Real estate business deals with buying, selling and management of land, property and buildings. Traditionally, real estate transactions follow a fixed pattern: dealer shows the clients listings, and then there are explanations and price negotiations, followed by an in-person visit by clients to the site or buildings. As any person who has some experience of such a deal might tell you, these steps can be quite laborious and time-consuming.
A new technology is bringing about radical changes in the process of real estate deals. It is called Virtual Reality (VR). It is making the real estate deals easier, simpler, faster and cost-effective.
Virtual Reality is computer-generated simulation of a three-dimensional environment with which a person can interact through electronic devices like a headgear. VR provides an immersive experience to the users.
When VR was first invented, it was extensively employed in the design of video games. Recently, there has been an advent of VR in a wide spectrum of fields and activities like healthcare, tourism and hospitality. VR has found traction in various businesses and industries and real estate is no exception.
Let’s see how VR facilitates real estate transactions.
As is the norm till now, clients visit several properties and inspect them to check how suitable they are for their needs and demands – before going in for the buy. This involves a lot of time and effort. In contrast, VR technology drastically shortens property cycles.
VR technology enables a client to take a tour of the realtors’ property from the comfort of their homes. Compared to a visit in flesh, this is a short cut. And the earlier methods of checking images of realty on websites may now look less appealing and uninteresting, Along with that, through a VR tour, client can visit several properties within a matter of minutes. Once the client has finalized the property, there can always be a visit in person.
VR technology also enables realtors to cater to a larger set of clients than before. Since this technology is not hindered by distances or borders, realtors can now look also at international clients. This technology is very ideal for those thinking of migrating to a new country and buying properties. VR technology has given real estate business a global touch. For realtors, looking at meeting the demands of long distance clients has never been easier. Naturally, realtors can look at bolstering their real estate B2B database.
There is also the probability of realtor making it either a guided or an interactive tour. In a guided tour, client is taken on a walkthrough through the property in a 3D environment. It could be a pre-recorded video with audio commentary. Whereas in an interactive tour, clients can click on the hotspots that they come across and check the various features of the property.
Prospective buyers can not only take a VR tour around the property at their convenience, they can do it as often and for as long as they want. For clients, this hastens the entire operation and makes it memorable. What’s more, the client could go on to recommend about this facility to his friends, associates and relatives.
Think of a scenario where you are showing a client a house which is empty and bland and the walls have discolored paint. It doesn’t make for a pleasant or promising sight.
Staging is the setting up of the interior of a building with furniture and décor by realtors before they are put on display for the clients. It is said that staged houses take 80% less time to sell.
Staging requires a lot of investment from the realtors. Propping up of the property calls for considerable expenses and maintenance of the property further adds to the costs.
Through VR technology real estate companies can provide the clients the “view” of a fully decorated house or office space. Such a 3D tour helps the buyers visualize their future property in an immersive and convincing way. Therefore, the realtors can forge an emotional connect between the client and the property which is extremely essential before a property is bought. A 3D tour gives a comprehensive feel for the clients and an instant sense of ownership. This expedites the process of buying.
Realtors can use the VR technology to think and plan ahead by designing staging for yet-to-be-completed buildings. Clients can get a better understanding of the under-construction property once they see it in a 3D environment with a furnished and finished look.
Virtual staging has another beneficial offshoot. Along with providing an impressive experience for the clients, such tours can also lead to virtual commerce.
Realtors can readily insert a “Purchase” option in the 3D staging tour and integrate an online store. This will assist the clients to pick and choose furniture and interior design features as and how they wish. It could be as basic as changing the floor design or going in for a different light fixture.
This aids the clients to customize their future property in keeping with their individual preferences. Compared to conventional modes of shopping, this is highly convenient and time-saving. It also makes it a more emotionally engaging involvement with the property for the client. And such stores from where the clients can place orders can be a part of realtors’ B2B real estate database.
Some of the ways in which VR is revolutionizing real estate business are:
VR technology has been a game-changer for the real estate business. All the leading players in the field have adopted and employ VR technology. It can be safely predicted that in the not too distant future, VR technology might become synonymous with real estate industry.