The COVID-19 pandemic has transformed nearly every business activity of the remote person. Thanks to video conferencing, as well as new technologies, such as augmented reality and virtual reality, businesses have continued to operate. One of the things that proved extremely effective was virtual real estate tours, enhanced by AR/VR functionality. In fact, they were so effective that virtual tours are set to become the norm in the commercial real estate industry in the future.
These are the conclusions of a report published by Resonai, a software company that develops solutions that transform physical spaces into intelligent digital environments. Some of the apps developed by Resonai help facility management and commercial real estate companies deliver enhanced employee and guest experiences.
Resonai report: 90% of real estate visits will be virtual
In “The State of Virtual Tours in Commercial Real Estate” survey, Resonai collected data from 300 commercial real estate professionals in July 2022. The survey focused on the use of virtual tours properties during the pandemic and plans to continue using them in the future.
See also: Resonai CEO Emil Alon explains how augmented reality will transform the modern workforce
The findings published in the Real Estate Virtual Tours report indicate that the commercial sector will not return to traditional property tours. To know:
- 90% of commercial property visits will be virtual in the next 2 years;
- 90% of commercial real estate agents who used virtual real estate tours reported an increase in revenue;
- 86% of real estate companies generating between $50 million and $500 million in revenue use virtual tours.
Real estate virtual tours improve brand perception
The use of new technologies is equivalent to a better brand image. This is at least one of the opinions of real estate professionals who took part in the Resonai survey. In fact, 95% of them believe that virtual real estate tours help improve brand perception.
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At the same time, these high-tech remote visits help qualify leads. The survey found an 85% improvement in this regard, compared to in-person visits. Additionally, prospects who participated in a virtual tour reported a superior viewing experience (92%). Overall, the use of AR and VR enhanced tours has helped real estate professionals work more efficiently and increase revenue.
Larger companies have higher virtual tour adoption rates
According to the report, 86% of organizations generating between $50 million and $500 million and 79% of those generating more than $500 million in revenue use real estate virtual tours. The adoption rate for virtual tours among companies with revenue below $50 million is lower (69%), but still remarkable.
When it comes to differences between commercial real estate industry segments, the survey found that the real estate segment that uses virtual tours the most is hospitality (93%), followed by industrial real estate. (84%).
What are the barriers to adoption?
Some real estate professionals have said that the companies they work for have yet to embrace real estate virtual tours. Moreover, there are no plans to do so in the near future.
The main reasons for this attitude towards new technologies in real estate are:
- 28% – lack of consideration;
- 18% – not necessary;
- 15% – no value to prospects;
- 15% – lack of resources.
Some respondents also said that AR/VR technology is too complex to implement and use.
On the other hand, the report identified improved marketing, a better viewing experience, the ability to offer remote building tours, and building a positive brand image as the most important benefits that promote the adoption of real estate virtual tours.
How AR/VR can improve real estate viewings
Findings from the Resonai report indicate that the commercial real estate industry is already familiar with AR/VR technology and plans to continue using it as one of the primary tools. Real estate virtual tours offer benefits for both realtors and prospects.
Some of these advantages are:
- Ability to create custom property presentations by adding AR content in real environments;
- Flexibility – virtual property tours can be done via desktop, laptop, mobile or tablet;
- Live or Recorded – Depending on the prospect’s schedule, they can join a real-time tour or watch a recorded tour;
- Ability to view work in progress using VR models.
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