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Understanding Extended Reality for Property Managers

Posted by Tricia Gopi on Apr 28, 2020 6:00:00 AM

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Extended reality refers to all the immersive technology or new realities. The relatively new technology marks a point of disruption in the world of real estate and property management.  

What is virtual reality?

Forbes qualifies virtual reality (VR) as an experience in which “users are fully immersed in a simulated digital environment.” Virtual reality leads a shift in the way digital technology can be used and affects how people experience the physical world. In a VR experience, users experience a “world” or a “reality” outside of the physical space they’re currently in. VR technology is an effective way of bringing ideas that exist in your imagination to life. Futuresouce consulting predicts that the number of VR sales will reach 98.4 million worldwide.

What is augmented reality?

Augmented reality (AR) is the concept enhancing real world experiences rather than replacing them. AR can be used to add virtual elements to the real world. Augmented reality presents virtual images as a 3D overlay on the real tangible world. Augmented reality isn’t just limited to images, texts and animations can also enhance reality using AR technology. Augmented reality is becoming growing in popularity as companies discover ways to put the technology to use. By 2025, the global AR market is expected to hit $198 billion.

Is Extended Reality Present in Business? 

A 2019 Deloitte report shows that 88% of mid-size companies were using AR in some form. Extended reality is being used in many industries beyond just gaming and technology. Many industries are finding creative uses for extended reality in their businesses. Manufacturing, financial, professional services and many other sectors are leveraging this technology and in the coming years their use of extended reality is predicted to increase globally.

How Can Property Managers Use Extended Reality?

Augmented reality can be used to create an immersive experience for those looking to lease or buy a property. AR can empower customers with more than just information and it offers them the benefit of experience as well.

Extended reality can be used facilitate training and education. The technology can be used to train staff in situations they’re uncomfortable with. Extended reality can be used to immerse trainees in complex situations for practice without real world consequences.

Mixed Reality, the use of both AR and VR, can be used in the real estate and property management industry to revolutionize property showings. Property management companies can use the combination of extended reality technologies to allow potential buyers or renters to not only visualize properties but experience them. With VR or AR, they can see the dimensions or functionality of a space and get a better understanding of whether that unit is a good fit.

Augmented reality can also be used to pitch maintenance projects or renovations. HOA and Condo boards can make better and more accurate decisions by stepping into a virtual experience of a renovation and decide whether the project is worth going forward with.

As technology continues to cause disruptions and evolution, the opportunity to take tech and apply it in imaginative and beneficial ways can improve success and customer service. Extended reality offers property management companies and customers convenience that can give them a competitive advantage.

Topics: Technology, Property Management, Branding, Communication, Business Growth, Employee Satisfaction, Digital, Customer Satisfaction, Automation

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