Virtual reality (VR) is gaining popularity as a helpful tool in the real estate industry. It provides a way to explore properties virtually, helping agents save time and money while giving potential buyers an immersive virtual experience.
Let’s take a closer look at some of the different uses for virtual reality in real estate. We think number eight on the list will be a game-changer for the industry.
1. Virtual tours
One of the most common uses of VR technology in real estate is creating virtual tours of properties. It allows potential buyers to tour their potential investment without physically visiting it.
A virtual tour saves both time and money on travel expenses. It also allows the buyer to explore a property at their own pace. Before deciding, they get an up-close look at features like lighting fixtures or flooring.
Removing travel time means buyers can visit more properties at a time that fits their schedule.
Agents can adopt VR experiences to bolster their marketing strategy. It creates an interactive experience for viewers that will help set the properties apart from others on the market.
Agencies can use these tours on their websites, social media platforms, or even email campaigns to maximize the exposure of their listings.
2. Neighborhood exploration
VR lets potential buyers explore neighborhoods without having to visit them first physically. It saves time, money, and energy!
Clients can investigate nearby community amenities like schools, parks, supermarkets, and restaurants. They can also view nearby houses virtually to get an idea of values in comparison to the current home they’re looking at.
A local simulation provides valuable insight into noise levels, local amenities, and nearby transport links. People can decide whether they’d enjoy living there before taking any action.
3. Design visualization
Another way that real estate agents can utilize VR technology is through 3D design visualization tools. These allow users to conceptualize how a home will look after completing renovation projects. Buyers can make informed decisions about purchasing a property based on future plans they may have for it.
4. Remote showcasing
Agents can showcase their offerings remotely to investors around the world. No one needs to leave their office or home.
Video conferencing software makes a valuable selling tool when combined with 3D models or 360-degree images of homes. Potential buyers get immersive tours of any location, saving them time and money.
By leveraging these technologies, agents can show clients more properties than ever before while still providing detailed information about each one.
5. Furniture visualizations
Furniture visualizations let viewers look over a furnished area with different styles and colors of furniture. Making interior decorating decisions is less time-consuming with less guesswork involved!
This feature is handy for buyers looking at unfurnished apartments and duplexes. It isn’t necessary to wait for possession before deciding exactly how everything should fit. In theory, buyers could pre-purchase their furnishings confidently before getting the keys.
6. Immersive presentations
A well-crafted immersive presentation is excellent for showcasing multiple houses at once. Creating 3D models of each one within a single experience makes for a good customer experience.
VR sales presentations are perfect for large luxury developments where there may be many properties within close proximity. They also allow prospective clients to check out properties when they can’t physically view them. This limitation could be due to geographical or accessibility restrictions.
7. Virtual staging
Virtual staging is the perfect solution for sellers looking at cost-effective ways to spruce up empty rooms during open house events. It allows the vendor and agent to add furniture and decorations virtually into any empty space.
Staging provides clients with a realistic preview before actual visits take place. Giving buyers a better idea of the room’s full potential could also fetch the seller a better price.
8. Pre-construction tours
In addition to showing completed homes, pre-construction tours let potential buyers visualize their completed dream homes. Immersive experiences like this are super-helpful for agents when the final project is still years from completion.
VR tours have become increasingly popular amongst luxury developers and brokers who prefer giving their customers full transparency on projects.
9. Sales training for realtors
An often-overlooked use case for virtual reality in realty is sales education. Firms are starting to implement VR sessions when training newly hired sales teams. It helps ensure high levels of customer service standards within the organization.
VR is also an efficient way to give staff home viewings of properties before selling them. Nothing will replace physically visiting it, but a virtual tour is a practical solution when time is limited.
- Find out all the uses for VR in sports. Exciting times are ahead for players and sports fans.
- Do you have kids in school? We reveal some exciting uses for virtual reality in the classroom that you may want to let the teacher know about!
Disadvantages of VR in real estate
- Non-technical users: Virtually touring a house is exciting and convenient for buyers and sellers, but it also requires knowledge of how the technology works. Brokers may struggle to navigate a virtual tour or explain its features adequately to their clients.
- Motion sickness: VR causes some users to feel sick, which will detract from the sales process. As the tech makes advances, these teething issues will likely get fixed.
- Lack of accuracy: Virtual reality tours require precise data, and mistakes in measurements or descriptions could lead to costly issues. Agents should double-check their work before releasing a tour to ensure everything is 100% correct.
- Cost of technology: Real estate agents require high-end equipment to create quality virtual tours. Businesses should factor in the initial outlay and ongoing software updates, maintenance, and content creation.
- Lack of personal interaction: While virtual reality makes buying and selling homes more efficient, it eliminates some face-to-face interactions between agents and clients. This is where traditional sales methods have an advantage over VR tours.
- Headset ownership: VR headset ownership is still low across the world. Prospective buyers may not have access to the required equipment, or their internet bandwidth may not allow for a good viewing experience. Some buyers will feel uncomfortable wearing one during a tour, which could limit the target market significantly if agents rely solely on virtual tours.
What is virtual reality?
Virtual reality (VR) is an artificial environment created with computer technology. It can include visual, auditory, or tactile stimuli and will often require special equipment like goggles or headsets to create an immersive experience. The user feels like they are living and interacting within this alternate world.
What software can I use for virtual walkthroughs?
Uses for AR in real estate
Augmented Reality (AR) is a technology that combines digital elements with the physical world to create a more immersive experience. It uses computer-generated images, sound, video, or other sensory input to enhance what we see and hear in the real world.
People can use AR to view 3D models of buildings on their phones or tablet. They can also look at detailed property information while walking through them using their device’s camera.
Augmented reality can also speed up the closing of a deal through digital signatures. These allow documents like purchase agreements or contracts from multiple parties to be signed remotely without having paper copies sent back and forth.
AR technology can provide virtual showings of properties for potential buyers who may not be able to visit them physically. Buyers can get an interactive tour through an app that lets them view 360-degree views of rooms and spaces from all angles. The buyer can also get detailed information about each room’s measurements, features, and amenities.
Virtual reality has become increasingly popular in the real estate industry. Its ability to provide immersive experiences for potential buyers without the cost or time away from work or home life commitments.
Agents can use this technology in many ways, including creating virtual tours, utilizing 3D design visualization tools, and showing properties remotely through video conferencing software.
This technology will help provide potential buyers with comprehensive information about any property.
While VR is unlikely to replace in-person viewing any time soon, it is a handy supplementary tool. Buyers open to new tech will appreciate the additional insight. It may be the extra nudge needed to get that sale over the line.
Did you enjoy learning about how modern tech is shaking up the real estate industry? Check out the applications for virtual reality in medicine. You don’t need to be a surgeon to appreciate how things are already changing in this field.