How Mixed Reality Is Changing The Real Estate Industry

What is Mixed Reality? Let’s know a little concept of it.

Combining the full immersion of computer-generated experience bringing human connection to the real world; Mixed Reality is an adventure that is unlike anything we have ever experienced before. It incorporates several features that enhance the real-world view of the user.

Mixed Reality Market Overview - It is taking over many technologies

Visualizing something real and virtual together in real time is entrancing. Imagine visualizing and not imagining in fact, you get to see the entire virtual world, and objects appear to be real. The virtual interactions feel so much true and real with MR. Many leading companies from all over the world are utilizing this outstanding technique and benefiting themselves; these includes Microsoft Corporation, Facebook, Meta Company, Google Inc., Samsung Electronics Co. Ltd., Brainlab AG, etc. The major regions in the MR industry are North America, Latin America, the Middle East, Africa, Europe, and the Asia Pacific.

The Global mixed reality market is divided into several aspects like devices, applications, market region, software, hardware, and more. In the whole world, Asia- the Pacific region exhibit the highest CAGR of 76.5% during 2018-2024 being impacted by several factors:

High cost of mixed reality devices

The global Mixed Reality market size is projected to reach USD 2482.9 million by 2028, from USD 331.4 million in 2021, at a CAGR of 28.7% during 2022-2028. The global mixed reality market attained a value of nearly USD 681 million in 2020, driven by the growing adoption of 5G technology and IoT technology.

Aided by rising technological advancements, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 77%. The market is projected to reach about USD 20,708 million by 2026.

• In North America the Aerospace, Automobile, and defense segments are providing huge opportunities for the MR industry to grow. Example: Volvo Car Corporation has started installing Microsoft’s HoloLens technology in cars to provide 3D models.
• In Europe, MR is majorly being used in architecture and interior designing sectors boosting the market growth in the coming future. The technology can help in identifying problems initially and can repair the product and let the customer test it. 

With each passing day, technology is evolving and mixed reality is a part of it that has brought spring to life. It is the technology of the future that can be seen covering many industries and used in many applications.

Mixed reality future trends - Almost every industry is opting it

With the evolving real estate industry and construction; companies are also evolving with technologies. They are bringing modern elements and enhancing modern property management. Companies are thriving to work on the technologies and stay in the industry. The proper utilization of this technology completely transforms the way of analyzing the properties.

The process of transaction and marketing is changing with mixed reality. HoloLens is a tool from Microsoft through which you can have a closer look to the properties. Then some other tools like Light by Nreal, ZapBox by Zappar, Holoboard Enterprise Edition by Tesseract, and many more are making the journey easier with MR.

Some examples of mixed reality applications

• Immersive movies where the trailers create the buzz in the market and you can enjoy the movie beyond 3D and 4D experiences.
• Educational classes let the students enjoy practical demonstrations in 3D, 360-degree environments, and VR-enabled headsets.
• The corporate meeting can be held using this technology boosting the possibility of taking a meeting without attending it remotely. Ohh… that is such a relief... You can ask any corporate person.
• Event management that already garners eyeballs from the globe can be done using this tech. like all the arrangements including the implementation of photo booths allowing clicking pictures and more boost fan engagement.

• Mixed Reality- Unlocking the natural and intuitive 3D human interactions with the environment

  According to Allied Market Research, the mixed reality market is estimated to be around $5,362.1 Million by the year 2024 clearly indicating the promising future of technology if utilized efficaciously. Mixed Reality gives us freedom from screen-bound experiences. Using it, we are liberated from screen-bound experiences by offering instinctive interactions with data.

  Mixed Reality is the next wave in computing taking everything to next level. You can enjoy the stunning holographic representations of people with the holographic 3D models (objects made of light and sound appearing real around you) letting you witness the real world around you.

Benefits of Mixed Reality in Real Estate - Knowing all in important

Mixed reality has brought so many benefits and the most important one is Immersive Experience. With the amalgamation of environment and 3D models, an immersive experience can be created that is most used by real estate agents and developers. It helps in selling the property in a completely new manner by providing them with a virtual tour of the home giving an insight into what a home looks like.

MR enables the clients to envisage their future home and ask for changes wherever required. On one project and at one time, multiple stakeholders can come together. This brings ease to the purchase where the client can get the full idea about the location, property, interior designs, etc., and can ask for changes in the ongoing construction to bring out the perfect piece. This will let you end up making a profitable and good investment.

• Properties can be shown remotely

What can be better than staying at home and viewing what you own? Well, I think looking at the current hot weather, nobody wants to step out and explore the property from the front. Then MR has brought a solution for you where builders and the agents can give a guided tour to the clients specifying the significant features and buyers can put all the inquiries. Even remotely you can get a clear perspective of the property you are interested in.

• Virtual Visits are not so boring anymore

Have you ever seen a view from the top or something giving a 360-degree view? How did it feel? Did you like it? I mean getting a 360-degree view gives you the whole idea of surroundings, beauty, and flaws. Now with the mixed reality headsets and other applications, you can get a complete view and experience the whole space. Clients love this delightful experience that gives the feeling of fulfillment providing the satisfaction of what home they will own and the facilities added. Virtual visits through MR are a beautiful experience.

• Location-based experience

Virtual Reality though brought so many benefits but still was restricted to a zone and that is basically related to the obstacles in the physical environment with respect to safety concerns. It was the challenge the VR was having.

 Microsoft is investing heavily in MR that will transform the workplace, especially places like manufacturing facilities and production studios. Engineers and other professionals can use products like Dynamics 365 to glean greater amounts of 3D data from simulations using MR. Coworkers can get expert instruction remotely using an MR experience that allows them to annotate the virtual space around them in the same way people mark up Google Docs.

• Customize according to your likes & dislikes

As said above you get a complete view of the property through MR, which means you can also extract the changes you need and can ask the seller or the developer to implement them. This can help in determining the final look of the property. In fact, you can make the best decision by choosing others over what was already going on in your mind. Real estate developers have so many properties to showcase ranging in several prices, so ask for customization according to price and need.

How mixed reality will improve real estate experience? Use-cases of MR

Technology is evolving and is opening palatial space for the industry to grow. It is combining the virtual and real world by providing a completely natural look. The expansion in this field is beyond marketing and beyond your thoughts.

Have you ever imagined looking at a property with the combined aspects of the physical and digital world?

That is the power technology has and this has come out in the name of Mixed Reality. Forget about Virtual reality and augmented reality, MR will blow your mind. Let’s know the use-cases of Mixed Reality in the real estate industry.

1. Locating and accessing properties

When it comes to searching for the best property option then you need to do so much research and visit sites. This makes the whole process so much complex, tiring, and long. Instead of spending weeks and months finding the property better make the process simpler with mixed reality.

From your own location, you can sit and enjoy the property tour and with the help of holographic technology you can check out the site map as well. Buyers get a great opportunity to own property without visiting.

Example: A realtor in New York, Mark, uses HoloLens to enable his clients to view commercial properties in 3D.

2. Visualize property in 3D holograms

Well, this gives an outstanding and eye-catching view of the property remotely. MR devices like HoloLens provide an impressive view of the properties. Clients can get a complete visual from the device and get the feel of a real view with customized and personalized examples. HoloLens is an amazing tool for the real estate industry replacing costly home showcasing and saving time from visits.

3. Photorealistic architectural visuals

How about visualizing the architectural plans coming real in front of your eyes? Well, that is definitely going to take time in real life but with the help of MR technology, you can visualize the architectural plan in real. The devices completely change the feel of the entire space and everything seems to be real.

Example: Using HoloLens, Lowe's, for example, provides customers with an interactive, visually rich way to see hologram kitchen options.

4. Virtual interior decorating

Interior decoration has always been the main concern for the people shifting in the ready to move in apartments; or for the projects under construction. You just get an idea with the pictures and videos presented by the developer but do that turns out to be the same as promised? But with the help of MR technology you enable the buyer to virtually experience the space where they can check the beautiful interior decoration.

Example: The IKEA Place app, for instance, offers its customers the opportunity to virtually decorate their own living space before making a purchase.

5. Property specs and data

With real-time data and visuals, you can determine the property more accurately. You can get accurate dimensions and functionality with correct measurements and stats with various tools. This allows the buyers to visualize properties with all the specifications and if you need any changes you are allowed to do that in real-time.

Merits of MR technology

• Increased conversion rates
• Saves time, energy, and money
• Enhanced level of visualization
• Augmented viewings of the real estate market
• Demonstrations round the globe
• Customization as per your choices

Mixed Reality in Real Estate - some applications using it

Mixed Reality has taken the center stage and several companies are exploring it; especially in real estate applications. Some of these are:

• Acrobots is one of the applications that is building a seamless platform for real estate developers by joining MR with AI and robotics. This will further enhance the design and construction process.
• Matterport is another popular platform that has been used by over 4 million real estate agents across the world. It has a camera technology that enabled VR walkthroughs.
• Spaces is a platform that allows people to create and share virtual reality spaces. This allows the customers to walk throughout in 3D models.

Mixed Reality - Improving the real estate experience to next level

Mixed Reality is becoming the center stage in today’s world and is emerging to be a very promising technology for real estate. MR is taking the world by storm by becoming the center of focus of all the start-ups and established companies. It has the potential of discovering and evaluating all the knick and knacks about the property and then making a decision for investment. This technology brings digital elements into the real world. You will be able to merge digital objects with the physical environment. MR is made to give you a more natural feeling and look to view properties.

Needless to say that MR has created a totally new way of experiencing the real world virtually. It is a blend and in fact advancement of VR and AI. MR brought 3D models into the real world by allowing people to experience immersive and engaging content. This will help improve productivity and collaboration and of course very clarity of the property buying. MR technology is in everyone’s mind and brings efficiency in sales and real estate business improving experiences. This tool is not very complicated to use by providing custom visualization and walkthrough opportunities getting huge attention from real estate professionals.

Conclusion!

What to say? The future is here!

Yes, I can say that the future is here. Mixed Reality is offering endless opportunities for businesses to grow. It is your choice how you want to embrace the technology and get it used for your business. It depends on you to get customers more involved and interested in your property. MR is playing a significant role in the real estate industry and to the ones who are looking for an opportunity to boost property management.

FAQ - SOMETHING MORE FOR EXTRA LEARNING

1. What is the difference between AR, VR, and MR?
Technology has made tremendous advancements and it has given the view beyond imagination.  Augmented Reality technology augments your reality by adding digital elements; Virtual Reality technology simply simulates a real or artificial environment, and Mixed Reality technology combines virtual content and objects with the real world.

2. With Mixed Reality, how we can improve?
Mixed Reality brings us so many benefits; we just need to utilize it in a better way by innovating faster, collaborating better, supporting employees, and improving the training.

3. What is a Mixed Reality Spectrum?
The best way to understand and look at mixed reality is through a mixed reality spectrum where virtual and augmented reality exists together with MR. It is also called as virtuality continuum.