Industry Insights

How AR and VR are transforming the property industry

Written by Maddy Tickner

We’re living in an increasingly digitised world. This has become evermore apparent and necessary during the COVID-19 pandemic, as industries have had to find innovative ways to continue to operate efficiently.

The digital transformation that has taken place within the property industry encompasses both AR and VR. AR (augmented reality) allows the viewer to see the real world around them through a device such as a headset or their smart phone but with digital augmentations or enhancements. VR (virtual reality), on the other hand, is where individuals wear a headset that allows them to view an entirely simulated environment around them.

It can be argued that AR and VR will be even more effective once they become more realistic and it is important to note that the use of AR and VR requires a strong internet access, which is not always available to everyone. However, there are many benefits to utilising AR and VR in the property industry, combatting what can otherwise be a lengthy process for estate agents, landlords and residents alike.

Virtual tours

It’s rare for buyers to decide on a property without first considering and viewing a number of properties. The time consuming process of viewing multiple properties can be eradicated by offering virtual tours. Virtual tours allow buyers to gain a much better understanding of the property’s dimensions and the feeling of walking through the property than a traditional brochure of images would. And what’s more, anyone in the world can view the properties from where they are through AR and VR, thereby expanding the estate agent’s reach – win/win! At City Relay, we offer 3D virtual tours to allow all our potential residents to have a fully immersive experience of our properties.

Virtual staging

Staging refers to preparing a property so that it is desirable to potential buyers, which can be a very effective tactic. However, it can also be very costly. By virtually staging a property, landlords can save time and money that would otherwise have been spent on physically staging the property. This would even allow for the decorative style to be changed depending on the potential buyer’s taste.

Construction

For those constructing large scale developments, VR can be especially useful in the construction process. 3D models of the developments can be designed and then viewed through a headset, allowing the viewer to ensure the design is correct and costly mistakes are avoided.

Mass adoption of immersive technology in the property industry will take time, as is the case with every new technology, but the benefits are revolutionary.Want to find out how we’re using technology to give our landlords an edge? Get in touch now to help maximise your property’s appeal.

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