Despite Prime Minister Scott Morrison issuing a crackdown on public auctions and open houses, the real estate industry can continue through technology, according to an industry expert.
On Wednesday, 25 March 2020, the PM noted all auctions needed to be closed to support the flatlining of the COVID-19 pandemic.
Prime Minister Scott Morrison has issued a crackdown on public auctions and open house inspections, effective midnight on Wednesday, 25 March 2020.
“In the retail space, auction houses, gathering together in auctions rooms, can no longer continue,” the PM said.
“Real estate auctions and open house inspections, that cannot continue.”
However, due to technology providers such as RealAR, investors can get that same feel for a property through augmented reality.
RealAR stated: “Real estate professionals use the camera on their phone along with the properties’ floor plan to create 3D models of the place, allowing for vendors to see the property through augmented reality.”
RealAR believes its technology can help investors through the entire process which, given current government restrictions and low rates, can really give someone a head start in life.
“With mortgage lending rates now so low, they are also attracting many first-time buyers to market, and while they are mobile-savvy, they also need as much help as possible going through their first purchase decision,” the company said.
Should real estate agents adapt to change?
While some real estate agents might be worried about investing in augmented reality, studies have shown that:
- AR tours are almost double (1.9x) the level of engagement than TV and online.
- Increased win rates by 50 per cent when using AR for sales so that customers can better visualise products.
- Dynamic visual content to generate 403 per cent more enquiries and 49 per cent more qualified leads.