We can see the applications of virtual reality everywhere. It has tapped the real estate industry as well. The real estate investors are capable of experiencing a variety of benefits as well as advantages with the assistance of Virtual Reality. Hence, it is crucial to deep dive and explores how virtual reality can assist you with your real estate business.
How effortless can we you use virtual reality in the real estate business?
- Do you experience a drop in the selling?
- Do you feel frustrated when you have to explain something in a property but you can’t?
- Are your customers asking about the Virtual Reality show houses?
Stay with me; we are just starting.
Several effective methods are available for the real estate investors to use Virtual Reality when they are engaged in their business endeavours. Here are the most prominent methods out of them.
Virtual showcases of property
People who invest in estate usually tend to visit few available options before deciding on what exactly they need to purchase. However, this is a time-consuming process, which they really want to get rid of. That’s where architectural visualization comes into play. Now they don’t need to go from one home to another while inspecting the property. They just need to wear the VR headset and go through the property. The 3D virtual tours will assist them to get a clear understanding of what they are about to invest one.
With Virtual Reality, it is possible to have both guided visits as well as 3D virtual tours. The property investors need to select the preferred method out of these two options and move forward. They will be able to get what they need with minimum hassle and discomfort. The guys from Echo Fine Properties made an awesome video on that topic here:
Virtual Reality and commerce
After a homebuyer decides to settle down with a specific home, he will come across the need to introduce some changes to the interior, so that he can make his investment give a more personalised feel. That’s where virtual commerce comes into play. Along with the assistance of virtual commerce, homebuyers will be able to visit one of the online stores and order curtains, furniture and other items that are needed to create a personalised look and feel in the property he invests in:
Here is one good article on the question: Would You Use Virtual Reality to Renovate Your Home? written by Michael Cannell on Houzz.com
Virtual instructions for the tenants
Real estate agents come across the need to maintain regular communications with all the tenants. Virtual Reality can provide a practical solution to them as well. The tenants will be able to put on their VR headsets and go on 3D virtual tours to understand the property and services that are available. With this approach, the real estate agents are capable of eliminating a lot of manual work that they had to do while promoting property for the investors.
Real estate agents have been struggling a lot throughout the past with their marketing activities. Virtual Reality can make sure that they don’t struggle with marketing activities anymore. That’s because the agents are now in a position to come up with 3D models of properties and pitch them to the individuals who are interested in purchasing them. With Virtual Reality, it would be an easy task for them to market the property while paying particular attention towards both interiors as well as exteriors. This can be considered as a cost-effective marketing method as well. In other words, the real estate agents will be able to make sure that they are not spending too much of money on the marketing activities. There are some myths that exist out there and recently we wrote an article about them here: The architectural visualizations – 5 basic myths
Here is one great video by Hesh Fekry where he explains different architectural visualization techniques and their purposes:
WAIT! I’m about to reveal the benefits of using Virtual Reality in the next few paragraphs.
Without showing an empty property to the buyers, it would be more meaningful to show a property with furniture. That’s where home staging comes into play. However, traditional home staging is a complex and an expensive endeavour. That’s where virtual staging comes into play. Virtual staging has the ability to help you with staging your home within a short period of time. You will have to spend a fraction of the cost that you will have to bear with traditional staging methods as well :
Here is one example of staging with real furniture and decorations for the staggering 1 million dollars.
What are the benefits associated with using Virtual Reality in real estate business?
- It has the ability to save a lot of time
The ability to save time can be considered as the most prominent benefit that Virtual Reality can deliver to the real estate industry. As you already know, people don’t need to walk from one property to another, while making the decision on where to invest their money. They just need to sit at a place and use the VR headset in order to go through an entirely immersive three-dimensional tour. This will help people to make their decisions with minimum hassle.
- It has the ability to develop emotional connections
When a client is wearing a Virtual Reality headset, he will be provided with the ability to visualise the property in an effective manner. This is much different from the traditional home visits. When you are visiting the homes for inspection, you will be in a hurry. But when you are using a VR headset, there is no reason for you to be in a hurry. You can take your time and inspect the property. This will create an ideal atmosphere for a home buyer to develop a strong emotional connection along with the property.
- It has the ability to save money
Another impressive benefit linked with using Virtual Reality in real estate industry is its ability to save money. Home staging can be considered as a perfect example to prove the above-mentioned fact. As you already know, you will have to spend a lot of money to get the furniture you need to stage a home in the traditional way. All those expenses can easily be eliminated with the assistance of home staging. Then you will be able to minimize your overheads and pass that benefit directly to your customers.
- It can deliver a global reach
As a real estate agent, you must be concerned about achieving a global reach. Virtual Reality can remove all the challenges that you will have to deal with while achieving a global reach. That’s because you will be able to let a person who lives in another part of the world to go through the property through 3D virtual tours and make a sale.
- It can deliver immediate state of ownership
People who are looking forward to purchasing a home would love to receive an immediate sense of ownership. Virtual Reality technology is in a position to deliver that feeling as well. After making a sale, it would be a nightmare to sign the rental or purchase agreement. This would be a time-consuming process as well and no homebuyer likes it. That’s where the Virtual Reality tours come into play. With the Virtual Reality tours, it would be possible for the people to spend their time on the property as much as they want before the agreements are signed. Hence, this method can keep the homebuyers away from a great deal of hassle and frustration.
- You can go for more exclusive listings
When you are listing a property for sale, you will have to compete with the other real estate agents. That’s where you are looking for an effective method in order to gain a competitive advantage over your listings. Virtual Reality can help you with that. You can make your listings stand out from the rest, which will help you to grab the attention of potential customers. Hence, you will be able to increase your chances of making sales.
- You will find it as an easy task to cater the demand
With Virtual Reality, you will find it as an easy task to cater the demand that you are getting from the potential customers. All people are looking to get hands-on experience in the property before they invest. However, they are not willing to spend a lot of money and time to get that experience. With Virtual Reality, you can show your potential customers how the property looks like. Hence, the hassle associated with converting your leads into customers can be eliminated.
- You will have to hire fewer contractors
With Virtual Reality, you will only have to hire a lower number of contractors. For example, if you want to stage a company, you will have to hire a professional home staging company. Likewise, you will also have to look for transportation and many other needs. All the hassle can be eliminated with the help of Virtual Reality. You just need to get in touch with one reputed vendor. The vendor you select will help you with getting your floor plans, HDR photos and virtual tours designed.
As you can see, Virtual Reality can be considered as one of the most beneficial technologies available for the real estate agents to try. You can sell or buy real estate worth of millions of pounds utilizing VR technologies.
This technology would revolutionise the future of the industry as well. Due to this reason, you are highly encouraged to take a look at it and take your real estate investment opportunities to the next level. You will be amazed by the benefits that Virtual Reality can bring in to your business in the long run.