How Virtual reality will change the real estate business in 2020

Written by Posted On Thursday, 02 January 2020 01:30

Real estate has always been an accessible domain for both realtors and clients. The field is everlasting and rapidly growing owing to population explosion and a rise in spending capacities.

Getting a real estate deal to closure involves a lot of work and effort. It turns time-consuming and expensive at the same time, which is every client’s nightmare.

Virtual reality and Real Estate

Lately, there has been a new entrant in the Real Estate sector, which has completely revolutionized the way things function. Virtual reality is transforming the way the real estate industry functions and helping real estate agents grow their business.

Virtual reality offers an engaging digital recreation of a real-life setting or environment. It emulates a user’s physical environment to create an interactive experience. It has become a key ingredient in serving top-level administration to the buyers.

 Virtual reality is being increasingly used in this field nowadays –

Architectural Visualization

Architectural Visualization allows potential homebuyers to carefully check out both the exterior and interior of properties that are yet to be constructed. This will bring ease to both the agent and the buyer. This makes marketing easy for real estate developers and agents. As for the clients, it gives a clear picture of what’s being offered and imagine the architecture.

Showcasing Virtual Property

Usually, closing in on a deal requires clients to visit multiple properties before deciding on the one they want. This involves a lot of time, and if a property is far from where a client lives, things get more complicated. Also, visiting a property is not only time-consuming but can be draining on the pocket.

VR technology allows millions of people to visit properties in the comfort of their homes virtually. The VR gadgets let you experience immersive, three-dimensional walkthroughs of properties. In a matter of few minutes, buyers or renters can virtually visit dozens of locations and decide which are worth visiting in person. This saves a lot of time, effort and money.

There are two types of 3D virtual tours:

Guided tours- These visits resemble conventional promotional videos. They are either entirely virtual or in the form of 360-degree videos. Guided visits are rather simple to make and are perfect for existing properties. All you need is a panoramic camera to capture 360-degree video. The clients need to wear a VR to get the most virtual reality experience.

Interactive visits let the viewers choose where to move within a property by clicking on particular hotspots in the field of view. Creating interactive virtual home tours is a bit more complicated, but these can more efficiently show properties as they’re more interactive than guided 3D virtual tours.

Virtual Staging

Virtual Staging lets you see a house or apartment full of furniture, making it look cozy and appealing. Staging is an excellent way to market properties with very little investment.

Benefits of VR Technology in Real Estate

To sum it up, let's have a look at some of the most significant benefits that virtual reality provides to real estate agents.

  • Saves Time

This is probably the most sought after benefit – virtual reality solutions save time for both clients and realtors. With VR, there’s no need to travel from one property to another and sit in traffic jams. Instead, clients can put on VR headsets and take three-dimensional tours.

#2 Builds Emotional Connections

Virtual tours of houses and apartments help your clients visualize and explore each property. Unlike traditional visits, when everyone is in a hurry, potential buyers can focus their attention on details and take VR home tours at a convenient time.

#3 Offers Global Reach

Arranging visits, negotiating terms and prices, showing properties,  – all of these tasks are extremely taxing and time-consuming, so it’s no wonder that the average realtor works with a relatively small clientele.

Virtual reality lets the realtors work more productively. It doesn’t matter where your clients live. VR helps you showcase properties to long-distance buyers, which means you can work with more clients and process more inquiries.

#4 Saves Money

Virtual reality helps you save a lot of money using the power of 360-degree videos and computer graphics. Making a guided video tour around a property requires just a panoramic camera and basic rendering.

Wrapping up

Virtual reality has revolutionalised the way people are looking at the real estate business. Now you don’t need to go through the tiresome process of apartment hunting everytime you want to buy or rent an apartment. Here are some ways VR will change the real estate sector in 2020.

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George cunningham

George cunningham is a residential real estate investor. he also is a licensed real estate. He enjoys sharing his thoughts on real estate topics.

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