Did you know that augmented reality (AR) is on course to reach a market share of £270 billion by 2028?
AR technology is taking the world by storm, impacting every corner of the economy, from medicine to automotive and, of course, the property sector.
Real estate represents over £145 trillion of the global economy, impacting everyone who owns a home or manages property portfolios. While the property sector has seen a rise in new technologies, from smart building to Building Information Modelling (BIM), AR is a relatively new technology set to disrupt the space.
AR holds many benefits for landlords, property developers and professionals in real estate. It can help companies stay competitive by improving their operational efficiencies, overall customer satisfaction and streamlining processes.
Keep reading to explore how AR technology is revolutionising the property market.
1) Augmented Reality for Maintenance and Repairs
AR allows property owners and service agents to enhance their field of view with real-time overlaying digital data. Instead of spending a lengthy amount of time manually assessing a job, AR allows users to access helpful information through their smartphone or tablet that helps them identify problems quicker.
With AR technology in hand, contractors and homeowners can easily:
- Compare photos of a fully functioning system to the one they need to fix to try and spot any visual differences
- Create checklists of problems reported at previous call-outs for the same device
- Access user manuals for appliances
- Get instant access to a customer service team.
Using AR improves service quality and lowers the risk of future breakdowns, providing a win-win for homeowners and property managers.
Fixzy’s AR solution gives service agents access to live video-guided solutions for maintenance and emergency issues. Technicians can inspect problems before arriving at a property, significantly increasing their chances of fixing the problem on the first visit.
2) Augmented Reality for Architectural Construction Inspection and Renovation
AR also holds interesting promise for the construction industry. According to JLL’s State of Construction Tech report, AR has the potential to become standard on building projects in the future.
Construction projects often come with high costs, lengthy project times and unique safety concerns. AR can help overcome these challenges by streamlining the building process, providing additional oversight and managing onsite safety.
Architects can use AR solutions like CorelCAD or Microsoft Hololens to produce 3D CAD Drawings or virtual model holograms to streamline the project and improve safety on the job site. During construction, engineers can use AR overlays to “see” through walls and determine the safest place to install technical elements like power cables and water pipes.
3) Augmented Reality in Real Estate
Realtors can use AR to get ahead of their competition by showcasing virtual 3D tours giving buyers a 360-degree realistic view of the property. Virtual tours are also excellent for marketing new housing developments, attracting buyers before properties are completed.
To create an interactive experience, realtors can use AR overlays where buyers can test out aspects like colour schemes and furniture layouts. By playing around with themes and home furnishings, buyers can get a clear view of the property’s potential. That way, home buyers avoid wasting time visiting houses they won’t like.
Additionally, realtors increase their chances of closing the deal since buyers that attend the in-person viewing are likely already ready to place an offer.
4) Augmented Reality in Home Improvement
AR software and apps also allow users to view home improvements. Moving around their home, users can see the end result projected over the actual space through their camera lens. This way, they can almost “feel” how the place will look.
Houseware giant IKEA now has an AR app called IKEA Place that allows customers to see how a piece of furniture will fit in their space. Similarly, Wayfair Room Planner enables users to take a photo of a room and use the app to see various products added virtually in place.
If a project shifts from simply picking paint samples to turning two rooms into one large space, AR can help you identify which walls are safe to knock down without causing irreparable damage to the property.
Fixzy allows property professionals to create stunning 3D floor plans with accurate measurements in just a few clicks. Agents can then inspect these 3D room plans to identify any upgrade works, quickly and easily produce quotes without having to visit the property.
5) Augmented Reality in Interior Design
Interior design can be as fun as it is stressful. Homeowners may find themselves eyeing a sofa or expensive coffee table, wondering how it will look in their home. With AR, users can re-imagine and re-design a space using their smartphone to see how new decor and furniture will fit into their home. In the same way, users can use AR to remove an object.
Interior designers can also use AR software to demonstrate their vision to their clients, from colour schemes and floor material in the hall to the living room’s perfect furniture arrangement.
Whether working with a professional designer or taking the do-it-yourself approach, AR technologies let property owners experiment with design elements and define how rooms will look before committing, avoiding wasted time, effort and money.
The Future of Augmented Reality
AR is still in its early stages but could fundamentally change how we build and manage properties, buy homeware products, and impact how we interact with the world around us.
Embracing AR technology can help property owners and professionals separate themselves from the competition by providing a unique, convenient and engaging experience.
So whether you’re a property owner, real estate agent or service engineer, AR technology has the potential to unlock serious benefits for your property management.
Harness the Power of Property Management AR with Fixzy
Streamline your property management with Fixzy’s Visual Assistance system.
We use artificial intelligence, computer vision, AR and deep learning to empower service agents to enhance tenant and homeowner experiences, cutting operational costs with no-download, self-service technology.
Simply send a link to a property-based user via SMS or email. With one click, you can guide property-based users via an easy to understand interface, all from their own device.
Get in touch to transform your property management, or request a free demo today.