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Virtual and augmented reality technology is growing in popularity as a means of marketing property
By: Karen Blanchette
We live in an increasingly digitalised world which means virtual reality technology (VR) and augmented reality technology (AR) is ever-advancing. VR is predicted to develop significantly over the next 10 years and one industry set to be revolutionised by these advancements is the property market, which will see virtual tours seriously modify marketing and sales.
In the property industry, many decisions rely on the ability to read and interpret 2D drawings and floor plans. A lot relies on our capability to effectively visualise the building’s final form. But visualising the intangible can prove very difficult (especially for those unqualified in construction or architecture!).
Now, thanks to advancements in technology, gone are the two-dimensional days of scrolling through photographs online – of rolling out floor plans on the desk. Virtual reality can now be utilised to replicate the layout and contents of a property, allowing potential buyers to view the property as if they were standing in the room – a complete immersion experience that shuts out the physical world!
Finding the time to travel to various locations to visit multiple properties before they’re taken off the market can be difficult for prospective tenants and buyers alike. International investors, for instance, could tour their desired property in detail without ever having to leave the country (or house!).
Many PropTech companies have recognised VR’s revolutionary potential and are now exploring the options of integrating virtual and augmented reality into existing property platforms. The aim is to use this innovative technology to help both renters and landlords in their search for property and beyond.
Is VR technology on the market already?
Across the world, companies have started VR model tests in the architectural design field and are expecting its use to be commonplace within five years. In China, 51 Wofang are an innovative company whose VR1.0 products are established in five major North American cities and more than 40 cities in China.
British company, IVR Nation, has built a VR model with 90% fidelity, where the design of walls, floors, and furniture can be easily adjusted. In addition, 360vu, based in Liverpool, England, are a complementary viewing service for property buyers, sellers and renters. The company will visit the premises of your choice and produce a high quality 360° virtual tour. This allows clients, partners or customers to be first to view and enables viewing on the go, which proves time-effective.
Daisy Burns, Digital Marketing Co-ordinator at 360vu, said: ‘There is no doubt that photos can be taken to hide problems within properties. However, we use a high-quality technology that exposes the property; warts and all. It’s about giving customers a true representation of property at a timely and affordable cost.’
Liverpool has been consistently ranked as the number-one UK location for high rental yields, so the development of this technology is an exciting addition to what is an already thriving market. You can click here to view RWinvest’s portfolio of Liverpool investment properties.
Going forward…
These advancements have definite implications for the agents and marketers of the property world. Now homeowners can create their own tours, the property industry must begin to take advantavge, so as not to lose any business to the no-agent-required tech platforms out there.
VR will soon likely become a more prominent fixture in our everyday lives, from entertainment to education, to marketing and beyond. Today, even the most advanced VR property platforms remain affordable, but it may not stay that way. As demand goes up, prices will likely follow. So, now is a great time for the property industry to get ahead of the game.
How about augmented reality?
Augmented reality is when digital information is overlaid onto the actual physical world, adding digital elements to a live view – often by utilising the camera on a smartphone. Examples include Snapchat lenses and Pokémon Go. In terms of the property marker, AR can facilitate a content-rich user experience that allows interaction with brands via mobile devices in a new, exciting and memorable way.
Whether it’s an app on a smartphone or on an iPad, AR provides property professionals with the ability to showcase properties, buildings and apartments from a 3D perspective – all of this would have been done on flat-print materials in the past.
Dexus is an Australian Real Estate Investment Trust that manages and directly invests in high-quality Australian office and industrial properties.
Dexus CIO Mark Hansen, has said, ‘In property, there’s been a growing recognition that technology can do a lot more. Not just for internal customers, but for external customers as well. At Dexus, we’ve taken that to another level—technology is actively engaged in every facet of our business, and at the core of innovation.’
On VR and AR technologies, Hansen stated, ‘Two years ago, I would have said it was a clunky technology, and something that I didn’t think was commercially ready.’
‘We’re starting to see it as a commercially viable option today, but I would suggest in the next two years, it’s something that will become a core component in the way property groups present and sell their products.’
‘If you’re not involved in AR in some way, shape or form, I think you’ll start to fall behind the pack in the way you actually sell and market your service and product.’
Experts in the property industry expect augmented reality to have a huge impact over the next several years, some predicting as many as 2.5 billion in property applications by 2025.
Property for Sale UK
RWinvest are market-leading UK property investment company. Their varied portfolio spans the buy-to-let hotspots of the UK including Liverpool where the use virtual tours in property is taking off.
For more information on buy to let investment opportunities in 2018, contact RWinvest on Tel: +44 (0)151 808 1250, via Email: info@rw-invest.com or visit the website at: https://www.rw-invest.com/
The Property Voice Insight from Richard Brown
We are in the midst of a podcast series on PropTech, see here: https://www.thepropertyvoice.net/category/podcast/ so, it is no surprise to me to hear how Virtual Reality (VR) and Augmented Reality (AR) are starting to gain a foothold in the industry.
The benefits are clear; an ability to visualise a development, or indeed an existing property far more effectively. Imagine being able to showing the planning officer a development super-imposed onto the site in context, or to conduct a viewing from hundreds or even thousands of miles away. In addition to the softer benefits, such as better visualisation, there are clear cost benefits too for investors and an opportunity to reach more potential buyers for developers or tenants for landlords too.
There are solutions to suit every budget as well, so have a rummage around the app stores and have a play! But if you do want a more professional solution, there are a number of specialist service providers emerging now too...