A powerful tool that’s making them more efficient, engaging, and profitable
Imagine being able to tour a house without stepping foot inside it or to visualise how your furniture would look in a new home before you even buy it.
Sounds like science fiction? Welcome to the world of Augmented Reality (AR). This technology is not just for gamers and social media filters anymore.
It’s revolutionising industries, including mortgage and property sectors, making the home-buying journey a lot more engaging and less daunting. This article will explore how AR is reshaping these sectors and how it could boost their sales.
Elevating the home-buying experience
AR turns home tours into an immersive, interactive experience. Potential buyers can virtually explore properties without leaving their homes. They can inspect every room, visualise their furniture in the space, and even see how different wall colours might look. This saves time and travel costs and allows buyers to make informed decisions based on a comprehensive understanding of the property.
Moreover, AR can also provide information about nearby amenities such as schools, parks, and shops, further aiding the decision-making process. It’s like having a personal realtor guiding you through each step of your home-buying journey.
Augmented Reality allows potential buyers to:
- Virtually explore properties from their homes.
- Inspect every room in detail.
- Visualise their furniture in the space.
- See how different wall colours might look.
- Get information about nearby amenities.
Streamlined mortgage application processes
Applying for a mortgage can be as thrilling as watching paint dry. But with AR, businesses can simplify this process. Customers can use AR applications to scan documents, which are then automatically filled into the application form. This reduces the chances of errors and speeds up the process. A win-win for both parties!
Augmented reality simplifies mortgage applications by:
- Allowing customers to scan documents for automatic form filling.
- Making the process quicker and less prone to errors.
- Creating a smoother, more efficient experience for both the customer and the lender.
Showcasing property listings
AR takes property listings to a whole new level. Instead of static images and tedious descriptions, real estate agents can offer 3D models of properties. Buyers can visit multiple properties daily, helping them shortlist their options more efficiently.
Augmented reality enhances property listings by:
- Offering interactive 3D models of properties.
- Enabling buyers to visit multiple properties in less time virtually.
- Providing an open house experience accessible 24/7 from anywhere.
The benefits of AR in the mortgage and property sectors
Alright, so AR sounds cool. But is it really beneficial? Absolutely! Here’s why.
Increased customer engagement
AR creates an interactive and personalised shopping experience, which can significantly enhance customer engagement. According to a study by Zoopla, 61% of potential buyers prefer utilising AR experiences during the property viewing and buying process.
Imagine being able to redecorate a house or check the view from each window before making a purchase decision – it’s a level of interaction that static images can’t match.
Augmented reality boosts customer engagement by:
- Creating an interactive and personalised shopping experience.
- Customers can redecorate a house or virtually check the view from each window.
- Offering a level of interaction that static images can’t match.
Driving sales growth
AR’s ability to engage customers and give them a comprehensive understanding of the product can lead to higher conversion rates. A Deloitte report states that organisations that use AR and VR technologies see a 70% higher conversion rate than those that don’t.
By providing prospective home buyers with a realistic, immersive view of the property, AR can help them visualise their future in the home, thereby encouraging quicker decisions and driving sales growth.
Augmented reality drives sales growth by:
- Providing prospective home buyers with a realistic, immersive view of the property.
- Helping them visualise their future in the home.
- Encouraging quicker decisions due to a comprehensive understanding of the product.
Improved marketing
AR can be a powerful marketing tool for real estate companies. It enables them to showcase properties more engagingly and interactively, which can attract more potential buyers. For instance, they can create virtual tours or 3D models of properties for smartphones or AR glasses.
Augmented Reality improves marketing by:
- Enables real estate companies to showcase properties engagingly and interactively.
- Allows for the creation of virtual tours or 3D models viewable on smartphones or AR glasses.
Remote property management
AR can also be useful for property management. For example, it can allow property managers or landlords to give virtual tours of their properties to potential tenants or buyers, saving them the time and cost of travelling to the property.
Augmented reality allows:
- Property managers or landlords to give virtual tours of their properties, saving time and the cost of travel.
Better operational performance
Industry experts suggest AR and VR can improve operational performance and reduce costs. This could be particularly beneficial in the construction phase, where AR can help visualise each element, even hidden elements, reducing the chances of costly errors.
Augmented Reality improves operational performance:
- It improves operational performance and reduces costs, especially during the construction phase.
- It helps visualise each property element, reducing the chances of costly errors.
Higher returns on investments
By streamlining workflows, increasing efficiency, and enhancing customer satisfaction, AR can lead to higher sales and better returns on investment.
Augmented reality provides higher returns on investments:
- Streamlines workflows increases efficiency, and enhances customer satisfaction.
- Leads to higher sales and better returns on investment.
Competitive advantage
In a competitive market, AR can give real estate companies an edge. By offering a unique, immersive experience, companies can stand out from the competition and attract more customers.
Augmented reality creates a competitive advantage:
- Offers a unique, immersive experience, helping companies stand out from the competition.
Visualisation of unfinished spaces
AR can help potential buyers or tenants visualise unfinished spaces. For instance, unfurnished rooms can be virtually staged with furniture and decor, enabling prospects to see themselves in the space better.
Augmented reality helps you visualise unfinished spaces:
- It helps potential buyers or tenants visualise unfinished areas, such as unfurnished rooms.
- Virtually stage rooms with furniture and decor for better visualisation.
Clarity on the service/product
AR provides a clear, detailed view of what’s being offered, whether a property for sale or a mortgage product. This clarity can help customers make informed decisions and feel more confident about their purchases.
Augmented reality creates clarity on services and products:
- It provides a clear, detailed view of what’s being offered, whether a property or a mortgage product.
- It helps customers make informed decisions and feel more confident about their purchases.
The bottom line
In conclusion, AR is much more than a trendy tech buzzword. It’s a powerful tool that can transform the mortgage and property sectors, making them more efficient, engaging, and profitable. And that’s no virtual reality; that’s a fact!
