Augmented Reality in Real Estate

31 Juli, 2018

Bridge between the virtual and the real world

Augmented Reality (AR) describes technologies and applications that link digital data and files to the physical environment to take the user experience to a new level. Most applications currently work on mobile devices such as smartphones and tablets, but in the future hands-free devices such as smart glasses will increasingly replace them. The gap between virtual and physical reality is closing increasingly. This technology can be used in many ways in the real estate industry. First use cases have developed in the real estate marketing and are mostly used in the development process of the property. Besides common marketing with simple text descriptions and photos, 3D models are already used today and lead to a better interaction with and a deeper understanding of the final product. In the construction process as well, the linking with information from building information modeling can identify and avoid problems at an early stage. With a view to Facility and Property Management, tasks can be handled more safely and efficiently with the help of smart glasses and hands-free tablets. 

Three-quarters of participants in our 2018 Real Estate Benchmarking Study expect that asset and tenant relationship management and client relationship management will change dramatically as a result of integrating this technology.

The bridge between the virtual and the real world is seen as a forward-looking concept that offers great potential for an improved user experience.

Also, stationary retailers could get again a decisive advantage over the online trade by AR. For example, customers in the store can see information about the product, linking the opportunities for comparison and customer reviews of the virtual world with the physical stimulus to create a new shopping experience. In addition to the attractive product range, the need for individual care and further information, such as the nutrient content, place of origin or recipe suggestions, can be satisfied. By linking with a buyer’s customer profile, an even better understanding of buying behavior can be generated and corresponding individual offers can be made. This is why AR is particularly suited to stationary retailing.

Future Impact

PwC’s Asset Manager Benchmarking Survey 2018 shows that the areas of asset management, tenant management and customer management are already particularly affected by AR. Furthermore, there will be some changes in the areas Property and Facility Management in the future.

Project developers can use augmented reality to reduce their planning risk as the end product becomes visible and understandable to potential customers. During the construction of a building, you can walk through and set up your rooms, color the walls, and much more. You get an accurate idea of ​​what it will look like in the future. Nevertheless, AR is reduced only to the sense of sight and additional applications that appeal to other senses might be developed. In companies, talents with experience in AR solutions are very limited today. Therefore, the expertise of vendors and third party advisors should be used to understand this new technology, its use cases, their implementation implications and best practices. Identify use cases that can deliver fast learning and measurable impact, and plan your hardware investments early.

Start-ups

VUFRAME

VUFRAME has completely rethought the way companies (such as developers, distributors, etc.) can present their products in innovative and digital ways. VUFRAME's SmartView™ combines 3D files and popular software devices to display the highest quality graphics in both extended and virtual view in your room or any other location.

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eywalk

Eywalk is a start-up that helps real estate agents to create high-quality and cost-efficient object videos. The Eywalk format shows the property as it is and helps brokers to avoid "unnecessary" viewing because the property seeker can see every corner of the property in advance to a physical site visit.

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Thomas Veith

Thomas Veith

Partner, Head of Real Estate, PwC Germany

Tel.: +49 69 9585-5905

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Julia Arlt

Julia Arlt

Global Digital Real Estate Leader, PwC Austria

Tel.: +43 699 16305045

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