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The Role of AR and VR in Modern Real Estate

Guest Post | Sep 28, 2022

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Augmented Reality and Virtual Reality (AR and VR, respectively) have transformed several industries since their expansion in the last decade. As companies like Oculus VR, Nvidia and Snap democratized the technologies for private and small-business use, industries found several unique uses for the emerging tech.

In retail, companies use AR to help consumers pick furniture, try on outfits before purchasing and test different house paint colours. Hospitality chains have leveraged VR to offer guests a detailed showcase of their luxury rooms and amenities. And the medical industry is currently utilizing AR and VR to train students and professionals without human subjects.

With seemingly limitless possibilities, it’s no wonder the emerging technologies are currently disrupting the real estate industry. As real estate thought leader Regan McGee explains, “Anytime you bring innovative technology to the table that can make the process easier, it will be viewed as disruptive.”

He explained in his interview with Superb Crew that “Incidentally, technological advancements are beginning to gain real traction in a stalwart industry that was initially skeptical.”

How are AR and VR gaining traction in the traditionally low-tech industry? This article explores a few roles these immersive tools play in modern real estate.

Property Tours

The first and perhaps most important use for AR and VR is in property tours. Since the beginning of the pandemic, real estate agents have utilized AR and VR to offer prospective buyers a contactless yet immersive way to evaluate homes.

Although most in-person tours have since resumed, the technologies continue to remain in use. AR and VR property tours allow “sight-unseen” buyers to experience the property from their remote locations. And local buyers use these tools, too; with AR and VR, a local buyer can tour several homes in an afternoon without leaving their desktop or mobile phone.

Staging and Marketing

Some forward-thinking real estate agents have started using AR and VR in their staging and marketing efforts. With VR, a real estate agent can elevate an online listing by including a 360-degree panorama of the various spaces. And using AR, agents can add furniture, art and other design elements without spending excessive time and money on staging.

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The consumer can also get in on the action by superimposing their own design choices on the space using a personal AR app. They can test different wallpapers, paint choices and even structural features before they make an offer.

Neighbourhood Showcases

Some VR companies won’t stop at interiors – they also offer immersive neighbourhood tours for remote buyers. Prospective real estate buyers can take a virtual reality stroll down the neighbourhood block to evaluate amenities, schools, parks and playgrounds.

Real Estate Development and Construction

Virtual and augmented reality tools don’t just have consumer-side applications; developers and construction companies are also using the emerging technologies. Architects, developers and construction companies are using these immersive technologies throughout the design and building phases of new properties. VR lets architects plan, tweak and visualize blueprints far easier than physical models. And VR allows developers and construction crews to collaborate during the building process.

As augmented and virtual reality tools become more ingrained in culture, you can expect their use in the real estate industry to grow accordingly. Already, AR and VR are revolutionizing property tours, marketing, staging and construction. Who knows what their roles will be in the future?


NCFA Jan 2018 resize - The Role of AR and VR in Modern Real EstateThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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