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Innovative Ways You Can Use Virtual Reality in the Real Estate Business
Virtual reality, commonly known as VR, is a technology that offers both practical and commercial applications. VRs have been used for a few years now, but in 2015, it emerged as a trending marketing tool for many industries, and real estate was one of the early adopters. Real estate agencies and realtors use it to attract potential buyers and eliminate expenses on property visits.
People interested in a property no more need to go out, travel foe miles to visit the property, as a VR can enable them to visit it virtually and see the size of rooms, doors, windows, ceiling height, and other primarily considered factors. Keeping customers’ convenience in mind, more and more realtors are adopting this technology. The VR/AR industry is likely to generate revenue of $2.6 billion by 2025 exclusively from real estate.
How is the VR technology redefining real estate?
- People prefer VR
According to one survey by Coldwell Banker Real Estate;
77% of buyers preferred VR tour over physical visit
68% preferred VR to see how the furniture looks
62% said they would proceed with the agent that works using VR technology.
- The game-changer
Virtual reality is no less than a boon to the real estate sector as it helps brokers and agents win customers’ trust; customers get what customers see through VR.
Innovative Ways Virtual Reality Can be Used in the Real Estate Business
- Instructions to Tenants
Tenants need to talk to their property owners or brokers to get things done, whenever required. For example, they might call to ask how to use the HVAC or for help in finding a particular switch, and many other things. This can take the time of realtors that remain busy all day.
Virtual reality in real estate enables brokers to help tenants effectively. Tenants can simply put on VR headsets and experience a 3-dimensional visit with every minor detail about the facilities and all. This way, tenants’ concerns are addressed in less time, and the 3D View view can be a great help to them. Such virtual visits allow occupants to see what all utilities are there in the place, how to use them, keeping them away from facing issues.
- House Tours
These days, the biggest utilization of areal estate VR is for the purpose of home tours. This goes with both those who want to purchase a property and those that require a property on rent. Experienced software companies can get their expert photographers to a property that can take photos using special cameras and equipment; later, using the pictures, they can create a 360-degree rendering that can be accessed through a VR headset. Instead of driving around for an entire day and visiting just a few properties, investors or property seekers can visit around 25-30 properties virtually using VR.
This also helps real estate agents; as they want to sell properties, they can just carry a VR headset along and let the customer experience how it feels to be on the property virtually. And similar to investors, property seekers can see multiple properties out of which they might choose one; chances are high. Additionally, it doesn’t matter how many people are viewing a specific property, how many times, and potential buyers are likely to choose one out of many properties in less time.
- Renovation Projections
The VR technology has given birth to the concept of virtual real estate as its utilization is becoming apparent across the sector. Real estate investors usually face problems in visualizing an idea of how they want their project to be, and it is not easy to make their contractors or renovators understand the same. VR technology has made it easier to create and explain renovation projects. This can increase perfection during the execution stages of the project and result in desired outcomes.
- Engineering Projects
It showcases a property that isn’t built at this point and has dependably been a test for land designers and specialists.
Previously, it was difficult to see how a property would look once it is built. With virtual reality, viewers can see 3D models providing a clear view of different properties and surroundings; these models help potential buyers to see everything from engineering to virtually-built properties.
Using these technologies, builders can make full-scale showcasing models, though they require substantial investment, they help to understand the actual value of the project. The use of 3D virtual reality in real estate can tackle multiple challenges and enable interested homebuyers to see the inner as well as outer sides of the property that is not even constructed yet.
Virtual property tours offer additional options that are beneficial for both the brokers and the homeowners. Apart from improving the customers’ experience of property tours, virtual tours can be integrated with v-commerce. Real estate companies and agents can collaborate with the sellers of home decor objects. Any decorative object that viewers will see during 3D tours can be set for sale.
Scope of Development
To experience VR, users must have the required equipment – Virtual Reality Headsets such as Oculus Rift, HTC Vive, Samsung Gear VT, etc. The costs of acquisition are not high, and these devices are readily available. Moreover, developers are continuously improving both the hardware and software aspects of the headsets. Besides, with the ecosystems of Internet of Things, network data enables realtors to analyze if the customers are finding VR tours better than physical visits or not, find which properties customer has shortlisted, what they are looking for and what is their budget.
The Concept of Virtuality
The virtuality concept is not new and limited to virtual reality experience in the real estate industry. Before VR devices became common, realtors have used video calling applications to help property seekers see the location and property without traveling miles to see the place. This is also a virtual experience, though not as engaging and impressive as the 3D virtual reality.
Similarly, there are other areas in real estate where many successful solo realtors and real estate companies adopted the concept of virtuality; for example, virtual accounting – a simplified method to manage finance and accounting for real estate businesses. Under this concept, an outside accountant or an accounting outsourcing firm manages your accounting operations virtually, eliminating your need for hiring in-house accountants, saving your money.
As the world is changing and everyone is shifting to digital technologies, why realtors should lag behind. Its time to adopt VR for your real estate business to see a rise in sales. VR devices make property seekers experience how it feels to be on a particular property or inside a well-built, well-furnished home; as a result, they are more likely to make a purchase.
In the current time, as many states have implemented lockdown, people are not able to come out of their homes. This is the best time to utilize VR technology. Virtual reality headsets are common these days, and many people are using them for their personal use. If your prospects have VR headsets with them, you can send them properties’ 3D videos that are specially made for VR devices. This way, you are not missing out on sales opportunities, even during the COVID-19 crisis.
Apart from that, if you are running a real estate agency or company, you might be experiencing a lack of human resources due to the lockdown. But, your accounting needs to be done properly as tenants are anyway going to pay you rent, even if significant income is not generated due to disruption in sales. If your accountant is unavailable, it is time to outsource bookkeeping or/and AR. Contact Cogneesol; we have a team of expert accountants specialized in real estate bookkeeping and accounting. We have been delivering competent accounting outsourcing services to realtors across the globe and have hundreds of satisfied clients in the real estate industry. To know more about us, our services, and how we can help you in these tough times, get in touch with us. Call us at +1 646-688-2821 or email at email@example.com
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