5 Ways the Real Estate Industry Is Using Virtual and Augmented Reality

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Virtual and Augmented Reality are two technologies rapidly gaining traction across industries. In only a matter of years, they’ve boomed in real estate as more buyers and sellers shift away from doing everything in-person to virtual solutions.

More and more of the homebuying process is moving online as agents and buyers alike find more tools at their disposal to streamline the process. Nobul, a digital marketplace where real estate agents compete to represent homebuyers and sellers, is quickly transforming into an all-purpose hub for real estate transactions. Founded by inventor and disruptor Regan McGee, buyers and sellers can use the platform to find real estate agents, search listings, and book in-person or virtual tours. The platform has also recently integrated blockchain technology for contract management. McGee anticipates greater integration of AR and VR in real estate, alongside other new technologies being integrated into the platform.

These are just five ways AR and VR are already shaking things up.

#1 Virtual Home Tours

The virtual home tour has made the home viewing process so much easier. Moving beyond 360-degree photography and into true Virtual Reality, home tours have never been more immersive.

Buyers no longer have to view every property inperson to experience it in full. Not only does that save agents time heading to properties and booking viewings, but it can also help buyers who don’t currently live in the market where they’re buying.

#2 Augmented Tours – Highlight Points of Interest

The great thing about AR vs. VR is the lower technology threshold. All you need to take advantage of an AR-enhanced home tour is a mobile phone with the right app, making it more accessible for buyers and agents.

AR allows agents to highlight points of interest during an in-person tour or open house. All the viewer needs to do is access an app, and they can learn more about a feature. 

#3 Property Staging

Property staging often comes at a considerable cost of both funds and time for agents. Augmented Reality provides a new way for agents to stage. Many major furniture companies already use AR to let customers place products onto a photo of their own home, helping them imagine what it will look like and where everything will go.

#4 Turn Prebuild Designs into an Immersive Experience

One of the biggest challenges with selling prebuild condos is showing buyers what their exact space will be like. While showrooms can give people a general feel, not all units share a uniform design. Virtual model homes essentially give prebuild buyers a way to see just what their unit will look and feel like and how it all comes together.

#5 In-App Shopping

Some speculate that the future of VR in real estate could even turn into in-app shopping. As buyers view an immersive VR model of a prebuild or an AR-enhanced model home, AR/VR could allow them to view and select customizations, all in the app. It has the potential to show buyers in real-time what customized and premium features will look like.