For example, VR (Virtual Reality) and AR (Augmented Reality) technologies will continue to play an important role in the construction and real estate sector
How can an industry as large and important as real estate go untouched as technology permeates every segment? Real estate is often considered the most important investment and asset for a family, but it is still viewed in a very traditional way. But with changing times and technology hitting the industry in a big way, many new trends are coming.
While it may be difficult to decipher the various technologies sweeping the industry, it’s important to discuss some that are revolutionizing the industry in an unprecedented way.
The idea of merging technology and real estate is still a fairly new concept; the idea is not to replace processes with technology, but to achieve higher levels of efficiency, transparency and ability to meet commitments. Technology and real estate go very well together in terms of saving time and reducing costs and wasted resources, benefiting buyers, developers and sustainability in general.
With the advent of VR and AR, it is a whole new experience for buyers to get a real-time perspective and experience of both properties to be built and under construction.
Many players who understand the technology well are giving a major boost to the sector. They are realizing the opportunity and the timing to harness the power of technology and be part of the greater revolution.
The rapid adoption of Virtual Reality in the industry helps provide customers with a highly engaging and immersive experience. With the use of VR in combination with other technologies such as cloud being deployed in the real estate industry today, the industry is witnessing a holistic transformation, across all segments – be it residential, commercial or industrial sectors.
There is huge potential impact that the right mix of key cutting-edge technologies can have, particularly in the residential real estate segment. From small to medium independent homes to villa communities and large apartment projects, these technologies can improve efficiency, transparency and functionality.
With many homes being sold still under construction and buyers often struggling to visualize their new home, VR helps them get a real-time experience of their home as it was built. VR solutions provide customers with a true-to-life virtual tour and experience, enabling them to make informed decisions.
Also, with extensive customization and personalization involved in the construction, VR helps one to get an almost perfectly conceived product. In fact, VR has very clear and impactful uses spanning design visualization, customization, interior design and product selection across project sizes and locations. One of the biggest advantages of using VR over more commonly used 3D rendering techniques is a high degree of immersion or a realistic sense of being there. This not only engages customers, but also helps them understand spaces and scales like never before. Such an experience gives consumers a space that they envisioned for a certain period of time and that they want to realize like no other.
For small to medium independent projects, this helps customize design and make product choices that are ideally suited to individual buyers’ preferences. For the bigger ones, it’s more about transparency and timely completion.
Many hi-touch and hi-tech projects are also using high-quality VR experiences as a highly effective sales tool. The use of technology is essentially a much more dynamic, attractive, efficient and highly cost-effective alternative and can complement traditional physical models and examples.
360-degree interior design visualizations, virtual tours, and mobile AR/VR experiences are also becoming more common for projects of all sizes. With this, customers have the convenience and comfort of being wherever they are, and still keep an eye on everything they need to enter their home. It is fast becoming the industry standard and will soon enter the secondary and resale markets.
While not as obvious as VR, AR has also made its way into the industry over time and has some niche use cases in construction and real estate. The most obvious use cases are around furnishings and furnishings used in different areas of the home. Various fittings and fixtures such as sanitary products and other fixtures such as cabinets can be laid on top of the finished structure to perfectly round off the selection.
Interestingly, movable goods such as furniture can be very well visualized in place, bundled and sold more effectively through the effective use of AR. For large projects, AR can be used to present and sell interior design, fittings and furniture on bare structures. AR also has a unique use case in the construction process where design/BIM information can be overlaid on the construction site to ensure accurate execution and to perform automated measurement and quality checks on site.
While the use of AR/VR may still be in its early stages of development and currently has its own limitations – accessibility, affordability, etc., these are expected to be resolved over time. As of now, non-immersive AR technology, using cell phone cameras, can be used to implement many of the use cases with reasonable effectiveness.
The opinions expressed above are those of the author himself.
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