Have you purchased or sold a property recently? If yes, then you’d have indeed witnessed how the real estate business has changed over time. Here is when Virtual Reality in real estate industry came in handy to act as a complete game-changer.
Typically, the real estate industry required examining a long list of properties, sitting through price negotiation, and physical property visits. Although this workflow brought forth good results and has remained the same for decades, soon, people realized that it is very time-consuming for realtors and prospective homebuyers.
Virtual reality (VR) that smoothly blends in with our daily lives has shaped a momentous leap in the last few years. From video games, mobile, medicine, education, everything revolves around VR today. VR discovers new ways in its commercial application with the growing advancement in technology.
Would you like to learn more about the features that VR technology yields in the realty sector and how realtors can use it to maximize their business? If your answer is yes, then read ahead!
How You Can Use Virtual Reality In Real Estate Business?
Showing its active display and wide use in every upcoming and traditional business, even the real estate sector could not be barred from the slate of Virtual Reality (VR). Like in any other industry, VR technology comes with many innovative ways in store for the realty sector to help peddle their listings more innovatively and reliably.
The customer’s demand and interest are also changing with the changing time. And as a reflection, the realtors and developers had to pull up their socks to meet the customer demand; if the customer’s interest is gone, then the business will take no time to collapse.
Let’s exert a closer look at how Virtual Reality helps real estate agents reach out to potential clients.
Virtual Property Showcase
Let the homebuyers Spin it, See it, and Buy it.
Gone are the days of showing boring property photos, and it’s time to change the game with the advanced technology and say hello to more sales.
Buying a property for your personal use or business requires you to shell out your life savings; hence people tend to spend extra time and patience. But it gets tricky when the property that the customer is eyeing is geographically distant.
The VR technology can save your time and money that would otherwise go in visiting the property in person by visiting the property remotely. All it would require is a VR headset to demonstrate a real estate virtual tour. The agents are resorting to expert photographers and videographers to take professional pictures to help create a 360-degree rendering that can be shown using any modern VR headset.
There are two types of 3D virtual tours:
- Guided tours –
Such tours are either entirely virtual or come in 360-degree video tours. It is suitable for the existing properties, as it requires a panoramic video of the property and a VR headset.
- Interactive Visits –
With a single click on particular hotspots, one can choose where to move within the property. Although creating these kinds of virtual tours requires effort and is slightly complicated, they’re very captivating compared to the guided 3D virtual tours.
Try to picture an empty property with no furniture and then imagine the same property full of modern interiors, bright colors, and cozy vibes. Which of these would be easier to sell? Well, the answer is not hard to guess.
Dull walls, furniture absenteeism, and no interior designing, etc., can substantially reduce the interest and chances to sell any property, especially a residential property. It is the reason why the realtors started collaborating with interior designers to enhance the look and interiors of the property to lure the buyers. This marketing strategy is known as staging. The well-staged spaces take relatively lesser time to sell. Now, the realtors have started implementing the same approach in their virtual showcases as well, and it is cost-effective as well.
The customer requirements of their dream abode, a commercial space, or property are evolving every day. And the reason it has become imperative to embed the latest technologies in real estate.
What if the property in question isn’t ready to visit yet? Virtual reality in real estate resolves this problem. Architectural visualization is one of the best methods to sell under-construction properties. Virtual reality technology gave birth to the virtual real estate concept, and its usage is pretty apparent in the realty sector. Virtual reality in real estate India plays a crucial role in explaining the renovation projects and assisting the realtors who struggle in marketing such properties due to the lack of actual objects to showcase to the prospective buyer. With the power of VR, one can create architectural 3D visualization to help the customer visualize how space, exterior, and interior will look after the property’s completion.
With the power of Virtual Reality in real estate, one can take a virtual house tour of their ideal home from the comfort of their home.
Thanks to Virtual reality, the real estate industry utilizes technology in full swing to render a more engaging customer base and offer a dynamic and innovative house-hunting experience to the customer by delivering top-notch services and giving them the freedom to explore the properties and make them feel more at ease.
Virtual Instructions for Occupants
A few days or months into buying or renting a new property, the occupant might have tons of questions to ask the real estate agent or landlord; and this sounds like a simple task, right? But imagine getting a call from the occupant asking about how the thermostat works or how a particular thing works? It can be annoying and problematic for the businesses that offer 3D vacation rentals. And that’s when VR technology enters the picture to help companies communicate effortlessly with the occupants.
One can put on the VR headsets and experience 3D virtual tours, and learn about how the utility services provided by the property works. It makes it efficient for both occupants and the landlord and improves the buyer experience.
Benefits of VR Technology In The Real Estate Industry
By now, you already know some practical uses of Virtual reality in the realty sector. However, if you still have doubts about whether the technology is worth the shot for your business or not, we have round up a list of some points to prove it is. Have a look at our list of benefits of adopting virtual reality in real estate:
- Time Saving
Perhaps the most significant advantage of all, with the power of VR technology, there’s no need to organize your site visit schedule. Instead, clients can enjoy an immersive 360-degree video tour at any hour of the day and save time.
- Help Build An Emotional Connection
When a buyer is sitting in their comfort space, they can better pay the key insights. Such immersive VR technology experience helps enhance the client’s virtual reality real estate tour experience and build an emotional connection that conventional 2D images or a visit to the property in a hurry would fail to provide.
- Provide A Global Reach
Realtors know how time-consuming is the procedure of showing properties to the client and negotiating the prices. But all thanks to VR, now they can avoid going through this arduous procedure, and with the help of virtual reality real estate tours, the realtors can work more efficiently. It gives realtors to cater to a broader audience, and they no longer have to be limited to the local audience.
With the 3D virtual tours, the realtors no longer have to spend a big chunk of money staging the properties. All they would require is a panoramic camera and basic rendering.
- Enhanced Buyer Experience
No more nudging the prospective buyer towards purchasing the apartment; VR will do the needful for you.
With VR technology, you can enhance the buyer experience by providing personalized add-ons such as a description of a neighborhood, a mortgage calculator, and virtual visits. It will give the client a sense of personal connection and help them get all the required information.
Wrapping Up about Virtual reality in real estate
Enticing digital technologies such as augmented reality and virtual reality are entirely changing the way businesses buy, sell or maintain real estate. However, so far, mainly the large real estate companies are seen adopting the VR technology, but others are likely to follow suit seeing its notable benefits. Virtual reality in real estate is already making it big in the realty sector and will soon transform many other industries.