It would be an understatement to say the past two decades has not been easy on the real estate market. Between the 2008 financial collapse, and the current housing crisis affecting many rural areas, renters, and large cities alike; something must be done to change the real estate industry for the better and move the industry into a future where homes are affordable for all, and quality is not undermined by the importance of currency.
For the past few years now, virtual reality has been touted as one of the ‘next big things’ in the tech industry. While VR was initially not tied to the world of real estate, this changed due to the ongoing COVID-19 pandemic. After the pandemic and ensuing lock downs put strain on the real estate industry and prevented real life walk ins and visitations due to infection concerns; it was conceptualized to start using the digital sphere of VR to show off these lavish homes at a safe distance. No longer do potential home buyers need to travel far and wide to visit a property, instead enjoying the view of their new abode from the comforts of their own home or from the real estate office which you’ve set up to include VR in your business. This has wholly changed the way real estate marketing is done, and may have rippling effects on the business as a whole going forward. Here are just some of the methods and ways the world of virtual reality has taken the old game of real estate, and propelled it into the future.
Typically, when a customer is interested in purchasing a property, they’ll contact a real estate agent in order to agree on a proper time and day to view the property in question. This typically gets things done without a hitch, though it can be time consuming and inconvenient at times if a customer is unimpressed with the property, or if the meeting falls through at the last minute. Thankfully, using the leverage of VR; you’re able to circumvent many of the difficulties related to the showcasing aspect of the real estate industry.
The truth is automation saves your business money and your clients time, and the same goes for virtual reality technology as well. By using VR, home buyers are able to see their potential property from anywhere in the world as long as they have access to VR. But they won’t just be getting the standard virtual walk through similar to technologies from the days of before. Instead, VR allows for high scalability, textures, and heights to give your customers a purely realistic experience of what the property they’re purchasing will be like.
These visits typically come in two forms when it comes to VR. The first, guided tours, are like the typical promotional videos you’ll commonly see for the real estate market. They’ll provide you with either a fully virtual environment to explore, or a 360 degree video which gives you a full view of the property, how it looks inside, and the overall panoramic view of the place itself.
The second form of VR guides, the interactive visit; is a bit different and a lot more exciting. Interactive visits provide clients with the chance to interact with the environment of the property they wish to purchase. They’ll be able to move around and click on unique hot spots or QR Codes in order to get information on the home they’re purchasing. This is great for customers who are still on the fence about purchasing property or making large financial decisions, and can be a great opportunity to parse through questions and concerns your customer may have for you at the time of the interactive showcase.
Another powerful aspect of virtual reality is its ability to blueprint and create spaces without a finalized design in reality. Even if a property hasn’t been built; you’re able to take the description, dimensions, room sizes and heights into account to create a realistic virtual replica which both your clients, contractors, and investors can explore. Selling property which both isn’t officially finished construction and isn’t finished can be tricky; so being able to visualize the complete architecture of a building through VR is just one of the more powerful demonstrative abilities of the technology, and can assist you in easing customer concerns and solidifying your deals.
One of the latest and still lesser-known benefits of VR technology in the real estate business is what’s known as V-commerce or virtual commerce. This refers to deals and sales directly linked to your company’s use or your own individual use of VR. Typically, it will involve creating a ‘storefront’ like digital space for your customers to select the properties of the house they intend to buy and customize them to their liking. From there, the real estate agent collaborates with sellers and home designers in order to collaborate and make the homeowners dream come true. This can be highly lucrative, as you can charge premiums for these specific homemaking requests and in turn, greatly increase your overall revenue.
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