondering if this is possible in a real-life scenario? Here are 4 augmented reality apps for real estate that are actually being used by architects right now:
Our Joe used to hear this ambiguous quote from customers all the time. “It looks big enough, but we are not sure if it is really spacious.” That’s the problem with empty spaces. They look hollow making it difficult to judge whether they are spacious or not. Or human eyes can only judge spaces with so much accuracy. Especially, accurate details like floor planning and carpet area are best left to measuring tapes.
It is here that an Augmented Reality mobile application can make a difference. An augmented reality mobile application can give customers a room by room viewing experience. They can also visualize the measurements of the room on a true-to-scale basis.
In fact, IKEA’s augmented reality mobile application has been helping customers buy furniture that fits perfectly according to the floor size of their homes.
Anything that is out of the ordinary, like a Disney movie, has the ability to hang on to human minds. Augmented reality is nothing short of an amazing experience. It has a visceral feel to it which makes it perfect for marketing.
In marketing, every marketer strives to create what is known as brand recall. Brand recall is the number of times or the extent to which a brand’s name or its product and services are recalled by a user. Higher the brand recall, better the brand positioning and chances of selling.
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Do you know how real estate agents like Joe used to demo the properties that they have for sale? They used printed catalogues. When the lead count is less and there are fewer properties to sell, this might be a feasible solution. But, when there are too many properties to sell and all the more customers, real estate agents need a scalable solution — a solution that will not bankrupt them.
Augmented reality, like any other mobile application, is a deploy once, run anywhere application. It gives real-time information wherever you are. Also, details about properties can also be instant. This makes it possible to provide accurate information to prospective customers. With printed catalogues, this is unthinkable.
There is one more benefit that augmented reality brings to real estate. AR works by placing digital snippets of information over physical objects, including buildings. It is possible to build augmented reality mobile apps that can list vacant spaces or properties up for sale. Users can point at buildings in their vicinity and get real-time information about its availability, amenities, floor space and so on.
The Commerce Real Estate AR app is a real-world example of this use case.
Do you know what is wrong with today’s internet community? There is too much information. In fact, there is so much information that users are suffering from digital fatigue known as information overload. It blurs their decision-making process and often paralyzes them from making a decision itself.
There is an information overload happening in real estate. Augmented reality can act as a problem-solver for real estate agents like Joe. In fact, it can also make life easier for customers. From finding vacant properties to knowing their amenities as well as getting to know the floor plan, augmented reality can bring an immersive twist to real estate business.