AR (Augmented Reality) and VR (Virtual Reality) are gaining success in almost every industry you can think of. It is predicted that AR and VR will have an $80 billion market by 2025 according to the research. The Real Estate industry is keeping pace with the advancement in technology and is no more lagging behind.
The way people buy real estate properties these days is transforming due to the changing technologies. These technologies are used by approximately 90% of the real estate industries to deliver better services to their clients. Nowadays, modern technology is used everywhere be it virtual presentation of the properties or architectural representation of the space.
With digitization and technological advancements, things have become possible and easier for humans. As we all know, modern technology is used worldwide and the real industry has adapted itself well to this technology and is no exception.
The process of buying, selling, and managing properties have become more advanced due to the latest innovations in AR and VR. So, if you are interested in knowing the facts behind how AR and VR technologies are reshaping Real Estate, stay tuned with this article.
In this article, we will be covering parameters such as stats, benefits, trending ways how AR and VR are changing the real estate industry.
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Facts About AR & VR Technology
In this era of advanced technology, the real estate industry is rapidly changing. Innovations in technology and enhanced interconnectivity have a major impact on how buyers search properties and explore them. Due to advancements in AR (Augmented Reality) and VR (Virtual Reality) technologies, the life of real estate professionals has become much easier. These technologies have helped them in saving time speeding up the buying process.
Let’s have a look at some stats that show how VR and AR are increase businesses in general:
- It is estimated that AR/VR can be the primary driver of a $108 billion market by the end of the year 2021. Along with VR at $25 billion and AR at $83 billion.
- It is predicted that AR and VR will have an $80 billion market by 2025
- Approximately 60% of US users believe and agree to the fact that AR apps would improve their way of performing jobs.
- Around billions of people will have access to AR and VR in the year 2020.
VR Technology Benefits That Deliver ROI in Real Estate Industry
Traditional marketing methods are replaced by virtual real estate technology. It ultimately has eliminated the cost of staging a property and also results in a better ROI. A real estate agent can save his expenses on petrol, house maintenance, and more. Virtual reality hence acts as a one-time investment for real estate and gives a huge return in the form of a good reputation, compassion, and loyal customer base.
It saves time for both agents as we as clients. You can use this technology to view your property virtually from any place. It will save a lot of time that you might waste because of traffic jams, unknown locations, and sometimes you have busy work schedules too. Using this, a realtor can reach out to global-based customers and expand their audience.
Enhanced Client Engagement
According to our traditional concept, the buyer had to visit the location and look at the building. For them that one single visit used to be the deciding factor. But these virtual visits have helped the customers to gain a whole new experience. You can visit your property as many times as you want using this technology from the place and time of your preference.
A realtor can know the analytics using this technology from the virtual tour which is done by a client. The key insights show proper bifurcation of user behavior and preferences. In the end, it will help in future improvements and customer requirements.
5 Trending Ways AR and VR Technology is Transforming the Real Estate Industr
The Real estate industry is no exception to the fact that technology is changing the way we live. These enhanced technologies have helped everyone to function more effectively and efficiently. Below mentioned are the five major ways these technologies are transforming the real estate business in the present time.
After the virtual tour, you can enable customers to make changes to the interior. By building an online store, you can provide your customers easy access to the items presented in virtual staging. With the help of an experienced VR app developer, you can boost the profits that you make online and can also enhance the customer satisfaction that will result in virtual reality in a virtual estate.
Architectural Representation of the Space
Creating a VR app for your business offers you many opportunities which will ultimately lead you towards success. It allows you to build properties that are not yet made. If we talk about earlier times, it was considered to be a very risky business for realtors to sell an imaginable property. With the arrival of AR/VR, the properties that were not built yet can be made with their infrastructures, interiors, and architectures. It becomes easy for a buyer to select land with suitable surroundings.
Interactive VR Software for Property Display
You can let your customers have a wonderful experience by providing them a tour of the space. Such 3D tours are bliss, you need not look for suitable space from one locality to another. Using these standard videos the visits are very well guided and also interactive. Such videos will be 360- degree capturing or can be fully virtual. The way these are designed helps the customer to easily move across the property by just clicking on a specific spot. VR software provides an amazing user experience and also enables them to make quick decisions.
Staging a Property with AR/VR
As we all know, a more furnished house is easier to sell as compared to an unfurnished one. When we have to purchase a house or a working space for ourselves, we get very particular and selective. We prefer having a good aesthetic and interior design. AR/VR provides us the best help for it. AR helps you to design property with furniture and required facilities.
VR app development also comes with very good customization in addition to all the previously mentioned functionalities. Real estate applications are of immense help for the realtor, as it helps them to perform multiple tasks simultaneously and run the business smoothly. Therefore, the implementation of such technology will attract more users and that will turn out to be a benefit for your business.
What is the Cost of Real Estate App Development Like Zillow
There are multiple factors that we count for real estate development costs. To know the general estimate of the costs we will have to look into the main stages of app development. Estimates are based on rates of $ 25.335 per hour.
A customized panel for administrators is created during this stage of web development. Approximately 300 hours are taken up for it and it would cost you around $8271.
At this stage, you are indulged in building an app for Android or iOS, or both platforms. Before you start with native development, there will be other steps too such as exploring marketing insights and crafting realtor mobile app designs. Time consumed during this stage is 900 hours and would cost you somewhere around $24,813.
This stage is very essential to provide a smooth user experience. Using a unique UI/UX design will help you to create a flexible user experience that will ultimately enhance the performance of real estate mobile applications. The time needed for this stage is 200 hours and will cost you around $5514.
Testing And Quality Assurance
It is very important to test your application before you decide to launch it so that you can eliminate all the bugs. So to make sure about the quality, it would consume around 200 hours that will cost you approximately $5514.
This is required when we need to make sure that we have met all the milestones. Risk analysis is performed by the project manager to check whether everything is alright with the app development process. The price for this stage is not fixed, it might cost 10-15% of the total budget.
AR/VR technologies are transforming with time. Technological advancements in AR and VR are having a huge impact on the real estate industry. If you are looking forward to providing your customers with the best realtor experience then you need to improve your marketing tactics.
The success or failure of your real estate investment is determined based on AR / VR technologies.