Virtual reality (VR) is continually advancing by leaps and bounds, especially in the last several years. While different variations of the technology have been around for a while, it has become increasingly popular over the years, leading to faster advancements. VR has now moved from heavy, clumsy, and relatively unusable prototypes to affordable headsets that anyone can bring home. More mobile and headset devices are sold every day as the technology becomes increasingly immersive and realistic.
VR is not just for gaming or watching shows. The technology is finding its way into a wide array of industries, becoming more mainstream than ever before. VR is now frequently used in marketing, including in the real estate sector. Agencies across the world are showing homes and apartments in virtual reality to gain new customers and widen their client base.
As VR becomes more widely adopted in real estate, the technology is also becoming more versatile and easier to use. VR is bound to continue seeing increased use in real estate, with an estimated revenue of 2.6 billion by 2025.
There are still a lot of challenges coming for VR, but the use of high-quality virtual reality applications is too promising not to pursue.
What is the appeal of real estate VR?
One of the best perks of VR is the option to do virtual tours with clients. Buying new properties is a significant time commitment for most clients, and the process is harder the farther away a client lives. VR can save time, money, and resources by offering a virtual preview of the property right from a client’s home. Modern VR headsets can provide realistic tours of a property in 360-degree format and free-style navigation.
Another benefit is the virtual visualization of a site. Virtual reality can help an agent sell a property still under construction. It’s typically difficult for most agencies to advertise and sell construction properties because clients can’t visualize the end result. With virtual visualization, clients can see the inside and outside of a site in detail.
There is also an option for virtual staging. If a property is out of the construction phase but empty, the chance to sell it decreases. For years agents have partnered with interior designers to show the better side of a property through staging. With VR, there’s no need to fill a home or apartment physically. Instead, you can show a fully staged property in virtual reality.
Finally, there is V-commerce. Like its cousin e-commerce, v-commerce means showing a virtual property with a price tag. Clients can buy from inside the VR app, similar to an e-commerce store.
What are the benefits of real estate virtual reality?
- Save time. VR lets agencies show clients a property without the need to go with the clients on physical tours. Search for and reviewing a property is faster than ever. Virtual tours allow the client to view multiple properties within a couple of hours instead of a couple of days.
- Save money. Some elements of VR can get expensive because of the technology used, but your expenses allow you to increase conversion rates and your return on investment. You also save on old school advertising materials and property staging.
- Increase engagement. Regular 2D visualization does not offer nearly as much participation as 3D virtual tours. VR lets clients get the lay of a listing, see how it looks with furniture, and better understand how the property would work for their needs. Flipping through a photo catalog pales in comparison to a VR tour.
Worldwide. VR eliminates the need to visit a property physically. Now, real estate agents can sell a site without needing the client to come to see it first. Clients can take a virtual tour and learn more about the home no matter where in the world they are.