Virtual Reality has made a significant leap in recent years. Who would have thought the many practical uses we have for VR. From gaming to medical and now, we are using Virtual Reality as a tool for buying properties in real estate.
Usually, before you purchase a property, you will have to do the open house visits, which makes buying a fun experience. However, once you are there, you have to imagine what the place will look like with your furniture, setup and style. Thanks to VR the days imagining may soon be behind us. Let us continue to read to learn more.
An Immersive Experience
Buying property for personal or business needs requires a lot of time and patience. The tough part is that when you are at the actual property, the stressful imaginative game starts. It is where we begin to think a lot of what ifs and starts to imagine what the place will look like if we add our personal touch and our furniture.
With Virtual Reality, the whole imagination game for the buyer changes. It is here where even the most mundane space turns into something lively which turns out to be a more immersive experience for you. Here are some things that you can do with VR:
- Placement of furniture using VR to get the actual look of the place
- Natural and artificial lighting to set the ambience
- You will get an appealing interactive feel of the entire project with complete transparency
Home Touring and Selling Efficiency
This is the most significant impact for the seller and buyer in real estate. Let’s admit it, selling and buying real estate properties requires a lot of patience and time. With VR you can get to visit multiple sites. This is a good way especially if the property that you are planning to invest is located miles away from you.
For the seller, they can get to meet up with their potential buyers and show the properties they are selling without driving their buyers around. There’s no limit on how many potential buyers they can meet which make it more efficient for them to sell.
Fix and Flips
There are some properties that when we visit are still in the process of finishing. It is one of the challenges that we face to visualize the end product of the property. This changes with the use of VR. You can now see the end product with the application of VR by:
- You can get to choose what paint type you want to apply
- Can get a view of the finished product and what it will look like
- Can make some changes or add additional design
- Sellers can get investors to see the progress of the renovation project
With virtual reality, sellers can create a virtual stage and help the investors virtually visualize the property that they are eyeing on. This can help them to advertise the property better since they can virtually add objects and let the investors see the future look of the exterior and even interior designs.
Improve Communication
As an investor, we often struggle with communication. Common questions like “How do you work the laundry?” or “Where is the switchboard and how do I use it?” are some that we are dying to get the answer immediately. With VR, instructions for these tasks can be relayed to buyers through an accessible video library.
Tenant communication is even more important for real estate investors who are just for short-term vacation rentals. Virtual Reality can facilitate better communication by showing visitors exactly how to do or find something in a vacation rental or even where to go in your neighbourhood or city.
Benefits of VR Technology in Real Estate
You may have an idea already with what VR can do in the Real Estate industry. I listed some benefits here that may help clear some doubts.
- It saves time. This is probably one of the most significant benefits for both the seller and the buyer. Thanks to VR, there’s no need for you to travel and sit in traffic jams to see the property. You will have to put those VR and can enjoy the tour at the comfort of your home or even at your workplace any time of the day.
- Builds emotional connection. A real estate agent can make the client visualize each property without making them feel rushed. Potential buyers can take the tour virtually at a time that’s convenient for them and can focus their attention on details.
- Virtual reality can offer global reach. With all the virtual tours that you can take, you can get to see properties not just within the city but also abroad. You can get to see it without spending much money. Sellers can work more productively and can process more inquiries.
- VR can help you save money. With VR, you don’t need to pay for gas or airfares just to see the property. Not only that, for sellers, you may think that you investing in VR tours is expensive, but think of it in the long run, you will not have to spend that much money compared to the traditional marketing.
- An instant sense of ownership. Since you can get to visit the property whenever they want and for as long as you want, will establish a sense of ownership and personal connection. You will understand that vibe that this is the dream house that you want and help you decide as well. This will be helpful for the seller too, in a sense that they won’t need to exert effort for you to sign that contract.
Virtual Reality: the Future of Real Estate
With virtual reality helping us turn that dream house into reality is impressive. You can get to invest in something that you will not regret in the future. You will be able to visualize what the property before it is even finished. There are limitless possibilities with VR in real estate which is a win-win situation for both the seller and the buyer.
References:
https://www.entrepreneur.com/article/313023
https://thinkmobiles.com/blog/virtual-reality-real-estate/
https://rubygarage.org/blog/virtual-reality-in-real-estate
https://venturebeat.com/2017/08/17/5-ways-vr-is-making-the-real-estate-business-better-for-everyone/