By Lianne McOuat
As someone who has spent more than 30 years helping builders navigate changes in real estate marketing, I’m continually amazed at how technical innovations push boundaries. Developing new strategies to maneuver in our fast-paced digital world, where technology shapes how we interact with our environment, energizes me. One of the most exciting developments I’ve been following is the rise of Augmented Reality (AR) and its impact on the property market.
AR overlays digital content, such as images or information, onto the real world through devices such as smartphones or AR glasses, creating immersive experiences. We’ve come a long way from AR being a novelty in Instagram filters or games such as Pokémon Go. Today, AR is a powerful tool for real estate developers and property owners, providing new ways to engage, advertise and enhance physical spaces. A key aspect of this shift is Property Digital Rights (PDRs).
What are Property Digital Rights?
Property Digital Rights are the digital counterparts to traditional property rights. Just as you own the land associated with your property, you can also “own” the right to control and monetize digital content overlaying your building. Imagine walking past a building and seeing an interactive advertisement pop up through your phone’s camera or exploring a virtual tour of a space before setting foot inside. This is the immersive experience AR offers, allowing property owners to decide how and when this content is displayed.
Property Digital Rights enable owners to:
Protect: Decide what AR content is displayed in or around their property, ensuring alignment with their brand.
Control: Manage interactive digital experiences associated with their property, from virtual tours to promotional AR billboards.
Monetize: Generate income by partnering with brands or companies that want to showcase their content in these virtual layers.
Expanding your property’s earning power
The implications for property owners are significant. Integrating AR into physical spaces can boost a property’s appeal, increase its value and open new revenue streams. By allowing businesses to create interactive, digital experiences – whether for navigation, advertising or displays – property owners can monetize spaces in innovative ways.
Imagine a commercial building where AR hosts dynamic digital advertisements or a residential development allowing prospective buyers to visualize design options in real-time as they explore. These digital overlays are emerging as a new asset class, offering fresh opportunities for those brave enough to explore this frontier.
Visionaries leading the AR revolution
One company leading the way is Darabase, a UK-based pioneer in managing Property Digital Rights. It has created a platform to help property owners seamlessly integrate AR content into their physical assets, protecting their digital rights while maximizing revenue. Their recent collaboration with our client Venturon, a venture capital firm specializing in PropTech, is a clear sign that this isn’t just a passing trend – it’s the future of property management and digital engagement.
Into the immersive future
As we advance in this digital age, it’s clear that AR is poised to revolutionize real estate. Property owners can enhance their physical spaces and actively shape their digital futures. This is no longer science fiction; it’s a transformative wave changing our understanding of property, value and experience.
The most thrilling aspect of this shift is the limitless potential it presents strategically in real estate marketing. We are on the brink of a new era where innovative thinking and bold action redefine possibilities in a digital-first world, and at McOuat Partnership, we are excited to be a part of it.
Lianne McOuat is Vice-President, Strategy, at McOuat Partnership, with builder/developer clients including in lowrise, midrise, highrise, master-planned, adult lifestyle, resort/recreational, retirement, commercial, industrial and multi-family leasing. mcouatpartnership.com.
