How Augmented Reality (AR) and Virtual Reality (VR) are Boosting Tour Opportunities in CRE
Technology is revolutionizing every aspect of our lives, and the commercial real estate industry is no exception. Augmented Reality (AR) and Virtual Reality (VR) technologies rapidly transform traditional property viewings, offering immersive and interactive experiences that redefine how landlords, leasing agents, and brokers interact with and sell commercial real estate.
Immersive Experiences: AR and VR technologies allow prospective tenants to immerse themselves in virtual property tours from virtually anywhere. With VR headsets or AR-enabled devices like computers, smartphones, or tablets, users can explore properties in stunning detail, virtually walk through rooms, and visualize spaces as if they were physically present. Allowing tenants the potential to see renovations or interior design changes in real-time using AR overlays, allowing them to customize and personalize spaces to suit their preferences before making purchasing decisions. While this will never replace the benefits of touring a space in person, it helps to keep properties accessible and at the top of mind.
Time and Cost Savings: AR and VR property viewings can offer significant time and cost savings for both brokers and prospective tenants. In addition to scheduling in-person tours, potential tenants can narrow their options by touring properties virtually. With this flexibility, potential tenants can choose which process works best for them, saving time and speeding up the leasing cycle. Similarly, brokers can showcase their properties to a broader audience by accommodating all types of tours, in-person or virtually.
Improved Decision-Making: By providing immersive and realistic property experiences, AR and VR empower tenants to make more informed decisions. The options for in-person and virtual tours make the property search process more accessible and inclusive. This expanded reach opens new opportunities for brokers to attract a diverse range of potential tenants, enabling them to evaluate properties comprehensively and assess layout, space utilization, and architectural features with precision. In contrast, in-person tours provide the opportunity to get a feel for the space in person, the flow of collaboration, and how the space will benefit them, ultimately reducing the likelihood of post-purchase regrets.
Challenges and Opportunities: While AR and VR offer promising benefits for property viewings, there are challenges to overcome, such as technological barriers, adoption costs, and the need for standardized platforms. However, these challenges also present opportunities for innovation and collaboration within the commercial real estate and tech industries to further refine and optimize solutions that best suit tenants' needs.
Conclusion:
Augmented Reality (AR) and Virtual Reality (VR) technologies are revolutionizing how we experience property viewings, offering immersive, interactive, and convenient opportunities on top of traditional methods. As these technologies continue to evolve and become more accessible, they have the potential to reshape the commercial real estate landscape, making property transactions more efficient, transparent, and enjoyable for all parties involved. Whether you're an owner, broker, or agent, embracing AR and VR in property viewings can unlock new possibilities and enhance the overall experience of tenants and selling commercial real estate in the digital age.
