Virtual Reality (VR) - is a three-dimensional computer-generated simulation experience through senses and perception. This deeply engaging setting can be very realistic or hypothetical, creating an experience which may not be easily possible in reality.
Augmented Reality (AR) is considered as a form of VR that overlaps virtual information over a live camera feed. This is integrated into a headset through a smartphone/tablet device giving the user the medium to view three-dimensional images.
VR and AR have far-reaching implications beyond the gaming and entertainment industry. One of the fast emerging industry is real estate, where VR and AR technology is transforming the property market by creating an entirely new ecosystem. Its application in the real estate sector is designed to create a more immersive and interactive experience for prospective buyers, which revolutionizes the existing practices of property buying. Property selection using VR and AR offers a new reality where customers can tour a property remotely and from multiple viewing angles. VR and AR provide a buyer the added opportunity to get personalized improvements during their virtual viewing of a property.
Potential of VR/AR
Virtual and augmented reality has the potential to change the realty market, especially with the recent leaps made in terms of developing a consumer-level technology. VR and AR have the potential to disrupt real estate operations like brokerage and leasing, financing, project development, and property management.
Presently, its scope in the real estate sector is immense and growing. This new class of ground-breaking technology in realty marketplace can offer an enhanced consumer experience for every touch point in the real estate experience, from planners, architects, builders, and clients; as well as for the real estate agents who are invested in the process.
Real Estate Applications
Virtual Reality is a powerful tool for creating compelling experiences for the buyer, allowing real estate professionals to showcase homes and properties digitally from anywhere in the world. With VR, a prospective buyer or developer can access a lifelike simulation of any property with only the assistance of a VR headset. Virtual Reality offers a holistic and immersive experience that can be leveraged to provide an emotional connection with a remote property, with virtual walk-throughs that allow clients to inspect a property in virtual three-dimensions. The VR potential for architecture and real estate is huge, with virtual 3D environments taking out the hassle of visiting properties or eliminating the limitations of inspecting an online listing.
VR also has significant implications for infrastructure design, where virtual models can provide architects, planners, as well as clients with the chance to walk around a space that currently does not exist. This facilitates and assists in reviewing, revising and analyzing plans for a potential building without involving alterations in between construction.
Augmented reality overlays a 3D digital image atop the physical world, using mobile phones, smart glasses, helmets, and visors to create a mixed reality enhanced with 3D animated visuals. This allows for a visualization of property in 3D, while also allowing for the creation of an intricate and fully realized vision of property.
With AR, real estate professionals can turn flat images into interactive holograms for their clients; AR can create 3D models out of traditional blueprints and photos, and clients can personalize these digital home samples to test out potential new features and additions to their property.
A realtor can customize a home to suit a particular client’s taste, or revamp a space with the different combination of appliances, materials, and finishes according to their choices. AR can project an uncompleted project as a fully-formed development, with various elements laid out in estimated locations.
Meanwhile, as VR and AR technologies transform the real estate, subsequently it is also being evolved. With path-breaking interventions and innovations, these two technologies can transform a potential building project into its final version without ever having to break ground.
Bringing innovation into real estate with interactive 3D visualizations is just the beginning; there is an array of prospects in terms of VR and AR’s time-saving potential as well as of possibilities for overcoming the logistic di?culties of the industry. With consumer-level technology becoming even more a?ordable, VR and AR digital services can help real estate professionals establish a dynamic environment while facilitating the process of closing deals.