By Maimun Mustafa
Are you bored and unsatisfied with the differences in the presentation of your traditional building renders? Do the actual end-products delivered not meet given expectations? Fortunately, there is good news! Visualization technologies such as Virtual, Augmented and Mixed Reality is available now to create disruption and add direct value to the real estate industry. They also hold immense potential for uplifting the marketable offerings of the entire supply chain and ancillary industries.
THE TIME MACHINE
Today time is the most important currency and it is becoming increasingly difficult for realtors and prospective clients to cover optimum locations due to the constraints of conflicting schedules and traffic signals. Visualization technologies help overcome these barriers by allowing prospective clients to view locations as a one-stop service from the real estate agent’s office or through mobile apps from the comfort of their own homes. This process saves considerable time, effort and as a consequence, money, of all parties involved in the long run.
READY BUYER ONE
Steven Spielberg’s latest sci-fi movie depicted a dystopian future where individuals are engrossed in virtual experiences and, presently, this is more fact than fiction. It is now possible to provide guided visits of multiple plot offerings utilizing virtual reality. These walkthroughs can be 360 views or full VR 3D tours, and it widens the market for domestic and international long-distance customers. An example of such technology is the RealAR app, which allows smartphone users to view how their planned homes would look like in native environments. Experiences such as these can drive more emotional connections as users can interact with objects via gear and, thus, making the offering more marketable.
Having doubts about what wallpaper, the right shade of paint or which floor tiling might look best before you start paying for the costly interiors? Augmented reality solutions can be saviors in such instances. Magicplan is one such app that helps create floor plans and can assist in furnishing homes. This concept can be extended to customize apps for paint manufacturing companies or wallpaper producers to augment the designs on live walls. The same principle would apply for tile producers as a sampling proposition to potential customers.
Additionally, imagine what is easier to sell? An empty space or one with sample furniture? The latter may seem the obvious choice, and virtual staging makes this realistic without the need for actual furnishings. By utilizing AR platforms this experience can also be applied in the context of deciding the ideal location of inbuilt appliances as well as understanding optimum use of space. Notably, Amazon offers this feature in selective furniture sales via the app.
MAKE YOUR MOVE
Due to the current low adoption of visualization in the Bangladeshi real estate sector, the primary procurement costs may seem high to promote this business innovation. However, if the onboarding of AR, VR, and MR, is seen as an investment rather than cost, the addition to the complete business value proposition can be exponential. The market for high-end condos, offices, shopping malls, hotels, and restaurants have the potential to attract the right buyers willing to pay the right price.
In a world where marketers vie to capture 3 seconds of social media attention, visualization offerings could be the deal-breaker for lead conversions in real estate and complementary industries.