Winning with AR and AI
in the real estate market
How using Augmented Reality and Artificial Intelligence to sell houses benefits realtors
June 6, 2023
Augmented reality (AR) and artificial intelligence (AI) are two powerful technologies that are taking Canada and the rest of the world by storm. The real estate industry, in particular, can benefit from implementing these immersive technologies into marketing strategies. But how do they work? And perhaps, more importantly, why are they considered such a powerful tool in today’s market?
Through AR and AI, virtual realities can be created, refined, and projected into screens that present an opportunity for extremely immersive walkthrough experiences. By exploring every detail of a property on their screen, buyers from all over the world can make offers.
That means real estate agents can provide potential buyers with an immersive guided video experience that allows them a property tour from anywhere in the world. Data is easily added to the walkthrough, providing information that enhances the user experience.
While the concept might sound a little space-age, you are probably more familiar with this technology than you realize. Things like predictive keyboards, Instagram filters, and Google Translate are all supported by AI or AR technology.
By harnessing the adaptive nature of this technology, real estate agents can offer clients a highly immersive walkthrough experience of any property they choose. Let’s find out how it works.
What Is The Difference Between AR And AI?
Before diving into the benefits of implementing machine learning technology into real estate marketing, let’s refine our understanding of it.
Augmented Reality is a blend of virtual reality and actual reality. It takes real-world visual data and overlays computer graphics to create a sort of “hybrid” reality.
One classic example of AR is the game Pokémon Go. Players perceive the real world through their smartphone screen, and the game uses AR to input characters, pop-ups, and information that appears to seamlessly interact with the real world.
Other examples include Snapchat or Instagram filters, and Google Translate’s camera option to photograph words from any language and translate them into your own.
Artificial Intelligence is more about the system behind machine learning than a visual experience. AI is the algorithmic system that processes data to identify patterns, problems, or connections and present them in a way that is organized yet constantly evolving.
You can find familiar examples of AI in many of your favourite smartphone apps. Biometrics, speech recognition technology, and image recognition are all made possible through AI. Marketers use AI as a means of creating faster, more intuitive, and more personalized experiences.
How Can AR And AI Be Used In Real Estate?
There are many reasons why AI and AR could present hugely successful opportunities for client growth and lead generation for real estate agents in Canada and beyond. For starters, they can create impactful digital tours of properties from all over the world.
An earlier Goldman Sachs study claims that the market of virtual reality in real estate alone will be worth $2.6 billion by 2025. Here are five ways any real estate agent can benefit from using machine learning.
Create An Immersive Experience
If we’ve learned anything from customer behaviour data over the past few decades, it’s that personalization and immersion are two very persuasive factors when it comes to marketing.
When selling a home, virtual staging and property tours are still new territory, which adds to the novelty of the experience. Clients and potential buyers experience a realistic look and feel of properties that pique their interest while engaging in an exciting and progressive technological experience.
Present Global-Reaching Opportunities
Clients no longer have to be in Canada to inspect a Canada-based home. The beauty of AI and AR is that they are accessible from anywhere in the world, allowing realtors to have a global client reach.
This presents golden opportunities for foreign clients to make connections with your real estate agency, bringing profits in and keeping options wide.
Increase Lead Generation
Many people like to peruse real estate websites to imagine what it would be like to live in their dream home. However, this kind of traffic makes sifting through serious leads difficult for currently basic algorithms.
This is where AI can come in handy. The deep learning of advanced AI algorithms allows for more accurate lead qualification, sorting the window shoppers from the serious buyers.
Streamline Property Valuation and Transactions
Another major benefit of AI, in particular, is its ability to objectively and accurately assess properties. AI can create an automated valuation algorithm that takes into account any available data on area public records, school district ratings and transportation options.
This way, it can intuitively generate a formal property assessment without any legwork on the realtor’s behalf. It can also accurately calculate all the variables and provide a concise result, making it easier to determine how to calculate profit margins on properties in various locations.
Additionally, transactions can be streamlined via AI systems. Many customer relationship management (CRM) systems can implement machine learning for tasks, such as generating automatic reports and auto-fillable data.
When you’re selling to a client, their confidence in both the property and their vision for it needs to be strong. AR can provide clients with the immersive experience of living in a home that isn’t theirs yet. But it could be now that they’ve seen its true potential.
According to a survey by VRAR, the confidence instilled by virtual tours is so impactful that 40.4% of apartment buyers attributed the success of their purchase to the virtual experience.
Why AR and AI could be the future of real estate marketing
Currently, technological advancements are seeing leaps and bounds like never before. The rate at which the technological world is accelerating requires every industry, real estate included, to constantly keep up the pace through adaptation and evolution.
AI and AR technology are not new on the scene. So far, the number of Canadian real estate agencies using them is exponentially increasing. There are many systemic advantages to utilizing AI. But another very real benefit is the elevated level of progression that it advertises.
Whether you’re as excited about these amazing technologies as we are or find them a little too sci-fi, there’s no denying their impact on the industry—nor their likelihood of disappearing anytime soon.
Feature image: Mathieu-Saint-Laurent– Pexels