As the real estate tech industry evolves, companies must evolve with it. Hence, modern property management companies are striving to leverage immersive technologies like Mixed-Reality (MR), Extended Reality (XR), etc. Virtual staging technologies have the potential for a significant impact in the real estate industry.
The utilization of Mixed-Reality in the real estate industry can provide you the opportunity to transform the way commercial properties are analyzed, transacted and marketed. Let us take a closer look at the wide range of applications and benefits of using MR in property management.
Use-cases of MR in the real estate industry
MR is the combination of Augmented Reality (AR) and Virtual Reality (VR) that essentially combines the virtual world with the real world. It can help commercial property management companies create an immersive tenant/buyer experience. Its application in the property management industry expands far beyond marketing.
1. Locating and accessing commercial properties
To buy or sell any commercial property, clients have to spend weeks or months finding, researching, reading and visiting places. But MR technology can make all tasks of locating and accessing commercial properties simpler and comfortable. With the help of holographic technology, clients can check out a site map of various properties from the comfort of their homes. It can also allow potential buyers to look into the neighborhood amenity map without the need of visiting the property. For instance, Mark, a realtor in New York enables their clients to locate and access commercial properties in 3D view using HoloLens.
2. Visualize property in 3D holograms
MR gives a 360-degree virtual walk-through of the prospective commercial property to remote customers. It can provide you personalized and customized property buying experience. MR devices such as Microsoft HoloLens can transport you into a fully immersive world of properties. Clients can visualize the interior as well as the exterior of the commercial property in 3D holograms in real-time. For instance, the global real estate developer Skanska is using HoloLens to offer virtual reality tours to potential clients.
3. Photorealistic architectural visuals
With the help of immersive MR technology, you can see architectural plans come to life. It can not only let prospective buyers visualize high-end photorealistic architectural visuals of the floor but also offer 3D rendering services. MR devices can completely change the look and feel of the entire space – including the architectural remodeling. For instance, Lowe’s is using HoloLens to demonstrate a variety of hologram kitchen design options to its customers in an interactive and visually rich way.
How HoloLens is transforming the construction, engineering & real estate industries
Microsoft HoloLens is a totally unchained see-through holographic computer that helps users to experience 3D holographic images as though they are a part of their environment.
4. Virtual interior decorating
MR technology also enables potential buyers to virtually experience the space having beautiful interior decorating. It allows potential buyers to customize the original decor such as interior finishes, furniture, accessories, etc. MR devices can make interior designing more lively, intelligent and better than a thousand pictures. For instance, the IKEA Place app allows its customers to virtually decorate their own living space and provide a unique buying experience.
5. Property specs and data
MR technology can offer real-time data of the property such as accurate dimensions, functionality, detailed statistics, or measurements of a space, using holograms. It will not only allow prospective buyers to visualize properties but also view specifications of the surroundings in real-time. It also enables buyers to take proper measurements of the space allowing them to personalize it. MR can superimpose data related to the property into virtual models to make it look as realistic as the real world.
Merits of MR technology
- Saves time, effort and travel costs
- High level of visualization
- Globalizing real estate market
- Forming emotional connections
- Fewer trips to the house
- Unlimited customization
- International demonstration
The future is here!
MR offers endless business opportunities to commercial property management companies. Embracing immersive technologies can help realtors to get customers more involved and interested. Also, as the COVID-19 forces enterprises into digital channels, MR will have a significant role to play in the future of the real estate industry. If you are looking for new and exciting ways to boost your commercial property management business using HoloLens, get in touch with our Microsoft experts.