Revolutionary Tech: Augmented and Virtual Reality in Property Marketing
Augmented and Virtual Reality in Property Marketing
At present, the average person will view between 12 and 15 properties in person before they find the property they wish to purchase. This, of course, has a major effect on the real estate agent’s time, as much as for the buyers themselves. If we assume that a real estate agent conducts two property viewings per hour, including travel time, then this can equate to between six to eight hours’ work for just one buyer. And that doesn’t include lost time due to traffic or unreliable property viewers, or the actual process of diarising property viewings.
If, however, an estate agency has a virtual reality functionality set up within their office, then this entire process can be completely streamlined. Many estate agents have already got the ball rolling, using high-end, tethered VR set-ups within their offices. Foxtons set up this functionality in their Islington office back in May 2016, offering potential buyers a suite in which to view their properties in virtual reality. There is even some speculation about property search websites, such as Rightmove, beginning to offer this service for selected properties marketed on their site. As more people gain access to virtual reality technology at home, this development will further optimise estate agents’ time.
How Virtual Reality in Property Marketing Ties in With Property Development
As we have discussed in our blog post on How Virtual and Augmented Reality Will Revolutionise Property Development, virtual and augmented reality technologies will have a positive effect on the property development sector. This has a knock-on effect with virtual reality in property marketing, as the ability to introduce potential buyers and investors to computer generated property walkthroughs will improve how accurately these parties are able to visualise a property that is still in development.
At present, this can be rather a sticking point for developers, as the lack of tangible visualisation for buyers/investors can affect their confidence in buying off-plan. Allowing interested parties to have an immersive experience of the property, sometimes before the project has even broken ground, is expected to have a positive impact on how quickly a development property can be brought to sale.
Virtual Reality in Property Marketing and the Showhome
Though it could be a while before we are able to eliminate the necessity of expensive showhome and marketing suites. By transferring the showhome to a digital format, there is the chance to minimise the costs associated with the construction and upkeep of a showhome. Virtual reality in property marketing will be a fantastic complement to enhancing the way we use marketing suites, improving customer experiences, and – most importantly – resulting in more and quicker off plan sales.
Property Marketing and Augmented Reality Interior Design
There is another aspect of property marketing that can be strengthened by the use of virtual and augmented reality technologies. Interior design is perhaps one of the central factors affecting a buyer’s decision to purchase. How amenable is the property to their individual design tastes? How will their furniture, or the furniture they expect to purchase, fit within the context of the property? Augmented reality promises an answer, one which will appeal to buyers on a personal level, whilst warming up the lead for the property marketer.
With the advent of technology like Project Tango, which will map internal spaces, it will be increasingly easy for buyers to use augmented reality to customise the property to their tastes. As an aside, Project Tango will make it easier for property marketers to produce ready-made floor plans.
To illustrate the way in which interior design can impact property marketing by engaging potential buyers with the property, we’ve reiterated this quote from our whitepaper:
“Imagine you are in a virtual reality simulation of your dream home. Perhaps it has not yet been built, or perhaps it has – and your purchase is in progress. Imagine you’ve been browsing Rightmove or Zoopla from within your VR device at home. You’re looking at the empty living room, and in the top left of your vision is a drop down menu: Habitat, John Lewis, Liberty, Ikea, Wayfair. You select Habitat>Living Rooms>Sofas. You pick the sofa. You go back to the menu: Decorate. Open Dulux Visualiser, select paint colour, apply to relevant walls. Select wallpaper instead, swap wallpaper for paint again. How about this unique mural by an artist on Etsy?”
Furthermore, there is the opportunity for affiliate relationships between interior and homewares brands with property marketers, as well as CGI visualisation studios like VMI Studio. Such relationships have the potential to open the doors to a wealth of new revenue streams between these industries.
Property marketing is probably the sector that will be most affected by new virtual and augmented reality technologies in the Property industry. However, it is not alone. Architects, construction teams, and property developers, will all benefit from the implementation of these new technologies in their work. If you’d like to learn more, you can check out our other posts, or download our upcoming whitepaper.