Real estate innovation: the impact of augmented and virtual reality in real estate customer experience

Abstract

The residential real estate industry is lacking behind technological innovation. Brokers need to adapt to dynamic, technology-centered environments. Innovation and retraining are firms' best chance of survival. This thesis addresses the European market's attractiveness and analyzes the industry's most important technological trends. In particular, this paper focuses on Augmented and Virtual Reality. Through survey conduction, it is concluded that these technologies have great potential regarding real estate customer experience. Higher accuracy between online and real product increase speed and certainty in the purchasing process, decreasing effort. Firms can ultimately differentiate and solidify market positions while surviving the harsh digital environment.