If you’ve ever been involved in buying or selling a house, you’re familiar with how the real estate business operates.
Usually, a real estate agent gives the client a big list of properties. Then, there’s a lot of discussions, and bargaining, and finally, you go check out the houses and apartments in person. This process has been around for a long time, but the truth is, it’s not very convenient or quick for both the real estate agents and the people looking to buy homes.
Yet, a game-changing innovation is already reshaping how the real estate industry operates virtual reality (VR). The potential of VR technology can influence real estate agents to expand their business, attract more clients, and provide high-quality services.
So, are you curious about how realtors can utilize virtual reality technology in the real estate sector? Let’s dive in!
Ways to Utilize Virtual Reality in Real Estate
While virtual reality is often linked with video games and entertainment, its potential in the real estate industry is significant.
Here, we highlight some of the most common applications of VR in this field.
Virtual Property Showcases
Traditionally, clients have to physically visit numerous properties before making a decision, a process that consumes a lot of time, especially if the property is far from the client’s location. Not only is this time-consuming, but it can also become costly.
Enter VR technology, offering a solution to these challenges by enabling millions of people to tour properties virtually from the comfort of their homes. With just a VR headset, individuals can embark on immersive, three-dimensional walkthroughs of properties. In a matter of minutes, potential buyers or renters can explore dozens of locations virtually and make informed decisions about which ones are worth a physical visit.
Virtual Staging
Picture showcasing an empty property with minimal or no furniture. Now, envision the same house or apartment but fully furnished, looking cozy and inviting. Which one do you think would be easier to sell? The answer is clear.
Statistics support this notion: as per a Profile of Home Staging report by the National Association of Realtors, 77% of real estate agents believe staging helps buyers connect a property with their future home.
While staging is a powerful marketing tool, it does involve costs, especially when selling newly built properties. Virtual reality technology provides a cost-effective avenue for realtors to market staged properties
Architectural Visualization
Promoting a property that hasn’t been built yet poses a longstanding challenge for real estate developers and agents. You might have come across extensive three-dimensional models showcasing a new property or neighborhood. These models serve to help potential buyers visualize the architectural design.
For the interiors of these upcoming constructions, real estate agents often set up expansive showrooms featuring full-scale models of apartments. Unquestionably, these marketing approaches come with a significant price tag. Virtual reality emerges as an effective solution to this challenge, enabling potential homebuyers to thoroughly explore both the exterior and interior of properties that are still in the planning or construction phase.
Virtual Commerce
Envision the future of VR in real estate, and commerce is a key element. While we’ve discussed 3D home tours and staging, now picture clients having the ability to make changes to what they see.
Consider a scenario where a homebuyer is on a 3D real estate tour but wants to modify the interior. They could visit an online store, pick a different piece of furniture, and seamlessly integrate it into their three-dimensional tour. By making these adjustments, they can personalize a property to align with their preferences.
Furthermore, even if clients opt not to alter the property’s interior, they might still be interested in purchasing items like furniture, curtains, and other showcased elements from the virtual tour. In such cases, they can instantly visit a virtual store and place orders for the desired items.
Benefits of VR Technology in Real Estate
Now that you’re acquainted with some practical applications of virtual reality in real estate, you might still be pondering whether it’s truly worth it. The answer is a resounding yes. To underscore this, consider our concise list of the most significant benefits that virtual reality offers to real estate agents:
Ø Saves Time
The most significant advantage of virtual reality solutions in real estate is the time saved for both clients and realtors. VR eliminates the need to travel between properties and endure traffic. Clients can effortlessly wear VR headsets for immersive three-dimensional tours, making property exploration efficient and convenient.
Today, not everyone owns a VR headset, but real estate agents can conduct virtual tours in their offices for clients. As VR devices become more commonplace, the majority will access VR property tours from the comfort of their homes. The use of virtual reality ensures that listed properties remain accessible 24/7, allowing homebuyers to explore houses and apartments at any time without requiring realtors’ immediate attention.
Ø Builds Emotional Connections
Virtual tours of homes aid clients in visualizing properties at their convenience, fostering an emotional connection. Unlike rushed traditional visits, potential buyers can engage in VR home tours, focusing on details and immersing themselves in the property. The full immersiveness of virtual house tours establishes a more profound emotional connection compared to traditional 2D images.
Ø Offers Global Reach
Virtual reality extends the reach of real estate agents beyond geographical constraints. With virtual tours showcasing properties, realtors can work more efficiently, irrespective of clients’ locations. This opens up the possibility of working with more clients and handling a higher volume of inquiries, as the need for physical visits is significantly reduced.
Ø Saves Money
While developing feature-rich 3D virtual tours may seem initially costly, it is a cost-effective alternative to traditional real estate marketing. Traditional marketing involves expenses for staging, high-quality pictures, and extensive print materials. Virtual reality leverages the efficiency of 360-degree videos and computer graphics, reducing costs significantly.
Ø Instant Sense of Ownership
Virtual home tours empower clients to visit properties at their convenience, fostering a sense of personal connection and ownership. This flexibility in exploration facilitates the decision-making process. Enhancing customer experience with interactive elements like mortgage calculators and neighborhood descriptions during virtual tours ensures clients have comprehensive information before requesting physical visits, streamlining the purchasing or renting decision.
Wrapping Up
Virtual reality technology is ushering in a transformative era for the real estate industry. While larger agencies like Sotheby’s have embraced virtual tours for select properties, the trend is likely to extend to more real estate agents seeking to enhance the efficiency of their work through VR benefits.
