Virtual Reality is achieving cult status in real estate. What are the VR trends at play now?
Updated: Jul 30
How cool is it to saunter around a place, enjoy the sights and sounds of the surroundings without being present there in the flesh! Well, it may sound like a leaf out of a fairy-tale, but thanks to the ushering of Virtual Reality in real estate, this is slowly becoming a nomenclature.
Virtual reality is the new buzzword in this pandemic-ravaged world. It is a technology that creates a simulated environment of a fictional world allowing the user to experience and interact with the 3D world and immerse in their surroundings through pre-generated 3D videos or via VR devices.
While VR is not a newbie in the tech world, having a solid presence in sectors like gaming, healthcare, retail and defense, its recent entry into real estate has created positive ripples that are going to keep the real estate sector in good stead in the near future.
Virtual reality tools are steadily becoming the ultimate communication and marketing medium for the property industry. In fact, post lockdown, millions of dollars have been pumped into virtual reality and 3D infrastructure, looking at the stellar potential this technology possesses. Virtual tours have suddenly become the mainstay on real estate portals, looking to stay ahead of the curve and rein in more tech-savvy homebuyers.
Virtual Reality trends that are upending the real estate industry
1. Virtual tours to be the new normal: It doesn’t take a second thought to accept the fact that virtual reality is the best thing that has happened to real estate. It is the perfect alibi to physical real estate business allowing potential real estate buyers or renters to take a virtual tour of the property without moving a leg. Users can visit multiple properties/locations within a short period of time. Real estate agents can streamline the selling process better and seal a deal quickly, saving hours of time and effort. Moreover, 3D videos of properties trigger a sense of belongingness among homebuyers, allow them to check every detail of a property thoroughly and help make sensible decisions.
2. Virtual staging to empower real estate selling: Virtual staging is a new selling point of virtual reality that is bringing a new spin to how homebuyers will assess a property space and make the right choice for themselves. Virtual staging is replacing the time-consuming and arduous physical staging, giving homebuyers the opportunity and power to visualize a home, style them to their heart’s content and take proper and sane decisions faster.
3. Communication bottlenecks to wipe out: Uninterrupted communication is key to sealing a property deal. Since buying a home is a lifetime investment involving the hard-earned money of homebuyers, they have the right to clear doubts and seek clarifications regarding features, payment plans, and transaction process, till they are satisfied. Real estate agents are using VR tours that come with instructional videos that answer every query of customers and walk them through something that is difficult to understand and operate.
4. Bring agents and buyers closer: Virtual reality has made the world a smaller place. Homebuyers sitting in a different time zone can now shop for properties anywhere in the world. VR has given better reach to real estate agents to showcase their products and expand their client base.
5. Property shopping without physical visits getting increasingly popular: The trust and transparency virtual reality has imbibed in homebuyers is notable in the fact that buyers are buying properties without feeling the need for a physical visit. Buyers are increasingly getting comfortable about putting in a lifetime of savings without taking even a peek at their physical abode. The level of confidence that VR has instilled in homebuyers is unparalleled and this will remain as standard in the years to come.