The real estate industry is one of the few ones where a potential customer may not always get to see the final product before making the purchase decision.
For example, if a person intends to purchase a new property, he or she is more likely to invest early when the building or space is still under construction to get a better deal. But, when the construction is still ongoing, the consumer can only see the sample apartment or office space and envision what his or her own property will look like!
So, imagine a situation where the buyer simply has to wear a headset to get a virtual experience of standing right inside his or her future home or office space. Would this not be a great feature to have that would make it relatively easy for the consumer to relate better to the space being bought?
Clearly, the need of the hour is for real estate buyers to get a personalized, virtual viewing experience of the property, without even being present at the location. This is where Virtual Reality (VR) technology is already making a difference and is likely to transform the way real estate companies target potential buyers!
It is normal for such companies to prepare a video presentation of how the property (building, offices or apartments) will look in the future for their prospects. However, VR apps can empower you to showcase things that are even closer to reality.
So, in this article, we take a look at the numerous ways in which VR apps can be useful for realtors.
Going the E commerce Way
The availability of a variety of smart devices and a good internet connection has revolutionized the way people shop online for clothes, electronics, groceries, and more. It has helped consumers do shopping on the move or even from the comfort of their own homes and, thereby, save plenty of time.
The same cannot always be true with real estate since there is no “product return” option once a property has been purchased and the sums being spent is quite big. Also, a current challenge for realtors is that consumers will not shop online without first visiting multiple venues.
However, VR apps can transport your consumers to their future homes and give them the ability to check out every room, before deciding to purchase the property. So, there will be far fewer last minute surprises once the end consumer moves in, as he or she would already have seen most of the property through the VR headset (at the time of buying).
And, even though the potential purchaser might still wish to visit the property physically first, VR apps will surely limit the physical visits to different sites.
Also, with real estate, people can invest money in one country, even while they continue living in another. For such consumers, VR can be a boon as well. It will allow them to shortlist the properties (through an almost real property viewing experience) while in their own countries and finalize the deal with only one physical visit to the actual real estate location.
Thus, VR will play a significant role in making real estate shopping as close to the ecommerce model (for retailers) as possible, where the customers will be confident in shopping online without much hesitation.
Providing Extremely Detailed Visual Projections or Illustrations
A major difference that VR will bring to the real estate industry is the ability to view complete mock-up designs in 3D, instead of the usual 2D viewing.
VR will also save time for the real estate agents. Buyers often want to view the property at different times of the day. But, the virtual experience will allow the agents to change the time as they wish and the customers can thus observe the property during the day and at night in one go. In this way, a potential purchaser can decide upon the lighting requirements for a property in advance.
VR also equips prospective real estate buyers with the ability to take a virtual walk through every street or block in the neighborhood in which they are purchasing a property. This eliminates the need for the extra efforts of using Google Maps or Google Earth.
Offering More Value
The main benefit of VR technology is that it could provide realtors an edge over their competitors who are yet to embrace the same. This can only be achieved by building a strong connection with the clients and offering them more value.
It is a common practise today for home buyers to wait for possession of their home before planning the interiors and furniture. But, since VR apps provide almost life-like simulations, the prospects will be able to explore the internal amenities of the property, open the doors to different rooms, and even rearrange the furniture to see what suits their new home best. Such possibilities will help consumers save time and start the planning process earlier.
More importantly, the prospective buyers will be able to try out different colours, types of furniture, and so on for their home with complete ease. They will even be able to envision an exact replica of the actual space and of the interior design that will be done later.
Once a realtor starts offering such additional technology-aided services, the consumer base will start demanding the same from the rival companies as well. Those who started the trend then stand a great chance of getting the early bird advantage that could effectively lead to long-term clients.
Helping the Contractors
A key aspect of VR technology is that it can help a great deal during the planning phase itself, not just for the buyers, but also for the contractors. It can demonstrate construction and renovation plans accurately, which will go a long way in helping the contractors estimate the budget and resources needed.
It can be said that VR has tremendous potential to revolutionize the real estate industry by providing opportunities for virtual on-site visits as well as interactive campaigns. It also offers a great way for investors and buyers to save time and view more options before making that all-important purchase decision. Are you ready to provide such a realistic experience in the virtual world for your consumers?
Kindly share your feedback and opinion about how you foresee VR making an impact on the real estate industry. Also, feel free to ask any questions in the comments section below.
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