- A real estate agent provides a list of properties to the homebuyers
- Real estate agents explain all the details and client negotiate based on the price
- Real life visits to house or apartment.
This is the most basic and crude form of real estate scenario which is been followed since decades. But it is increasingly become inconvenient and time-consuming for realtors and homebuyers to go through this process in order to buy or sell the property. But Real Estate industry is showing signs of maturity and realtors are marveling as to how they will fit into the new era and understand the forces that are leading change.
Homebuyers now look for an easy and convenient option that is profitable at the same time. However, there is a twist in the story that is already acting as a tipping point in the name of Virtual Reality.
What was once associated with gaming and entertainment has brought huge potential into real estate business. With immersive and 3-D walkthroughs, people can view their properties virtually. A simple VR headset will make you visit several locations in a matter of minutes and decide which are worth visiting in person. Guided virtual tours (with a 360-degree view) and interactive virtual tours (with clickable areas that make it more interactive than guided tours) are two types of virtual tours that make VR a quintessential option for real estate in the current scenario.
The concept of virtual reality further facilitates displaying a property without furniture and the same property stuffed with furniture and home essentials. That helps to make you visualize how it will look like after being furnished.
Virtual Reality (Virtual Staging) also helps you visualize the exteriors and interiors of yet-to-be-built property. Majorly useful for vacation rentals industry due to high turnover rates, the concept of Architectural Visualization removes the need for frequent landlord-tenant communication. And what if you, as a homebuyer wants to make changes to the placement of things during your 3D virtual tour? But what if, instead of the real estate property you wish to buy the pieces of furniture or curtains displayed therein
Thus, enabling VR into real estate helps save time, builds emotional connections, has a global reach, saves money, and most importantly nudges clients towards making a purchase or sign a rental agreement.
Augmented Reality is superimposing a computer-generated image on a user's view of the real world, thus providing a composite view.
It helps browse, compare, and analyze flats/house/offices in detail.
It gives new marketing options like printing, catalogs, geo-tags, new advertising possibilities, call-to-action buttons, animated contact us and many more such features.
What’s more, it helps accurately visualize large buildings through augmented 3-D models. AR app allows viewing the apartment very easily. It further concedes adjusting the style, furniture, surrounding etc. and assists in the understanding of products.
ARHouse, Realtor.com is some of the AR-based apps that help home seekers.
People are motivated to hire artificial intelligence-driven service in Real estate than hiring a real estate agent. One of the main reason for this is that while just 2% commission is to be given to the AI-driven real estate service, real estate agents demand 5-6% commission. The computers are able to target hundreds of potential buyers in one time via advertisement of the website and social media. Such advertisements also help to find out the buyer search behavior and future advertisements are tailor-made according to their preferences.
The growth of artificial intelligence in consumer-driven industries is enormous. Undoubtedly it is the ability for the software to learn, adapt to consumer behavior via live feedback. Websites, apps, wearables are becoming more intelligent and adaptable by the introduction of artificial intelligence. Cognitive computing will definitely enable professionals to make better recommendations to their clients. The access to cognitive computing power and the data necessary to power it will become the 21st century equivalent of the MLS utility.
Introduction of artificial intelligence helps analyze market statistics, allows a predictive analysis of consumer behavior. Intelligence in right proportion could inform real estate agent as to when and where to meet the customer, and how to begin interacting with that person to provide a greater likelihood of a client and a sale.
A repetitive procedure in a sales process can be altered with the help of software but the need for the salesperson still persists. Personalized intelligence and personal relationships continue to be the two feats in real estate business. Real estate companies and organizations hire an Indian app developer who can create a real estate mobile application and web applications by understanding the power of technology and thus help in reshaping the real estate industry.
Going ahead with the idea, Proptech 3.0 is the convergence of technology with the property where Artificial Intelligence combines with autonomous drones (IoT) and big data to transform the property sector. A lot many things are changing in real estate sector and they are changing fast. Smart robots are carrying out the tasks of property managers with lightning precision. This analysis of data, pre-empting maintenance requirements and planning ahead relieves both realtors and homebuyers and thus save millions for their organizations.