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The Future of Real Estate Infused With AR Eyewear

Written by Posted On Monday, 29 March 2021 10:57
The Future of Real Estate Infused With AR Eyewear Unsplash

Augmented reality, better known as AR, digitally enhances our current reality. As the digital landscape evolves, the race for the most popular computing platform continues, with AR standing as a front runner in a new digital consumer market. In fact, experts from Goldman Sachs Research predict that both virtual and augmented reality will become an $80 billion market by 2025, making them increasingly popular amongst large consumer sectors such as real estate.

Statista

(Source: Statista)

Incorporating immersive technologies such as AR smart glasses into the property industry transforms consumer experience. You could say AR is the digital sales tactic of the future, frantically improving digital property viewings for a post covid real estate market.

How is AR eyewear transforming the future of real estate?

As the eyewear industry continues to make digital aids from blue light glasses to AR-powered smart glasses, potential buyers can see 3D versions of their new home, interactive animations and high-quality videos, immersing the consumer in a digital experience that mimics reality.

Unlike virtual reality where audiences are sucked into a completely computer-generated landscape, AR allows you to blur the lines between your reality and virtual discourse by adding a computer-generated digital overlay to your surroundings. Using a pair of AR eyeglasses revolutionises traditional property viewing by allowing customers to see their own design modifications digitally projected into reality. Combined with smartphone technology, buyers can visit their favourite house from the comfort of their living room, saving time and money for both the customer and estate agent.

The question is, could AR redefine real estate, transforming traditional viewings and engaging large audiences? Or is it damaging the property market, reducing the need for estate experts and providing false property representation?

Read on to find out why AR eyewear could both help and hinder the property market and how you can incorporate it into your next real estate experience.

Benefits of AR in real estate 

Improved Visualisation

Modern realtors know that improving the visualisation of a buyer’s future property increases the chance of closing a deal. By incorporating AR eyewear into the selling experience, realtors can present buyers with a unique and realistic picture of the end result.

Especially for unbuilt developments and customisable projects, AR allows the customer to pick and choose anything from the floor design to large structural changes and see it digitally constructed around them in a realistic 3D experience.

The use of augmented reality eyewear in real estate is, therefore, a great marketing technique designed to produce a clearer product representation, boosting the pre-sale of undeveloped modern property.

Better Time Management For Increased Profit

Using AR to improve the real estate experience, not only benefits the buyer but also the realtors. In using a digital aid to assist property viewings and customisations, realtors can use the time they would spend showing potential customers around properties and reinvest it in following up potential leads and new campaigns.

By incorporating AR eyewear into the property market, leading agents have more space in their diary to take on new projects and increase their overall profit. With the ability to play educational animations, videos and digitally annotate the property, this technology can also answer buyer questions, saving the company time and resources. 

Wider Engagement 

A 2017 poll by Forbes revealed that 80% of millennials are currently looking for their first home, making the internet the new real estate giant for the tech-savvy. With younger people beginning to become the new face of the property market, it has never been more important for realtors to incorporate digital enhancements into their property buying experience.

Using expert AR technology, realtors can not only allow the customer to view a house from the comfort of their living room, but also reach a wider audience overseas, who may be too unsure to travel to their desired development.

Cons of AR in real estate 

AR technology is continuing to evolve, but can it really compete with an in-person property viewing experience? From misjudged visualisation to staff restructuring, here are some of the disadvantages of incorporating AR eyewear into real estate.

Does it show a true representation?

It could be argued that AR projected 3D models of a property does not give the viewer a true representation of the development they are investing in. With the tool’s current limitations, interactive models are not fully to scale and AR eyewear does not present the property’s full aesthetic.

With text descriptions often not detailed enough to describe the listing and digital visualisation that only appeals to a younger digital native audience, realtor’s time is rarely spared as most buyers need further support and in-person viewings alongside their AR experience.

The cost of investing

Another downfall of incorporating AR eyewear into your real estate business is the cost. With huge tech giants such as Apple only a few years away from releasing their own AR eyewear, it’s safe to say the price of this revolutionary tech has risen. With the average pair of AR glasses now costing £800-£1000, smaller realtors struggle to implement them into their marketing strategy as it is hard to predict profits of a relatively new phenomenon.

In Conclusion

It’s no secret that both augmented and virtual reality has the potential to transform the property market. With new technical phenomenons evolving every year, AR eyewear is most definitely one of the hot pieces of tech to watch out for in the future. As digital real estate evolves in a post-pandemic era, AR technology is not only here to stay, but to change the consumer market as we know it.

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Mary Kovalchuk

Mary is a writer based in London. Her work has been featured in Pinstripe Magazine, HubPages and Sivava Spirit. She also runs a blog, An Eye Behind, that focuses on the secret life of London.

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