Published on July 16th, 2019
Virtual Reality (VR) technology has recently been utilized as a solution to many different challenges in the real estate sector.
The benefits of VR in the industry are endless, and despite many people associating VR with video games and entertainment, it has enormous potential.
The popularity of VR shows how effective it can be for companies and their customers, especially in the real estate business. The most common and innovative ways that real estate businesses are using VR are listed below.
1. Architectural construction
Long gone are the days of 3D construction models and having to rely on paper to map out a building plan.
VR allows construction workers and those designing the architecture to visualize the property before any money has been spent sculpting a three-dimensional construction.
While these models used to help show the general outlay of properties, now VR can do everything.
VR is a lot cheaper and more immersive, which means that when it comes to properties that aren’t built yet, investors can still have a general idea of what the property will look like when completed.
Not only is this used for architects, but also potential investors wanting to find out more about an off-plan property.
Thanks to VR, architectural visualizations give everyone the ability to see the exterior and interior of properties that aren’t built yet.
2. Property Showcases
When investing, clients may often visit multiple properties before deciding on the one they want.
Rather than wasting time and letting things get complicated with viewings, people can virtually visit properties without leaving their homes.
Simply put on the VR headset and you’re able to experience an immersive, three-dimensional walkthrough of properties without any worries.
In a matter of minutes, potential buyers can simulate visits to dozens of locations across the globe, and decide which are worth visiting in person. There is an option of guided tours too, which resemble conventional promotional videos.
Companies like RW Invest use this method of property showcasing and have found it to be beneficial. They’re able to watch where clients are while wearing the VR headset and explain the property to the investor without leaving the office!
No matter what stage property is at, VR can imagine it to be better, and further along the pipeline. Think about an empty property with no pieces of furniture.
Now imagine the same property full of furniture and looking appealing; which of these would sell easier? Obviously, the property full of cosy furniture.
However, without the use of VR, clients aren’t able to physically see the property, and as a result, its potential.
Through using VR and carefully created three-dimensional environments, clients no longer have to wait until a property is completed, they can see it at any stage.
Research has shown that 77% of real estate agents say staging helps buyers associated property with their future home, the same applies here to investors.
4. Tenant Tours
Further down the line, VR can be used as tenants like, to see a range of properties before buying or renting their home. 3D tours allow tenants to see what the available properties are set out like.
Landlords are more likely to sell their properties if tenants have confirmed they love the home before the process.