How VR can help transform the real estate industry

According to Goldman Sachs, nearly 1.5 million registered real estate agents or realtors utilize VR (Virtual Reality) to show properties to prospective clients.

It can certainly be said that technological innovations are changing every business and industry for good, and real estate is no different. The recent advancements in VR have helped the real estate business make considerable progress.

Let us take the property lists that clients browse. Usually, a person in the market for a new property will be considering dozens of properties. From there, they choose a few, which they then decide to go and visit, and negotiate with the property dealer. This is the way things have been operational, at least until now. Customers would usually go and speak to an agent, and get an idea of the property they’re investing in. No more.

Benefits of VR in the real estate industry

• Cost-effective

  VR makes things cost-effective. Earlier, a realtor might have had to create a model apartment so customers could be satisfied before investing. Now, imagine creating examples of each kind of apartment you have on offer, from 1bhk to 3bhk and then penthouses. A lot of pointless construction. The real estate virtual assistance allows realtors to replace conventional marketing techniques, resulting in better ROI and reduced operational costs.

• In-depth analytics

  VR is great because it gives users important insights and metrics that help with user behavior and preferences, allowing these realtors to improve their client interaction experiences.

• Reaching a wider audience

  Now, as a realtor, you are no longer restricted to local clients. Even international clients interested in investing in your property can now view it via VR, and make a purchase decision.

• Enhanced customer experience

  It’s no secret that better customer experience=happier customers and potential sales. Checking out properties through VR helps clients save time and money. Entertainment and personalization options are also offered. All this results in better customer experience.

Why implement VR in the real estate business?

Virtual reality technology in real estate is not only helpful for clients but also assists the realtors in growing their clientele and conversion rate.

1. Virtual tour

‘Try before you buy’ is a common practice that customers try to implement whenever they purchase anything, from clothes to cars. Via VR, customers can do the same thing for real estate also. Till now, the only way that one could see the house that they are investing in was to check out the empty plot or at most, a scale model or another similar apartment. Now, via VR, they can visit their actual apartment and see what it looks from the inside.

2. Virtual Staging

More than the brick and mortar that makes up their homes, clients are interested in what lies within their homes. That is, rather than knowing what they live in, customers want to experience how they live. They want to ‘feel’ what their future comfort zone might be like. This is extremely important. All the tiny details, usually are. Using VR, realtors can implement Virtual Staging. Now, you can make a VR house look like a home by implementing interior decorations and plush furniture. This can go a long way in tempting customers to make a purchase decision because they can actually fully visualize what kind of lifestyle your property might have on offer. This doesn’t mean that you’ll be funding their interior decoration bills. This simply means that you are dressing up their living space to show them what it actually looks like. You may provide certain elements like fixtures, etc, and for this, you can use Virtual Commerce to pitch them to customers. When Virtual Staging is done, customers tend to make property decisions quicker, and more emotional because they see a ‘home,’ not a house.

3. Virtual Commerce

Virtual Staging has another added benefit. Encouraging Virtual Commerce. Realtors can push the products that they have using Virtual Commerce and can increase their profits. For example, if you are pitching certain light fixtures, you can stage them in the VR model of the home. Customers can see what you are offering. If you add a ‘buy’ option right there, it makes it easier for the customers to make an immediate purchase decision. If you add a chandelier to the home, it will give customers the option of buying it right there. Even if in the context of selling a house, selling a light fixture may not seem much, yet, small sales in great numbers often make a significant difference to the net profit on a property.

4. Virtual Customisation

Implementing VR can allow customers to even customize the house that they are viewing. If they want to change the color of a particular wall, they can. They could change the furniture style or choose a different light fixture. Giving customers this flexibility allows them to make various changes, and finally see their ‘home.’ Even if customers don’t buy the fixtures from you, it does leave them with a unique experience, and they might work with you again.

VR in real estate can help transform the industry completely. What is essentially a brick-and-mortar, time-bound market, can become a 24×7 marketplace. Via VR,

prospective clients can view the property anytime and anywhere without the presence of an agent. This gives customers a lot of flexibility and puts the ball in their court. They don’t feel pressured to make decisions, yet they feel tempted to make a purchase. Moreover, VR gives the clients an instant ‘sense of ownership.’ As the customer moves through the virtual model, making customizations from room to room, they feel interested in what you have to offer. Interactive tools like home-loan calculators, neighborhood descriptions, and amenities available, like ATMs, can go a long way in helping you increase sales.

Our team of professional VR app developers always implement the latest VR technologies and trends with our VR app outlining services. No matter your business niche and its offerings, we cater to your VR requirements with the utmost quality and budget suited pricing.