This week we explore some of the recent breakthroughs in VR and AR technology which will have an impact on the rapidly growing VR real Estate sector.
Magic Leap finally launches!
Last week marked the release of the Magic Leap One. The latest of next generation AR/VR headsets, the Magic Leap One has made a significant splash as development kits were released to the public. So far the reception has been positive with developers praising the ease of set up and use.
While there is still much room to grow, the current offering on the App store is still quite limited but as the number of early adopters grow, so to will the number of apps being developed. This presents some exciting times for those who have the mind set on creating a new experience as the playing field is about as level as it can get.
Adobe VR Software
For those of you who prefer to work with images rather than apps, Adobe designed new tools which open up the possibilities for professions to start creating immersive experiences through Creative Cloud.
The new software will be titled Project Aero and allows for developers to build and view 3D designs from Photoshop, Illustrator and InDesign which can form 360 degree experiences. These can then be viewed on an iPhone or iPad. This has several applications in the real estate sector by being able to take real estate images and bringing them into the virtual world without requiring additional expensive and overly complicated software.
Revival of Retail
VR may even play a part in reviving struggling sectors such as the retail industry. A study by professors Santiago Gallin and Antonio Moreno showed through “The Value of Fit Information in Online Retail: Evidence from a Randomized Field Experiment” that VR technology showed some surprising benefits to retailers.
The results demonstrated that VR had the potential to offer higher conversion rates (+6.4%)m higher order value (+1.6%), and lower fulfillment cost (-5%). There was even a strong reduction in returns (5.2%).
This changes how we may use retail space in the future, particularly during the transitioning from the physical to the virtual.
Hardware costs define VR real estate market
Taking these new developments into account, it would appear that the main barrier to adoption for all facets of real estate is the hardware costs. A recent podcast by IT distributor Ingram Micro discussed the benefits of AR and VR in real estate. Sam Alt, technical support specialist at Ingram Micro, state that the technology was mostly being used for high end real estate rather than every day standard transactions.
“I would say that [VR in real estate] hasn’t trickled all the way down yet, and that’s mainly because of the cost of the hardware associated” He said. As the technology grows cheaper, it is predicted that the VR Real Estate market would witness an explosion in uptake as the benefits come under the microscope.
AR Teleporting has arrived!
With a high attention to detail and a team of forward thinking experts, Stambol Studio is offering a highly detailed immersive experience to the VR Real Estate space. When compared with the lower end of VR Real Estate experiences such as 360 images or video, Stambol is ahead of the game.
The experience is designed with exceptional attention to detail with interactive doorways and movement through any head mounted display or AR compatible mobile device. This means that you no longer need to point and click on markers to move throughout a space, making it feel as though you are fully immersed in a real location.
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3D Walkabout is one of Australia’s leading VR/AR/3D property marketing agencies specialising in creating awe-inspiring cutting edge experiences for the real estate industry. Get in touch with your ideas and we’ll help make them (VR) reality.
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