If you’re a tech enthusiast, you’ve probably heard of virtual reality and how it has mainly found its place in the gaming and entertainment industries. But did you know that VR is slowly taking over other fields as well?
That’s right, virtual reality technology is slowly transforming the real estate industry. Real estate agencies have started embracing technology because they noticed that it can be useful to them. With so many people searching for properties online, it was just a question of time when the industry will embrace technologies such as VR.
But do you know all the uses and benefits of VR in real estate? If the answer is no, don’t worry because we’ve got you covered. Let’s see how VR is used in real estate and what benefits it provides.
What exactly is VR and why it can be used in real estate
For those of you who don’t know, virtual reality can be explained as an artificial world that doesn’t exist in real life. It’s a 3D environment that we can interact with but only with the help of immersive devices such as headsets, glasses, helmets, and similar tools.
In real estate, VR has found its way to truly shine. VR is slowly revolutionizing almost every aspect of the real estate sector, from property showcasing to the way landlords and property agents interact and communicate with tenants.
Now, let’s discuss how VR is used in real estate.
Uses of VR in real estate
1. Virtual property tours
Property tours are one of the main real estate marketing strategies. However, they can be exhausting and time-consuming. That’s exactly where VR has found one of its purposes in real estate.
Virtual property tours are great because they allow buyers to browse properties from the comfort of their homes. And thanks to this integration of VR in real estate, potential buyers are more likely to contact real estate agencies such as One Percent Property. Plus, properties don’t sit on the market as long as they do if they feature 3D tours.
Currently, there are only two types of virtual tours and they include guided and interactive virtual tours. Guided tours consist of pre-recorded videos that provide a 360-degree of the property. Buyers can watch the videos with a headset.
Whereas, interactive virtual tours offer more immersive and engaging tours. They can tour the space however they like, and they can even engage with objects and elements.
2. Architectural visualization
Buying and selling a property that hasn’t been built yet is very complicated. Real estate agents often struggle with convincing buyers to purchase a property that has yet to be built. And buyers are skeptical about buying a property they can’t imagine or visualize.
That’s where using VR can help out. With the help of VR technology, real estate agents and developers can now showcase properties still in development. They can show potential buyers what the exterior and interior of a property will look like once finished.
Using VR for this purpose can solve so many problems. Architectural visualization can help real estate agents and developers sell properties that are yet to be made. And they can also help buyers visualize the finished building.
3. Virtual home staging
Home staging is a great marketing strategy many real estate agencies use. However, this strategy is pretty expensive. Especially if the property sits on the market for an extended period.
A furnished home is more likely to sell than an unfurnished one, but the expanses often exceed the benefits. That’s where we can use VR to substitute the traditional staging strategy.
Not only is virtual home staging more cost-effective, but it also allows the agents to change design styles so that they can appeal to broader audiences. It’s clear that in addition to allowing more customization, VR home staging is also more affordable.
4. Virtual corporate training
More and more real estate companies are adopting VR. And that means more employees that need to be brought up to speed about how to use VR. That’s another great area where we can apply VR in real estate – corporate training.
VR is a great teaching tool as well. With it, real estate firms can teach their staff how to virtually explore and familiarize themselves with properties, neighborhoods, and even whole areas.
They can also learn negotiation and communication skills. VR can simulate different types of situations in which the agents could find themselves. Sales scenarios where agents can practice communication and negotiation with clients. With VR, they can also complete safety training.
Benefits of VR in real estate
From all the above mentioned, we can see that the benefits are many. But let’s additionally highlight some of them.
1. VR saves time
Using VR in real estate helps everyone save time, both real estate agents and clients. The implementation of this technology can significantly save time, especially if the properties are in remote areas or foreign countries.
And in real estate, just like in most professions, time is money. So, by freeing up the agents’ schedules, they have more time and resources to find more clients. As for clients, with VR technology, they will be able to explore more properties in less time and make a decision faster.
2. Reduces costs
This benefit is closely related to the one above. By saving time, you’re also saving money. And that’s not all, as we already said, by implementing virtual home staging, agencies are saving quite a bit of money.
Real estate firms also invest quite a bit in promotional materials and marketing. Thankfully, with VR tours and home staging, they won’t need to put away so much money for marketing purposes.
3. Improves communication
Communication between a real estate agent and a client is crucial. VR implementations in corporate training enable agents to improve their communication skills. An agent who knows how to negotiate is a great agent.
Additionally, online communication is also important. And now clients can easily communicate with agents through VR. They can comment on any aspect of the property in VR and agents can easily answer. So, online communication with the help of VR is very much improved.
4. Immersive nature
The immersive nature of this technology allows clients to feel like they are standing in a certain property. This immersive experience is what allows them to make final decisions. This is something traditional promotional materials such as photos and pamphlets can’t achieve.
Bottom Line
With all that we mentioned, it’s safe to say that VR will revolutionize the real estate industry. And as technology advances, so will VR as well. This means that in addition to these uses and benefits of VR in real estate, you can expect many others pretty soon.
Guest article written by:
Erin Lane is a creative writer and lifestyle blogger from Canberra, Australia. She is a hard-working, organized, dedicated professional interested in learning new things. With five years of experience in writing, Erin has covered numerous topics, including health, fashion, fitness, makeup, home improvement, decoration, business, and finances. Erin is an active person who enjoys nature and traveling.
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