Technology is an indispensable part of real estate now and it all started way back in 2005 when online real estate marketplaces like 99 Acres came into view. These online real estate portals enabled property buyers to look for a desirable property, which fulfills their requirements, from the comfort and convenience of their couch. However, property buyers, still, have to mark certain properties and pay them a visit before reaching a final decision. It is needless to say that this, undoubtedly, is a time-consuming process.
To eliminate this, real estate sector and technology have further strengthened their relationship by introducing 3-D modeling and virtual reality into the property buying process. Virtual reality can be defined as an artificial environment which is created with the help of computers and displayed to the users in a way that it is believed to be real. Users can interact with the simulated environment through various auditory, visual and even haptic techniques. Virtual reality, which has a considerable impact on several industries, is playing an important role, now, in the real estate sector as well. In India, alone, the real estate sector is likely to cross USD $ 175 billion by framing marketing strategies that revolve around virtual reality. Following are the most common uses of VR in the real estate sector that, definitely, enhance the property buying experience of the buyers as well as pave the way, for real estate industry, to significantly enhance their levels of profit.
Guided Visits to the Property Through Virtual Reality
Gone are the days when real estate agents have to construct a sample property and take special care to make it look appealing for the buyer in order to raise the prospects of the deal getting finalized. Moreover, the need for sharing brochures is also eliminated.
The online real estate marketplaces have incorporated virtual reality to give a 360-degree digital tour of the property to the potential buyer. The need to construct a sample property has been completely eliminated as, with the assistance of virtual reality, prospective buyers can get a walk-through of the place having an exact digital replica of how the place is going to look and feel like in the future. This has heightened and intensified the property viewing experience of the buyers. Moreover, not much-complicated programming or rendering are required to create a virtual guided tour.
At real estate conventions, property owners have set up VR goggles and associated kit to give a 360-degree view of the property, there and then, to the prospective buyer, rather than distributing leaflets containing 2D images of the property.
Virtual reality is not just limited to providing a high definition view of furniture placements, wall paints, and other relative items, but, it also enables the real estate owners to provide an exact preview of lighting and even how the view from the balcony looks like.
Interactive Visits to the Property Through Virtual Reality
Most of the potential buyers have an idea as to how they want the interiors of their property to look like. It will, definitely, be a game changer for the real estate industry if they could add the component of personalization and customization into the property buying experience of the potential buyer. This interaction has been made possible by virtual reality.
Various real estate applications and websites, apart from providing a guided virtual reality tour of the property, facilitate the potential buyers to be able to customize the property in accordance with their desire by clicking on special points in the field of view. As an example, virtual reality enables the prospective home buyers to click on the different rooms available in the property and design the same in their own way by adding or removing certain elements. This, undoubtedly, allows the buyer to have a quick look of how the property will look like after adding certain personalized elements and enables them to take a better decision much quicker as compared to the earlier property buying process.
Moreover, due to the addition of the factor of personalization, potential buyers have a better idea and they can visualize how the place will look like once they design it according to their desire and personality. Hence, it is needless to mention over here that this, undoubtedly leads to better conversion and a rise in sales.
Take, for example, the app named as IKEA Place. It is a fantastic application that let the users allow to virtually decorate their property by selecting and placing various furniture items from their online catalog. Hence, before buying a property, prospective buyers can have a better idea of how the place will look like when they will design the same in their own way.
Imagining Architecture Through Virtual Reality
Virtual reality has enabled the real estate developers and agents to market a property that is not constructed yet. Through virtual reality, it is very convenient to showcase large three-dimensional models of the property and its neighbourhood so that prospective buyers can perfectly imagine the final architecture.
Moreover, an app named Realar Places fuses the concept of virtual reality and augmented reality. It, actually, allows prospective buyers to navigate and walk through and around 3D models. Hence, even if a particular property is unfinished, real estate agents can showcase the amazing potential and the lifestyle space can offer.
Most prospective buyers out there don’t have enough time to have a thorough look at the property in person. However, almost everybody is in the possession of smartphones, tablets, laptops, and computers. Thus, with the aid and assistance of World Wide Web and the incorporation of virtual reality, the real estate sector has, definitely, expanded its boundaries and garnered the ability to tap on a much larger customer base as compared to earlier times.
As of now virtual reality is still new to the real estate sector and is considered a little expensive to incorporate, but the initial performance of this relationship between real estate and virtual reality and the humongous profitable returns that comes with it has made it clear that this relationship is bound to go a long way.