How Real Estate Business Benefit From VR Technology
03 August, 2018
Virtual is the next big thing in many industries. The real estate sector also is not much different from it. Tremendous and unprecedented growth of business is what VR technology (Virtual Reality) promises. High quality services and top-level clients would emerge out of the technology. If implemented judiciously, it can transform the way our traditional real estate sector functions. Therefore, it is important to get yourself updated about the potential of VR in the real estate domain. In fact, there are countless benefits of virtual reality in real estate.
5 Ways to implement virtual reality in real estate business
Many people consider virtual reality as something that is part of adventurous video games or fictional movies. True, the technology raises the entertainment quotient and churns out adrenaline pumping stuff. But, very few actually realize its applications in the flourishing real estate industry. So, why not put it to optimal use and reap maximum benefits? Here, we would like to tell you about virtual reality’s common use in real estate and how expert VR production companies can be of help.
Virtual property exhibitions
The happiness and satisfaction of clients are the basic concerns of any business. In the competitive real estate sector, this factor assumes special significance as clients are usually difficult to deal with. People hesitate to settle for anything less than what they deserve and keep demanding more. And the behavior is completely normal as they have the right to look for services that suit their tastes, satisfaction and convenience. After all, they are the ones who plan to spend huge money on their dream projects. So, virtual reality offers several options to enhance customer satisfaction.
A usual client visits many properties situated at different places, before selecting one. The exercise is time-consuming and expensive. Imagine a client who needs to reach different destinations within a day or two and evaluate the property within a limited time period. It can be taxing, tiring and exhausting. Virtual reality offers relief to these people and allows them to virtually visit their dream properties without leaving the comfort zones of their houses. Also, the time factor is a major attraction. Different properties situated all over the world come alive before their eyes in few minutes.
3D real estate virtual tour comes in two varieties. Guided tours are similar to traditional video promotions. These could be presented in the form of 360 degree ones. Some of them are completely virtual in nature. A panoramic camera is all you need to shoot a 360 degree video. Your clients can indulge in the unique and life-like experience with the use of a VR head-set. The second type is called an interactive visit, where clients are free to move inside the property through a mouse click. They can click on hotspots in the visible area and enjoy the tour. The creation of such experiences requires sheer hard work. But, it is worth the effort as it keeps clients elated.
Virtual staging services for better sales
Clients often look for properties that are fully furnished. The experiences of visiting an empty house and another one filled with all furniture are different. The latter presents the image of a comfortable living space any person would dream of. So, if virtual reality makes it a reality, your sales could be doubled. The actual staging process requires huge money and effort. Virtual reality is capable of improving these issues through cost-effective methods. A realtor can sell staged properties very easily with the help of virtual reality techniques. Amazing 3D real estate virtual staged properties boost your business.
Cost-effective architectural visualizations
With the implementation of VR technology, 3D architectural visualization has become cheaper and affordable. The experience provides an in-depth understanding to clients and buildings that aren’t built yet comes alive in a life-like atmosphere. Anyone can view the exterior and interior of their yet to be constructed dream projects. The facility undoubtedly allows customers to feel satisfied about these superior quality services. Meanwhile, the satisfaction converts into more sales for real estate agents and developers. Right now, they are into attempts to put up huge 3D models in front of construction sites and artificial creation of big showrooms with life-size apartment models. All these marketing promotions require huge investments. Virtual reality proposes a cheap and reliable alternative here.
Tenants get benefitted
Real estate agents and house owners have to communicate with tenants on a daily basis. Some clients might give their owners a tough time through frequent phone calls and complaints. There are agents who face these problems regularly. Their clients might be unfamiliar with the house and location. Agents who rent houses or villas for short vacations face it a lot. With the advent of virtual technology, tenants can communicate effectively with landlords through VR headsets. Landlords can inform them about various facilities in the house and make tenants comfortable.
Clients can be active participants
This one is real happy news for clients. Riding on virtual reality techniques, clients can tweak and modify their future properties. Imagine the mental state of a home buyer who is on a virtual tour. He may like or dislike certain aspects of the property. If he wishes to make changes, the process is not easy. As a result, the client may turn away from the agent. So, wouldn’t it be great if these unsatisfied clients are given the power to transform what they see into something they truly desire? This is possible and clients can choose different furniture or accessories from an online store and include it in the 3D tour. Through the facility, customers can wear the hat of a designer. Some clients will not feel like modifying the interior. Instead, they can purchase few magnificent curtains from the online store.
Other advantages of VR technology in real estate
We advise you to have a quick look at the VR benefits for business, especially the real estate sector. These crucial points further prove that VR technology is worth your effort, money and time
It’s a time-saver – As mentioned earlier, virtual reality doesn’t call for time-consuming journeys and expensive sojourns in foreign lands. The technology is a real time-saver for agents and clients. Clients who reside in foreign countries don’t have to come down and visit different locations. The hassles created by traffic jams, busy work-schedules, unknown locations, lack of residential facilities and many others can be kept at bay. A VR headset does the job with perfection. Some clients won’t have one. This is no reason to worry. They can approach their real estate agent and request to arrange a virtual tour from his office. Also, clients don’t have to worry about timings. Your virtual property will be open always. What else can provide this special all day and late night alternative?
It’s about deeper client engagement - When a client is allowed to go on a detailed tour into those nitty grittiest of the property, a much deeper emotional bonding is born there. Traditional customers visit the location and see the building once. Their decision will be based on single visit. They could be tired and worried about other issues. A virtual visit is totally different. It is a special experience and clients can select a time and location of their choice. The outcome will be a positive response.
It’s a window into the world - Many agents work with local clients or few international ones they meet through personal circles. A chance to break free from the constraints of geographical boundaries is another advantage offered by the technology. A realtor from India can engage a high-profile customer from Singapore or Australia. A superior quality virtual tour is all you need to get them hooked. It also means less time wasted for arrangement of visits, negotiation of costs and conditions etc.
It’s pocket-friendly - The money a realtor spends to stay afloat in the traditional real estate market is monstrous. It involves the printing and distribution of superior-quality photos and leaflets. All properties need to be staged extensively. These expenses could be slashed when the new technology takes over. Animation and 360 degree videos will rule the roost and guided tours are the easiest routes you can take.
It’s more convenient - Virtual home tours offer greater convenience for clients. Clients might be based in various parts of the globe. Arranging a property visit for clients will be extremely difficult for the real estate agent. Some people may plan a visit, arrange a long leave, book flight tickets, schedule the journey and might be later forced to cancel the trip, owing to multiple severing of ties with the agent. The agent may find the situation extremely demotivating and difficult to manage.
With virtual reality use in real estate, clients can visit their dream property at a preferred time and day. In addition, they get many extra-benefits in the form of mortgage calculators and chances to compare the property with neighboring ones. Even before deciding on a real visit, they can thoroughly evaluate the property. Customers can also view the expected final appearance of a building that is still under construction. Nowadays, real estate agents are putting this technique to maximum use and striking gold at sales of under-construction structures.