Augmented Reality (AR) has been around for years and most of us have been unaware of its existence. Whether it's the "yellow line" in a football game that makes it easier to see the first down marker, or the infamous Snapchat filters of dog ears or cat noses, AR is quickly becoming the norm in everyday life. Apple's CEO Tim Cook has called AR profound and he believes it will amplify the human experience. Augmented Reality will be used in virtually all aspects of society, including real estate. The industry will be transformed when AR allows for a property to be digitally wrapped with content, generating additional revenue by selling virtual advertising. This will require zero capital expenditures.
However, it's not all roses, rainbows and gumdrops, augmented reality can have a dark side. If landlords aren't careful they could find themselves in legal jeopardy. In 2016 the mobile AR game Pokemon Go became the top app the day it was released and encouraged players to trespass on private property in an effort to catch a Pikachu. This resulted in damages and deaths, while the unassuming land owners were on the hook for the liabilities.
At The Layer Group we have developed a proprietary technology that allows us to scan any real estate asset and identify if a mobile AR game is using that location for an unauthorized AR activation. We are able to represent the land owner in their efforts to get the augmented reality content removed. Our platform is able generate revenue for a property owner by facilitating a connection between the landlord and advertisers who want to obtain a legal license to use the real estate asset for augmented reality engagements. Creating a progressive augmented reality strategy that fosters prevention and monetization should be paramount for anyone who owns property.