New technology and innovations are changing the world each day, and it’s impossible to imagine our day-to-day lives without such technology. Activities, such as cleaning clothes, making food, communicating and getting from one place to another are now all covered by some form of technology. Innovations never stop coming, and what was once considered a great breakthrough has now become a necessity.
The property market is not an exception to these changes. Apart from using already basic technology, technology is being developed that is specifically tailored to their needs of the property industry, and when it comes to the cloud, property management software is leading the way, which makes management more automated and efficient.
Property management software is well-established in the industry, there are other technologies that are complimenting it through virtual and augmented reality.
Virtual Reality in Proptech
Virtual reality is a simulated experience that can resemble with the real world or be completely different. The use of VR in real estate can be a game changer as allows you to showcase your property and have viewings without applicants even having to be there.
By offering virtual showcases of your properties, letting agents are helping facilitate viewings for people who don’t have enough time to visit properties. Potential clients are able to explore a room, to better understand how spacious the property is and the state of the property.
To create virtual viewings or 360-degree videos, you would have set up a panoramic camera to capture everything in your property. Such viewings allow interactivity as users can click on hotspots that determine where they will move next within the virtual tour. Interactive visits take more time and money to create, however interactivity will provide your users with a better experience.
In theory, offering 360-degree viewings, can significantly boost agency’s conversion rates. It would not only save time for potential tenants but also to agents themselves, as they will only attend viewings that have more potential (as applicants would already have an overview of the property via a virtual tour).
Virtual staging allows you to add furniture to an empty property. Adding virtual furniture helps your property to look like a potential home and gives a better sense of how spacious the area is. This is helpful to the newly built properties that are being rented unfurnished as well as properties being sold. By having a selection of virtual furniture, you can enhance the overall standard of your property by using furniture that looks luxury.
Augmented Reality in Proptech
Augmented reality is a stimulated experience of a real-world environment. It is a part of virtual reality and allows users to create interactive and memorable experiences.
Demonstrations of Technology in Proptech
Augmented reality can come in handy when the building is still in the construction stage, however, if you already want to market it and find buyers/renters, augmented reality technology allows you to create a finished product (in the case of properties it would be a finished building), which looks as close to the real one as possible. Marketing at an early stage of development allows agents to sell property quicker, therefore generating returns more efficiently. This also increases competitive potential, as by providing a more exciting and high-level service you can increase your market share and enhance brand loyalty.
Apps in Proptech
Applications are widely used in various aspects of our lives, whether it’s an app to edit your pictures or just a game. Apps create higher engagement and interaction, therefore getting users more involved and potentially more loyal to your product.
Augmented reality apps are very popular, as games in which you can design a room or a house and some involve building a property as well (i.e. Design Home). Some apps allow you to try a piece of furniture at your house, such as Ikea Place. Similarly, Dulux has an app that allows you to change colour of you walls for example.
Therefore, augmented reality apps can be used solely to entertain or as a source of help in decisions about future elements of décor or furniture.
Such virtual reality developments allow you to create a whole new world and test out a new realities! Providing your clients with an option for VR gives them a much more rewarding experience in terms of time, quality and expenses. It also allows, agents and owners to market their properties if unfurnished, and also to capitalise on an early stage of the construction (if it’s a new property). Technological innovations always aim at making our lives easier, which is evident in case of virtual and augmented reality.