How Augmented Reality Would Revolutionise the Commercial Real Estate Market?

How Augmented Reality Would Revolutionise the Commercial Real Estate Market?

In today’s fast-paced technological era, diverse industry sectors including the real estate have been leveraging cutting-edge technologies to give an interactive experience to their potential clients and customers. High-end automation technology not only gives a real picture of an imaginary world but also stimulate buying decision of a potential property buyer. Augmented Reality is one of those technologies that would revolutionise the way people explore, design and see the real world in a virtual form.  

Augmented Reality: A top-notch digital technology

Augmented Reality is one of those digital technologies that have changed the way people tap into the virtual world. Unlike virtual reality that creates a complete artificial environment, augmented reality (AR) fetches the real world environment and layers new information (more virtual) on the top of it. It is something new, more advanced and innovative which has the ability to revolutionise the Commercial Real Estate Market of Australia.

The technology gives a real view of an existing environment whose elements are augmented using automated sensors, such as sound, GPS data, video and graphics available on the computer. Through this super-amazing app, end users can make the real world more interactive and close to their imagination. And the best part is that it can easily be manipulated digitally no matter what you are overlaying on the top of the real world environment.  

Usages of Augmented Reality:

• Real estate industry is using this super-smart technology to bring traditional blueprints and images to life in a matter of few seconds. It can be used to create a 3D model of a commercial property that will look real and interactive.
• Used to transform complex manufacturing processes to let people get the concept quickly and easily.
• Education sector is also harnessing its benefits to change the way students learn convoluted content.
• To increase customer engagement via AR based apps and games
• Enhance location related services with mobile A-R Systems.

 

Virtual Reality Vs Augmented Reality: Difference b/w these two technologies

• Virtual reality is computer generated realistic sounds and images that you can experience using VR headsets. End users interact with the visual world using helmet and glasses that prompts vision and hearing power.
• While on the other hand, augmented reality adds a layer of computer-generated enhancements over the existing environment to let users interact with visual content in the real environment through smartphone or iPhone.
• In short, virtual reality takes you to the artificial environment, while AR allows you to interact with objects that you are witnessing in the real world.
• Both the technologies are boosting all the processes in the commercial real estate market as it is giving you an opportunity to thoroughly overview the property without even visiting the on-site location physically.
• You can see virtual designs, interiors and even make changes to the existing environment in a few clicks. From setting furniture and adding a new thing, you can do anything the way you want via your smartphone or iPhone. Isn’t it amazing!

 

AR Technology: A Boon for Commercial Real Estate Market

The commercial real estate industry is evolving rapidly by integrating innovative technologies into traditional processes. Earlier, potential buyers had to visit different locations physically to finalise a commercial space. But with the advancement of the digital platform, they can now search and select their choice of commercial property online in a matter of few clicks.

There are various real estate web portals such as commercialProperty2Sell where you can find thousands of commercial spaces for sale and lease across Australia. They can help you find the spacious commercial real estate in the hotspots of Sydney, Brisbane, Gold Coast, Melbourne, Perth, Newcastle and other major regions of Australia.

While web portals for searching commercial properties are doing pretty good, the innovative real estate advisors and experts are looking forward to embracing augmented reality (AR) technology after the successful implementation of virtual reality technologies.

By streamlining AR technology into their existing processes, commercial real estate experts are changing the way people see commercial spaces virtually. Whether it’s about viewing augmented reality 3D building via interactive print or experiencing the future office, everything can be turned into reality with such an amazing technology.

In fact, people are finding it more convenient and interactive while using AR technology. It gives them a clear picture of their dream office in a few clicks. This artistic approach has brought a great revolution in an existing commercial real estate market. No matter how potential your strategies are, keeping up-to-date with the advanced automation becomes imperative to stay ahead of the competition.  

 

Real Estate Apps of Augmented Reality

Real estate market is looking forward towards augmented reality based applications to give an exceptional viewing experience to their customers.

Such apps can transform the existing property into a 3D model where you can modify features using computer-generated sensory enhancements. Change the colour of walls, re-locate the positioning of furniture, and enhance other visual appearance factors - do anything the way you want.

With all the flexibility to adjust the features virtually, we can say that it can provide great value at every stage, from construction to final selling. You can use it to showcase interactive enhancements within the 3D model while letting them experience rich features.

That is one of the reasons why potential investors, real estate experts and developers are using augmented reality technology to create life-like property models. The game changer is its ability to connect people with 3D models to let them see their own imaginations related to the interiors and exteriors of a property.

With the help of the AR technology-based commercial real estate applications, you can use it anywhere to turn existing (real) environment into a more interactive and virtual version just like a dream that has come true.

 

Future of Augmented Reality in Australian Commercial Real Estate Market

The future role of smart and high-end digital technologies such as VR and AR in the commercial real estate is revolutionising the way real estate companies provide the lifelike experience to potential commercial property buyers across Australia.

Nothing can be more impressive and innovative techniques in the real estate market than these two as they can provide exceptional visual experience – from interactive visuals to virtual on-site visits. Being a commercial real estate professional, you can streamline such technologies into your existing processes to improve the way you do the business.

In fact, in Australia, a new app has been developed by Commercial Real Estate and Macquarie University’s VR lab that uses augmented reality technology to give interactive viewing experience to those looking for commercial spaces to lease or buy. The app has the potential to enhance the level of interaction with the 3d model of a property to let people take the final decision quickly and easily. To know more about this app, look at some of its key features:

 

Features of this App

Stores a huge database

The app incorporates a database of around 400 commercial buildings, available in the hotspots of capital cities such as Sydney, Melbourne, Adelaide, Brisbane, Gold Coast, etc.

Gives soothing virtual experience

It basically displays vital information, such as tenant industries, amenities and other buying opportunities related to the commercial properties in a virtual form.  

GPS Integration  

It allows end users to access the property data in their current location in a few clicks. It is one of the powerful features of this app which makes it different from other virtual reality based applications.  

Enhance property’s appearance virtually

The ability for end users to modify the existing property’s visual appearance has become super easy with this app. They can enhance the features of an office such as changing wall colours, trying out different furniture, adjusting new interiors, etc. in the digital office replica.  

Flexibility in plans

There is great flexibility to expand the app into other types of office space assets down the line, including industrial, retail property, medical practice and other commercial real estate developments as per the diversification of your services.  

In a nutshell, AR technology will change how people discover, evaluate and make their buying decisions and then how they perceive the changes while interacting with lifelike property models.

The entire process is completely dependent on the network and social media effect. It should be fast, reliable and relevant to the expectations otherwise end users won’t find it worthy.

 

Challenges with AR Technology

Since augmented reality is in its development phase, people may find challenges in functioning it properly. The technology is not working at its best, but the future potential is bright.

No doubt, technologies like AR are too effective, useful and hold a lot of potentials, but still more features need to be added to this app for better outcomes. From digital fatigue to lack of awareness, high-expectations to social rejection, anything could become a reason for its failure.

So instead of expecting a lot, focus more on its developed features and leverage its benefits in a cutthroat commercial real estate market.  

Conclusion

Undoubtedly, augmented reality (AR) is the future of real estate market. Most of the architects, interior designers and real estate professionals will be using this technology to create and explore 3D models of the real environment to engage more commercial property buyers for future investment.  

Author Info Manish Khanna

Manish is founder of Business2sell Group of Websites. 

Business2Sell.com.au is one of the leading business and franchise for sale listing websites. We work with our business brokers, commercial agents, franchisors and private sellers to help them connect with the right buyers for their opportunities. 

With website now functional in Australia, United States, United Kingdom, Canada, New Zealand and South Africa. We have over 18,000 businesses for sale listed, with over 220 Business Broker and Commercial Agent. 

I have over 20 years of experience in Web Industry; I have been involved in websites industry since the early years of 1996-97. In my professional career I may have worked for over 10,000+ websites. My Specialty is to build portals or complex online applications.