While virtual reality is becoming a trending topic, there is one industry where it has found a place and is making a difference. Real estate brokers, companies and professional are adapting to Virtual Reality to stay ahead and allow prospective buyers to experience the property without being physically present, and in case of off-plan, buyers can experience a real feel of the space even before construction has started.
Conventionally, the only way to present a property to potential buyers is through pictures and the scope is limited. Pictures provide an inadequate view view of the property and we have many times heard the phrase, “It doesn’t look like the pictures”. Buyers spend a lot of time researching for their property of choice online on property portals and broker websites, and viewing the complete shortlist demands a significant portion of their time and effort and even with high resolution photos the experience is not the same as physically viewing the property.
Virtual reality is all set to significantly change this issue as it offers the possibility to virtually visit a lot more homes in a lot less time. It provides buyers an almost same view of the property as being physically present, this saves time and effort for buyers and helps real estate agents increase sales efficiency.
The technology is simple to use and is becoming affordable with more tech companies entering the market. Buyers can strap on a headset and virtually explore the property captured by a special camera that creates a 3D rendition allowing users to get unobstructed view from all angles. Virtual reality when layered with Augmented Reality provides users the ability to place 3D models of their favorite furniture and customize the property with elements of their choice. These technologies make it easy to judge if the property dimensions will fit the user’s family requirements or in case of commercial if it meets the business requirements before they decide to buy or rent. For off-plan properties, virtual reality works as a time machine that takes you in the future to show how the space will look like once it’s ready and customized as per your taste and choice.
Benefits of virtual reality in residential and commercial real estate
– It allows tenants to visualize the size of the property and decide if it meets their needs.
– Buyers and tenants get a virtual experience of all the shortlisted properties before they commit their time for site visit.
– Buyer’s and agents save time and resources, increasing productivity for both parties.
– Users can see how the property flows with different floorings, remodeled bathrooms, and updated kitchens.
– Virtual Reality helps get a 360 degree view of an off-plan property before it’s completed.
– It provides a completely lifelike experience to potential home buyers.
The benefits of adding Virtual Reality to real estate business are immense but many believe this technology is primarily for the ultra luxury segment of property, this is currently true to some extent, however in the next few years it will become a household concept. All technologies that are a part of our lives were difficult to purchase when introduced but slowly they became accessible to everyone.This technology is already creating an impact in other sectors and in real estate has started to become mainstream .It will be safe to predict that it’ll become the most important tool in selling real estate and Virtual reality will become more real.