Tag: real estate application development
The implementation and development of immersive digital technologies such as Artificial Intelligence, Augmented Reality, Virtual Reality, Machine Learning, and 3D Configurators have drastically changed the way the world works. These technologies have proven their importance in innumerable fields and applications such as the communication and IT Service industry, Real Estate Industry, Manufacturing Industry, and many more.
In this article, we will discuss about three of these world-changing technologies and their application in the field of real estate, so buckle up and let’s get started!
AR In Real Estate
When you own a real estate business you already know that it is an ever-changing business. One day its ways of marketing are traditional and the next to take a 180 degrees turn to a completely modern approach. In this fast-paced industry, the use of Augmented Reality tilts more odds in your favor. Before we move any further let us first reiterate the meaning of Augmented Reality.
Augmented Reality (AR) is the real-time integration of digital information with the user’s environment in the form of text, graphics, audio, and other virtual enhancements integrated with real-world objects.
Although the conventional way to purchase property may be exciting, it can also be extremely tedious and time-consuming. The implementation of Augmented Reality has made this daunting process easier and less time-consuming. AR has successfully instigated realtors, builders, and real estate agents to take the leap of faith toward the digital front. With the help of this technology, they can offer better customer experience, faster purchase process, exciting tours, and boost their overall conversion rate.
Through AR clients can explore several properties and tour these properties virtually with just a few clicks in the comfort of their homes. This magical AR teleportation significantly saves valuable resources of time, energy, and money. If none of these are reasons enough, it also makes the entire process more exciting and fun.
Read more: Augmented Reality, Virtual Reality, and Mixed Reality detailed with Real-Life Examples!
Top Benefits Of Augmented Reality In Real Estate
1. Time-Saving
Augmented reality real estate applications show customers information about the building infrastructure, their effective energy rating, panes of glass used, materials used for construction, and even information about the vicinity of schools, hospitals, and community centers around the property. Although the initial installation of AR applications for real estate may cost a lot, in the bigger picture, it saves you money. MagicPlan is one such app that focuses on generating floor plans from photos helping buyers and tenants get a better sense of how to use the space and meet their needs without wasting much time and money on multiple site visits.
2. Visualization
Details about building construction can be boring to have to screen through but when you add the element of augmented reality, clients get to emerge themselves into the dimension of the property. This keeps them engaged and interested. Augmented reality applications let the customer view the property from different angles not just the bits that are captured from a camera. Vera is an apt example. The application can transform buildings into digitally reconstructed buildings from the inside out through highly accurate three-dimensional visualizations
3. Enhance Customer Experience
With all the above-mentioned benefits, customer experience is already bound to be boosted due to AR. Virtual staging enables customers to customize the interior décor and view finished goods and furniture before putting them in place. The entire experience is guaranteed to boost the client’s level of satisfaction. RealAR, an app transforming 2D floor plans and 3D models into full-blown life-size walkthroughs, gained maximum fame during the pandemic, enabling time-saving and cost-effective floor planning.
VR In Real Estate
Just like AR even Virtual Reality has set its claws deep into the real estate industry. These two technologies generally go hand-in-hand making them a dynamic power couple.
Virtual Reality is a computer-generated simulation of any 3D image or environment that is made to be interactive in a seemingly real or physical way by an individual using special electronic equipment, such as a VR helmet.
VR meets real estate at the intersection called 3D walkthroughs. These walkthroughs are a brilliantly immersive experience that enables customers to interact with the virtual environment and tour the property as if they were actually on the plot. It is no doubt that VR real estate is the next big thing in this industry and almost every VR app development company offers a specific spectrum of services in the virtual reality that cater to real estate segments. VR walkthroughs became famous during the COVID pandemic and have continued to thrive ever since.
Benefits Of VR In Real Estate
1. Immersive Property Showing
After visualizing the property most customers want to interact with it and try to cop a feel of the surrounding, VR comes in handy here. VR’s biggest strength is seen here with its ability to showcase property with a realistic and immersive experience, giving the client a chance to thoroughly explore the property. This sense of realism, familiar physics, and interactive nature unite together to create a truly immersive property showing. Virtual 360-degree walkthrough tours of the interior and exterior of the house without visiting the property in person is one major example of VR utilized for property visits.
2. Virtual Staging And Interior Design
Virtual staging is essentially being able to adjust the elements in your surrounding and furnish rooms however they like while viewing the property through virtual reality. By letting the customer customize the interior décor and design of the property, VR creates a more enhanced customer experience. VR developers can create enticing features like allowing the user to change the materials in space, try different furniture settings, modify the floor plans, or check the view from innumerable angles.
3. Collaborative Virtual Meetings And Presentations
Collaborative Virtual meetings are a method of communication that is technologically mediated and can facilitate engagement in remote and hybrid places. This simply means that customers from all over the world can view the property and interact with the real estate agency to make a purchase through these meetings and presentations. With the assistance of VR, you don’t even have to be in the same country in order to browse for property there.
Here’s an example of how Virtual Reality has eased campus visits for students, especially for those geographically challenged to explore the various educational options offered by universities.
3D Configuration In Real Estate
Real estate prices across the world are skyrocketing, and people can’t afford to spend extra money on renovations after a building is raised. If purchasing the right property is challenging, constructing a building that meets all your needs is a bigger headache, but with the help of 3D Collaborative tools, this process becomes seamlessly easy.
3D visualization tools can assist users in designing digital buildings while displaying and configuring them in real time with photorealistic detail.
Benefits of 3D Configurations In Real Estate
1. Customization And Personalization Of Properties
3D Configurators help clients personalize their environment to meet their specific needs and keep the agency more customer-centric. It allows customers to select from a range of customizable options such as flooring, furniture, colors, lighting, and exterior views. 3D configurations are essentially a way to let customers personalize property to their specifications. Enabling 3D views of construction sites and updated reports even before construction starts saves time and money.
2. Real-time Pricing And Cost Estimates
Detailed 3D configuring can make justifying prices, placing quotes, and ultimately selling property much easier. The 3D configuration also provides clients with a detailed view of a property, enabling them to understand the features and aspects that drive its true value. It gives an overall understanding of special features such as underground parking, nearby schools, fancy landscapes, and more.
3. Designing And Visualizing Floor Plans
When you use 3D Configurators your project can be displayed in astonishing detail at any stage of construction. Customers can learn and see everything involved in the project and even take virtual tours around the property. They can visualize the floor plans, project specifications, materials, and much more. 3D visualization allows users to witness photorealistic imagery and enhance the elegance of the property on sale, including its interior and exterior views. Enabling 3D visualization models of real-estate designs helps get a clear idea of what the comp[leted project will look like.
Integration And Synergy Of AR, VR, And 3D Configuration
Integration is the combination of various elements to form an efficient system and synergy is formed when multiple systems work together towards a shared goal. When it comes to the above-discussed technologies, the synergy they form together is powerful and has left a strong indentation on the real estate industry.
1. Combined Applications And Benefits Of AR, VR, And 3D Configuration:
There are innumerable benefits of AR, VR, and 3D configurations in the real estate industry, such as – familiarity with the property, objective evaluation of the plot, high level of attention to detail, widening global opportunities, and a great marketing tool.
2. Enhanced Customer Experience And Engagement Through Integration:
As seen above, all three of these technologies have several strengths on their own, and when integrated, they form a mighty force. This powerful experience is the path to great customer experience and interactions, ultimately leading to increased profits.
3. Common Challenges Faced In Implementing AR, VR, And 3D Configuration For Real Estate Businesses:
Just as any new development would, even this integrated solution has its fair share of challenges: Cost of implementation, tossing agents out of employment, and the need to educate employees about the management of new technologies.
How Fingent Can Help
Today’s tech-savvy customers demand prompt responses, service efficiency, and enhanced experiences. To match up with the rising customer demands, Real Estate companies have no option but to adopt modern technology. AR, VR, and 3D Web Configurators are a few modern technologies enabling the Real Estate industry to create new paths of success opportunities. Fingent’s expertise in the domain has enabled many companies in real estate to innovate for better operations. Our experts use the latest technology to develop custom software solutions that cater specifically to unique property management challenges. Connect with our experts today to learn more about how we can help transform your property management business with custom-built technology solutions.
The relentless advancement of technology force a churn in many industries and the real estate sector is no different. As it is with most positive disruptions, technology facilitates doing things faster, cheaper, and more efficiently.
Online Services Make Processes Easy and Efficient
Many businesses have shifted entirely online, and other businesses facilitate online mode in a big way. Hitherto, the online component of real estate services has been mainly limited to property searches. However, things are changing, both in depth and scope.
Easy and seamless solutions are now available to conduct the entire process, right from property search to signing agreements online. Virtual Reality and Augmented Reality technology enable making virtual site visits, with annotations that offer even greater insights than an actual site visit would deliver. Collaborative suites make negotiations between agents, property owners and tenants easy, and methodical. Integrated payment options allow the tenant to make deposits and rents seamlessly, without the hassles of follow-ups and manual accounting. Many realtors already have their agreements online, with digital signatures.
For the realtor’s end, online technology makes things easier, convenient and more accurate. Big data analytics and the infusion of artificial intelligence allow realtors to score leads more accurately, predict what their customers want in a highly specific manner, and engage with them in a more customized way.
Field service apps enable field agents to connect with the head office, clients, and other stakeholders easily, on a 24×7 basis, addressing needs proactively, and solving issues in the bud.
An integrated platform, with a cloud-based backend and intuitive mobile apps for different stakeholders in the front end, and co-opting the latest technology such as Virtual Reality, is all set to become the technological backbone of an efficient and well run real estate enterprises in the near future, and is a priority for realtors seeking to take their business forward in an increasingly tech-centric world. Providers such as Zillow has already made a start, aggregating real estate data down to details on each available property, allowing consumers to learn everything about an interesting property, with just a few clicks or swipes.
Case Study: Self Showing App – an IoT application developed for Realtor
Greater Insights Lead to Stability and Predictability
The real estate industry is turbulent in nature, with cycles of oversupply and depressed prices, followed by high demand and prices going through the roof. Macroeconomic conditions such as recession can lead to a crash, followed by rebounds. The problem with such a scenario is nobody can predict the market.
However, things are changing, thanks to technology. Big data analytics, in combination with predictive analytics, can crunch data from a variety of sources and predict the future to a fair level of accuracy. If nothing else it may be able to predict future demand, enabling realtors to predict demand and supply accordingly, and thereby keep prices stable. Such insights would also enable governments and regulators to intervene in the real estate markets in a more proactive and meaningful way, protecting the interests of all stakeholders.
Advanced algorithms can even match home buyers or sellers with the most suitable agents, eliminating the wastage and inefficiencies associated with the present models, and sparing the need for relying on hunches or trial and error methods.
Also, real estate prices are now by and largely subjective. Big data analytics and an accurate insight into the demand-supply situation would enable price fixation in a more objective and scientific manner, benefiting everybody. For the realtor, it reduces the speculation and risk, leading to more stable and predictable ROIs.
For the success of back-end operations, big data analytics, infused with artificial intelligence and predictive analytics is just as important for a realtor.
Technology Propels Innovative Business Models
Technology has enabled rolling out a host of innovative business models, not possible before.
- Advanced big data analytics predict property prices to a great level of accuracy, taking away uncertainty and agents who over quote or under quote, infusing a much-needed transparency into the process, and reducing the hassles of price fixation – one of the biggest banes of the industry.
- Uber-like rental platforms, with pre-approved rating scores, background checks, standard agreement forms, and other normally time-consuming hassles, make rental just as easy as availing a taxi. Technologies such as online reservation systems and e-conveyance make property buying easy and hassle-free as well.
- Innovative cloud based models facilitate auctions or allow lessors or buyers to bid for the property. New apps that facilitate live stream without any time lag eliminate the need for physical auctions or meetings.
These models enable realtors to find new customers and close deals faster, increasing their ROI manifold. Most of these models are becoming very popular and are all set to become the benchmarks in the near future.
Property investment becomes Democratic
Technology is enabling a significant shift with regards to the investment model of real estate. Hitherto, the reality is the exclusive domain of high net worth investors, with small and medium investors priced out of the market due to the high ticket size of real estate investment and the cumbersome, time-consuming effort involved in the process.
New, online-centric ownership model allows even small investors to become part investors, or invest “bricks” in an edifice. Such investors earn ‘dividends’ in the form of rental returns and can trade their bricks like a traditional stock market. Naturally, a strong and robust online platform which facilitates a smooth and transparent buying and selling process, and takes care of all regulatory, legal and other formalities is the key to success of this model. It is a win-win situation, as a lesser entry ticket means more buyers flooding the market, enabling more sales, accelerating the sales cycle, and increasing the ROI.
The other end of such democratization is crowdfunding real estate projects. Crowdfunding now makes up less than 1% of total real estate investment volume, but such investments are all set to take a quantum leap.
Needless to say, this is all poised to become of the biggest disruptors of the realty market in the coming days, as the new models mature and gain a foothold.
Creating electronic solutions has its own set of challenges, and disruption of the existing business models would be met with resistance by those who benefit from the status-quo. However, such resistance would be like battling with the waves. As the saying goes “No army can stop an idea whose time has come.”
For all the possibilities enabled by technology, success depends on rolling out well-designed, robust systems. Real estate players need to tie up with a strong technical partner who has the expertise and know-how to deliver intuitive mobility and other solutions that leverage the latest technological capabilities to realize the desired business models and take customer satisfaction to a new level.