VR in Real Estate- Is This the Future?
Dealing in Real Estate? Have you ever heard about Virtual Reality (VR)? Well, it’s just amazing. What if you could see that property before ever stepping foot in it? What if you could walk through the front door of the building and see every nook and cranny as if you were there in person? What if you could look around the neighborhood and see all of the other properties?
Well, that’s how VR has revolutionized the way Real Estate working. With VR, Buyers can easily imagine and experience a piece of land before even its completion. VR is not just a convenience but it also brings in cost-saving benefits. It’s a way sellers can sell a property that’s not even constructed.
Gone are the days, when innovative technologies like VR and 3D Printing was just a talk of the future. These technologieshave finally become accessible to the average consumer, and it’s being used in some really interesting ways, including real estate and interior design.
But what does this mean for investors? How can VR be used to help with real estate, and why should invest in it now?
In this article, we’ll go over everything you need to know about VR in real estate, and why investing in VR right now might be your best bet.
What is Virtual Reality and why is it changing the Real Estate landscape?
Virtual reality (VR) is a simulated experience that can be similar to or completely different from the real world. It’s applications in Real-estate are multitude including interior designs, product design, architecture and engineering. VR is used in these applications because it allows for realistic simulations while still providing users with a sense of control over their environment.
Virtual Reality (VR) involves using computer models and simulations that allows user to interact with an artificial three-dimensional (3D) surrounding that approximates reality. It helps provide such an experiences to users that helps in enhancing designs and can be used during renting and selling of properties. Real Estate investors, agents, and companies can use VR to significantly improve their business and standout among competitors.
Advantages of VR in Real Estate
VR is an augmented reality and is a game-changer for real estate. The COVID-era has also offered a way for real-estate businesses to operate remotely. It’s a solution liked by both sellers and buyers. So, it’s a technology that’s definitely here to stay.
Nowadays, people are used to having things at their fingertips. As per one survey, about 44 percent of buyers’ agents are using virtual reality in their business and 90 percent of those who used it said it helped win listings. That is a big number, which cannot be ignored by anyone in the real estate industry.
Let’s now see why VR tours in real estate are popular and what benefits they bring in:
It is more realistic
To save time and resources, some sellers will agree to show homes through virtual reality rather than go on site visits or seeing 3D models. Rather than going through a 3D model, you can now view your dream house in Virtual Reality with 360 degree views from all angles.
Buyers will get a better idea of what they are getting into because they will be able to walk around inside the property virtually rather than viewing it as a two dimensional image in person or viewing photographs online.
It saves time and money
Realtors don't have to worry about the cost of travel when they opt for virtual tours over physical ones; buyers won't have to go out and visit properties themselves if these are available through simulated headsets.
It offers personalized experience
People want what they can see, feel, and interact with before they buy something. So, virtual reality is an innovative way to make every single buyer feel like their home purchase experience is tailored just for them while simultaneously saving time and making the process cheaper.
It offers convenience
VR offers convenience and accessibility, especially in situations like COVID-19 where people are unable to travel or gather in large groups. It also allows for an immersive experience that can give potential buyers or renters a realistic sense of a property. VR has the potential to save time and money by reducing the need for physical showings.
Allows you to sell properties even before completion
Yes! With VR, you can sell properties even before they are completed. By having a completed product, buyers can get a feel for the property and make an informed decision about whether or not to purchase it. Buyers can see multiple properties without having to physically travel to each one, and sellers can increase their exposure by showcasing more than one listing.
The bottom line
Virtual reality, or VR, has exploded in popularity in recent years and shows no signs of slowing down any time soon. So, if you're a real estate investor, it is something you should start using in your business. It offers multitude of benefits and you can harness them in your favor to augment your business conversion rate.