The rate of technological advancement today impacts how we live our lives. From shopping at the convenience of our homes to virtual assistants who can accomplish a myriad of tasks, creativity in cutting-edge technology is influencing every aspect of our lives.
Across industries, there’s an increased focus on adopting newer technologies and enhancing customer satisfaction. The real estate sector is no different, and the biggest paradigm shift yet in the industry is just around the corner.
Enter virtual reality!
What is Virtual Reality?
Virtual Reality uses computer simulations to enable people to interact with their 3-dimensional surroundings. In other words, it’s a virtual reality that gives a real-world sense of objects and environments to the user. Also known as augmented reality, VR is nothing but an illusion that makes users interact with virtual objects and environments by using a VR headset or helmet.
The groundwork for virtual reality was the 3D effect, the most popularly used in the cinematic world. Virtual reality goes a step beyond, giving a real-world feeling by interacting with all our senses, unlike the 3D effect, which only provides a virtual visual experience.
The Emerging Role of VR in Real Estate
Being a multi-billion dollar industry, the real estate sector has to embrace the latest technological advancements to provide buyers with good experience and satisfaction to convert them.
Virtual reality has the potential to become a game-changer in the real estate sector. Real estate developers and brokers are using the technology to lure more buyers, while buyers have the advantage of reduced travel costs incurred on visiting the sites.
Real estate builders can leverage virtual reality and show properties to prospective buyers via VR headsets.
But that’s not all!
There are more significant benefits that this revolutionary piece of technology can have in the real estate sector:
- Virtual Site Tours
One of the main challenges in the real estate sector is site visitations with clients. It gets even more complex when the property and the customer are geographically distant. VR can conveniently solve this conundrum for both; the seller and the buyer.
Virtual Reality, therefore, helps save precious time and money for both the parties with virtual tours of properties and influencing purchasing decisions for the buyer at their convenience.
VR also helps realtors increase their customer base by tapping into the global demand for real estate and not just relying on local buyers.
- Virtual Visualization
A major concern among real estate developers is project properties that are currently under construction and drive demand for them.
Under construction, residential or commercial buildings struggle to inspire confidence among buyers; the absence of physical structures leads to hesitation and indecisiveness among buyers.
But VR is a boon for real estate marketing, especially when advertising upcoming avenues. VR lets buyers take a glimpse at the future; how the house will look once fully completed. It gives them a chance to view the interior and exterior of the project once it’s completed.
- Virtual Staging
Staging refers to the collaboration between real estate developers and interior designers to show enhanced properties to their prospects. Staging makes the selling process much easier, as buyers get to know the interior and exterior of under-construction properties and make up their minds.
Staging is also beneficial as realtors, and interior designers can add extra elements to the properties during virtual tours. This allows the buyers to personalize the space as per their wishes even before the completion of the property.
This allows buyers to have a comprehensive understanding of the space and how it would look in the future with customizations once they move in.
Benefits of VR in Real Estate
We’ve established how VR impacts real estate but does it positively affect the industry?
Here are some of the major benefits of VR for real estate developers and agents:
- Saves Time
The foremost benefit of AR/VR is that it saves time and effort. There’s no need for buyers and agents to visit properties situated far-off; they can simply use a VR headset and enjoy the immersive tour of the property remotely.
Moreover, property visitations cannot happen round the clock, making VR technology even more useful. Although the technology still has to evolve for household application, real estate agents can conduct virtual property tours from their offices in the present scenario.
- Reduces Cost
Though virtual reality real estate marketing may seem like an expensive upgrade, it still saves money compared to traditional advertising in the industry today. From indoor staging of properties, high-quality pictures, and print media, there are a lot of expenses associated with the current real estate promotional campaigns.
But at a one-time cost of 360° camera views and graphics, you can set up a futuristic approach to real estate advertising and significantly influence prospects into purchasing.
- Global Reach
It takes many resources to close a single real estate deal. From guided tours of the property and price negotiations, the whole process of selling a single space consumes a lot of time. This is why most realtors hyper-target a small group of prospects.
But VR can change this approach. Virtual tours can lead to more productivity among developers and brokers and also cause them to reach out to buyers beyond the confines of their geographical location. This means realtors can follow up on more prospects and target more potential buyers.
- Builds Emotional Value
Virtual reality creates an immersive experience for buyers to visualize each and every room of the space. Due to having the luxury of time, they can look into every aspect of the property before deciding.
With more attention to detail, the use of VR creates an emotional value while engaging buyers and increases the chances of conversion for the realtor.
It’s already happening
Large corporations are already using VR, but the technology is yet to penetrate the mid and lower market segments. But it’s only a matter of time before augmented reality technology is fully ripe to take over the real estate industry.
VR solutions are set to be a revolutionary change in real estate, an upgrade that benefits all the parties involved; the realtors, investors, brokers, and buyers. People can view properties anytime and from anywhere. They can get aerial views of the place, check out the neighborhood, entrances, gardens, and of course, the interior.
Thus, VR will radically change the way realtors advertise their spaces and buyers purchase properties with a win-win scenario for both of them.