Real Estate is one of the oldest industries and remains popular in every part of theworld.
Real Estate Industry became even more competitive along the technological developments. Agents started realising modern gadgets can be highly beneficial and started including technology such as AR, VR and XR in their businesses. These advancements make Real Estate companies competitive and attractive to customers.
In this blog, we will talk about XR - extended reality - and how it can help Real Estate businesses to come forward and become the leading companies among millions of competitors.
What is XR technology?
XR is a collective term for all the technologies that augment or enhance reality. It can be divided into two categories: AR and VR.
AR stands for Augmented Reality, which allows users to perceive their surroundings in a way that does not exist yet in the physical world. For example, you might see an image on your phone screen overlaid with your view of reality as you walk down the street or read about someone’s life story from their Twitter feed while standing next to them (though this may not be possible in real life). In short: it gives us more information about what’s happening around us than we would typically have access to if we could see it with our own eyes alone.
VR stands for virtual reality. AR uses a real-world setting, while VR is entirely virtual. AR users can control their presence in the real world; the system controls VR users. VR requires a headset, but AR can be accessed with a smartphone.
A perfect mix of these two creates something even more remarkable, even more advanced - extended reality. XR has all the necessary components and is so refined that every industry strives to use its powers fully.
How can XR help in Real Estate?
There are many aspects of Real Estate Industry where XR can increase efficiency, improve customer service and drive down costs.
The first benefit is that XR will allow Real Estate companies to target specific audiences based on their behaviour or interests. For example, if you know that a particular demographic is more likely to buy houses in your area, because they prefer open spaces and are raising children, an ad campaign promoting these features could help you attract more customers in this group.
Another benefit of using XR technology is its ability to provide more precise targeting than traditional marketing methods like print ads or TV commercials — especially when deciding which properties should be listed on websites like Zillow (Z). In addition, using XR data can reveal which neighbourhoods have lower prices than others without having any additional information about them; this makes it easier than ever before!
Examples of successful use of XR technology in Real Estate
XREIT has been able to integrate its latest technology into selling homes. It offers automated functions such as bid management which allows brokers/agents/sellers all around America to work on one platform instead of having multiple systems running simultaneously.
Sotheby luxury Real Estate dealer has recently announced the virtual walkthrough option for iPhone or Android users who own VR headsets.
Android Real-Estate app Realtor.com enables users to learn essential information about prices, square footages, etc., of a particular object by simply pointing a smartphone at the building. For customers, AR apps can turn a walk or a drive through a neighbourhood into an insightful Real-Estate shopping tour.
AR/VR technology is helping interior designers to visualise how home decor and furniture pieces would look in a particular setting. For example, IOS apps like iStaging limit otherwise costly and time-consuming trial-and-error stage to a virtual environment where they can easily create and try out various styles and designs before selecting the ones that would fit a particular home perfectly.
Using extended reality technologies
like AR and VR can help businesses stand out from the crowd.
XR technology is an exciting new way to engage with customers and prospects by allowing them to experience products, services and locations realistically virtually. It’s also an excellent way for businesses to show off their brand identity and establish trust with potential customers before meeting face-to-face. The possibilities for XR technology are endless when it comes to Real Estate.