Discover the benefits of this innovative technology to the industry
As ever-developing modern technology continues to shape the world, businesses must also adapt to these advancements to thrive. Let’s take a look at how virtual reality has impacted the business of real estate.
With virtual reality’s fast development over the past few years, it has since transitioned from previously heavy prototypes to the modern mobile and affordable headsets. The demand for such devices have reportedly increased due to the technology’s more immersive and realistic content. Apart from practical purposes, virtual reality is also utilised for the commercial sector – specifically the real estate industry.
Through virtual reality, processes that prove to be tedious and challenging for clients and realtors can be made less hassling. Listing checks, price negotiations as well in-person visits to the property could be made easier by digital technology. It is also being used by agencies to generate customers and even further lessen expenses incurred through onsite property visits. From multi-million dollar apartments and houses to listings in remote but desirable locations, a wide range of properties can already be explored with just VR headsets.
As a multi-billion dollar business, real estate bears a responsibility to adapt with the changing times, in order to consistently offer top of the line service to clients after premium properties.
Here are the ways virtual reality improves real estate even further:
1. Digital property visits
Buying property for personal needs or business requires a lot of patience and time. It gets even harder when the site and the customers are geographically distant. This is where virtual reality tours come in. With this, buyers are able to save time and money spent travelling to and from the property. Realtors also benefit from this as it reduces the need for in person open homes.
As VR reduces distance problems, realtors are able to extend beyond their local clientele. With this, such technology greatly affects (and even reinforces) the global reach of real estate.
2. Virtual visualisation and staging
It is no surprise that properties under construction are difficult to promote. Through virtual reality, realtors are able to build buyer confidence by allowing buyers to experience the complete future look of the property – from inside out. This is done in collaboration with interior designers, architects and landscapers who add enhancements to the home for staging, making it ready for a sale.
Virtual reality can also bring e-commerce to the next level through the addition of a purchase option in a virtual tour. With this, customers are able to bring in their own customisations to the home. From the colour of the decor and pieces of furniture down to the light fixtures, clients are given the opportunity to make changes according to their taste. As they are given a more personalised visualisation of the home, they are more than likely to pursue the sale, and actualise their goals.