Patented innovations are transforming the real estate sector

Patented innovations are transforming the real estate sector

Imagine scrolling down the properties you are interested in from the comfort of your living room, getting all the details and even seeing a real-world view of the property as if you were physically there. With advancements like Virtual reality (VR), Augmented reality (AR), Extended Reality (XR), Artificial Intelligence (AI), and Data Applications, newly patented technologies are making it possible. 

Recently, Square Yards has filed 18 international patents in the real estate industry, demonstrating their commitment to innovation in augmented reality and virtual reality. These technologies have significantly impacted property marketing and viewing, enhancing the overall real estate experience for buyers and sellers.

The integration of augmented reality (AR) and virtual reality (VR) in the real estate industry has significantly impacted the way properties are showcased, marketed, and experienced by potential buyers and sellers. This technology has added a new dimension to property viewings and has enhanced the overall real estate experience for both buyers and sellers.

Will VR revolutionize the real estate industry?

Yes, virtual reality (VR) has the potential to revolutionize the real estate industry. Let's delve into how AR and VR are transforming the real estate sector:

3D Virtual Property Tours and Showcasing: AR and VR allow prospective buyers to take 3D virtual tours of properties from the comfort of their homes. This not only saves time but also enables a broader reach for potential buyers who may not be able to physically visit the properties. VR can provide a more immersive experience, giving buyers a real sense of the space and layout.

Remote Collaboration and Decision Making: Through VR, buyers and developers can collaborate remotely on property designs and renovations. It facilitates decision-making by allowing stakeholders to visualize changes and improvements in a virtual environment before implementation, which can significantly streamline the decision-making process.

Enhanced Property Marketing: Real estate companies utilize AR to provide enhanced property marketing experiences. Potential buyers can use their smart phones or tablets to view AR overlays of properties, providing additional information and visualizations about the space, amenities, or potential renovations.

Sustainable Practices: Utilizing AR and VR for property viewings and decision-making processes can contribute to sustainable practices by reducing the need for physical travel, thus minimizing carbon emissions associated with property visits.

Virtual reality tours can benefit real estate in the following ways:

VR tours have indeed become more accessible, thanks to various devices like headsets, smart phones, and computers. This accessibility allows a wider audience to experience virtual property tours. The ability to make real-time customizations during these tours is also a valuable feature. It allows potential buyers to visualize modifications like colors, finishes, and furniture choices, facilitating better decision-making. For properties still under construction, VR reduces investment risk by allowing buyers to virtually assess the property and gain confidence in their investment decisions. Furthermore, VR can assist with interior design decisions, as buyers can experiment with different designs and layouts before making physical changes. Additionally, VR platforms can collect valuable data and insights on user preferences and interactions, enabling real estate companies to better tailor their marketing strategies and property designs to meet the needs of their target audience.

Tech giants and their best innovations in AR/VR real estate industry:

Here are some of the notable innovations from major companies:

Google (Google ARCore): Google has been a key player in AR technology with ARCore, a platform for building augmented reality experiences for Android devices. ARCore has been utilized in real estate to enable AR property tours, where users can use their smartphones to view virtual property overlays and related information on top of the real world.

Facebook (Oculus VR): Facebook, now Meta, is a major player in VR through its Oculus VR division. Oculus VR has developed VR headsets, such as Oculus Quest and Oculus Rift, which offer immersive virtual experiences. In the real estate sector, Oculus VR has been used for creating virtual property tours, allowing users to virtually visit properties and experience them in a more interactive manner.

Microsoft (Microsoft HoloLens): Microsoft HoloLens is an advanced mixed reality (MR) device that integrates virtual and physical worldsIn the real estate industry, HoloLens has been employed for holographic property tours, enabling potential buyers to virtually walk through properties, view designs, and experience spatial layouts in a mixed reality environment.

Apple (ARKit): Apple's ARKit is a powerful AR development framework for iOS devices. ARKit has been used to create AR apps for real estate, enabling users to visualize properties in a real-world context through their iPhones or iPads. Apple's AR capabilities offer potential for virtual property tours and interactive property overlays.

Zillow (Zillow 3D Home): Zillow, a popular real estate platform, has integrated 3D Home tours that allow users to virtually walk through properties. This feature utilizes 3D tours and VR headsets to enhance the viewing experience, providing an immersive way to explore homes online.

SentioVR (SentioVR Platform): SentioVR provides a platform for creating and sharing VR tours for real estate. It allows users to convert 360-degree images into interactive VR experiences, making it easier to showcase properties and provide immersive property tours.

In conclusion, the real estate sector is altering the way homes are advertised, viewed, and designed by integrating AR (augmented reality) and VR technologies. Traditional processes are not being replaced; rather, they are being improved and optimized to the advantage of all parties engaged in real estate transactions. By providing cutting-edge, immersive experiences that improve consumer engagement, speed decision-making, save time and money, and expand market reach beyond conventional bounds, virtual reality is a potent instrument that dramatically enhances the real estate sector. The potential uses and advantages of virtual reality in real estate will only expand as technology develops. The promise of AR and VR cannot be understated as their market value keeps rising. Soon, new augmented and virtual reality innovations and its patent will become more sophisticated.

Our team of IP experts at EINFOLGE can help you develop your patent portfolio and find the best solutions for your technical problems.  By staying up-to-date with the latest advancements, we ensure that our clients receive innovative and effective solutions tailored to their specific needs. Our team's dedication to continuous learning and research allows us to provide you with the most comprehensive and forward-thinking IP strategies available in the market.