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AR/VR key to navigating extra competitive markets, says tech expert

12 December 2018 Tim Neary

Augmented and virtual reality tech will allow for radical personalisation in property transactions, and will become the key selling tool to navigate extra competitive markets, according to Console chief product officer Matt McGown.

“By that I mean property offerings that let people immerse themselves in the lifestyle that it offers is part of a future that is not too far away,” Mr McGown said.

“It will help people answer questions like, what’s my commute going to look like? Will I be able to host parties in a space like this? Where will I get my morning coffee from, and will my artwork look good here?
 
“That technology will give people the best intel they have ever had to know whether a property will suit them or not. And that will give properties with AR/VR viewings a competitive advantage in the market.”

Mr McGown said that augmented reality is going to “totally change” the way people view properties in the future, and we are only just cresting the first wave of this technology.

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He said that what you can expect to see soon is agencies presenting a property for inspection where it can be viewed by people who are sitting in their own home.

“We’re also likely to see people viewing multiple properties with the ability to overlay their own furnishings, and to assess in meaningful terms whether the property will meet their requirements.

“These viewings will be much more personalised, immersive and relevant to future tenants and property purchasers.”

Mr McGown said that VR and AR will bring us as close as we can possibly come to knowing what it would be like to live in a property, without having actually lived in it.

That, he added, will have a big impact on our decision making.

Mr McGown said that what makes VR and AR interesting is that they provide remote scale to the business. 

“I think the promise of doing a lot of real estate transactions remotely means there will be more of them, and they will be higher quality.

“For example, if you are a renter looking for a property, your ability to inspect properties is limited by what you see online and then what you can get around to in a certain time. Typically, inspections take place during business hours, when most renters are working.”
 
But he said that VR and AR remove those limitations.

“That could give everyone a better chance of finding a property that suits them,” Mr McGown said.

“Moreover, they’ll be able to visualise what their current furniture set-up would or could look like in a new property. Knowing that their furniture fits (or doesn’t) in the new property lets them make better quality decisions.”

AR/VR key to navigating extra competitive markets, says tech expert
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