Virtual reality (VR) has changed every field with its creative and innovative features. The real estate industry is no exception. Ever since VR was exposed to the real estate industry a couple of years ago, it has proven itself to be a valuable tool for communication of property design. VR has provided real estate developers and agents the ability to collaborate more efficiently for each project. But how does immersive tech come into play in real estate? And is it making a change that we will carry into the future?
VR is making a lot of things possible in the real estate world. From pre-built property walkthroughs to an interior which is fully visualized, the impact is quite extraordinary. When it comes down to the details of a project, immersive tech has become a groundbreaking resource in attracting more visitors. Here is how.
The Traditional Real Estate Industry
The traditional finding, looking, buying and selling or properties is based on manual tasks. It follows a pattern where interested buyers visit a real estate agency and speak with one of their agents about any properties. They then proceed to visit a number of different locations until they find a place they like. In the digital era we know today, this is no longer the case. Potential buyers can now search properties online based on their location and budget. This new approach has garnered a lot of popularity and more than 51% of property buyers are finding their perfect homes online. However, in the final steps of this process, interested buyers still need to visit the property to see if it fits their preferences. This is where VR comes to play.
As property showings are an important part of the real estate business, they also need to be made more convenient. Virtual showings have become the new rage now as they are allowing buyers to have a fully immersive experience in a remote manner.
The digital transformation that real estate has seen has helped professionals to engage more people into their business. The whole process of physically visiting different locations to find your home can be exhausting. It is especially inconvenient for people who come from a faraway place and cannot afford to come again and again. VR has changed this entirely with its propagation in the real estate market. Now, this issue has been eliminated entirely.
Advanced VR applications are now offering 360 tours of houses and other properties so interested buyers can view them from anywhere in the world. VR uses intelligent software to combine photographs and give users a full-fledged interactive 360 view. The following process explains how this actually works:
- The buyer stands at a fixed point inside a room
- They are able to move about the space as they wish
- They are able to have a full look at the inside of the property
Virtual reality design services have also advanced to the use of 3D cameras. They come with supportive software which works closely with the camera to properly map the environment. 3D objects are then constructed so that the buyer has full access to the interior of the property. Once they have seen the view from all angles, they can make an informed purchasing decision.
These virtual visits have led to a more enhanced customer experience for potential buyers. A virtual presence of any property highlights points of interest (POIs) which lead to a better understanding of a house or property. Unproductive physical visits have shown to have the opposite effect and usually slow down the buying process. While it is not a guarantee that these virtual visits will definitely lead to a sale, they do leave space for a more refined search. Customers are also open to making more educated decisions by using websites and virtual tours than they would through an ordinary consultation. Using these immersive experiences allows for a richer approach to property searching and buying and essentially makes far off locations worth the time and effort.
The overall reception of this immersive tech into real estate has been quite positive. People are excited about the advent of innovative VR solutions into the industry as it makes the entire buying process easier. All people have to do is use a VR headset and become completely immersed in another reality. They receive all the perks of an open house without having to physically go to one. Real estate companies have noted the potential of immersive VR and are using it as an alternative method of doing business.
With more research and development of immersive VR, there can be more extensions of virtual tours and better experiences for buying properties.