Virtual reality is a form of artificial reality, an illusion of an imaginary world developed by incredible computer simulation. Virtual reality solutions for real estate solutions allow potential customers to experience the property in the best possible way without visiting the property site. It also provides a practical illustration of the structure for referring to it later or showing it to potential customers.
The essential advantage of incorporating virtual reality in the real estate business is that it saves time for both the realtor and the client. It is much cost-effective than taking the client to check out multiple properties.
Virtual reality has enormous potential in the modern real estate industry. As per the resources, the technology is gaining traction, and it is estimated that virtual and augmented reality will have an $80 billion market in 2025. About 90% of the real estate agencies have adopted these technologies to grow their business and provide better services to their clients. From the printing catalogs to the virtual presentation of the properties, modern technology is used everywhere.
Here are the ways virtual reality is being used in the real estate industry:
- Virtual tour of the property
360° Virtual tours allow potential buyers to evaluate the property and every single detail with a click of a button. Compared to videos and photos, this technology offers a more accurate and gives an immersive experience. The main objective of Virtual reality isn’t always to sell houses; it aims to affirm leads and build a strong interest in buying.
- Virtual Staging of the property
Virtual Staging is one of the latest and advanced technologies used as part of home staging methods. Virtual Staging aims to help home buyers see a property’s potential and how it can be designed and furnished. Like physical home staging, virtual Staging aims to entice home buyers and help them connect emotionally with a property. Virtual Staging is essential for realtors as it empowers them to change the look and feel of the room instantly. A study revealed that about 77% of the real estate agent agrees that staging property helps the buyer make the decision quickly.
- Create 3D rendered image/video of a property (using just a floor plan)
As a real estate agent, a 3D rendered image/video of a property will help you share the big picture with potential property buyers before the house is renovated, redesigned, or even built. A 3D floor plan helps bring a floor plan to life. It is possible to customize and personalize the style of the floor plan as per prospective customers. A wide range of materials, colors, and textures can create a 3D rendered image/video of a property as per the client.
- Virtual commerce
The future of virtual reality in real estate lies in e-commerce. Virtual commerce is the ability to make custom alterations to a property. The real estate industry is gradually adopting this model in interactive virtual visits. Virtual commerce is an exciting new technology that allows the real estate industry the ability to tell a story like never before
The Benefits of Virtual Reality in Selling Real Estate:
- Qualifies prospects more efficiently
- Minimizes travel
- Exposes a property to a larger audience
- Provides interior and exterior perspectives
- Has a competitive advantage
- Social media savvy
- Excellent for reaching millennials
Virtual reality is evolving and transforming the real estate industry by saving agents and client’s time and money, increasing efficiency and engagement, shortening property cycles, helping agents win more listings, and decreasing barriers to the sale of off-plan properties. Virtual reality has proved its worth at the top of the property market, and it won’t be long before it transforms the property-buying experience for homebuyers all over the world