How Virtual reality is changing shape of real estate?

Technology is constantly evolving and so do the real estate industry. Virtual reality in real estate is proved to be a game-changer and has taken property marketing to an entirely new level of success.

Think of buying a property a few years back; it will involve several visits to real estate agents offices, a long list of properties, visits, negotiations, explanations, and then the things get done. Time has changed, and real estate websites have saved lots of effort, but it still includes time-consuming and inconvenient ways for both realtors and property buyers.

Virtual Reality entered the Real estate market and proved to be a game-changer. The power of virtual technology can help real estate companies grow, get more business, and deliver top-level services. Around 95 % of the interested buyers worldwide visit websites to see the properties, and virtual tours have made it more convenient.

Let’s have a look at what VR is and how it is changing the shape of the real estate market.

What is Virtual Reality in real estate?

Virtual Reality, commonly known as VR, is the latest technology used in property businesses. VR is considered an essential part of running a real estate business successfully. With virtual tours on the website, clients can precisely see what they wish to buy and help them make better and more informed decisions.

With changing terms of travel worldwide, VR allows investors to buy a house, shop, or office without physically investing in it. 95% of home buyers search the internet before investing in a house, and now approximately 77% of the customers want to take a virtual tour. According to a report, more than 65 % of people want to look at how their furniture will look in the new houses they are
deciding to purchase.

Let’s have a look at how the technology can be used in the Real estate business for the best results.

Ways to use Virtual Reality in Property business:

Not so long ago, people only associated VR with games and entertainment. Technology has pretty high potential in the real estate industry. Here are a few ways to use VR in real estate.

VR Property displays:

Typically, clients visit numerous houses and buildings before deciding which one to buy and which one to leave. It is a time-consuming effort, and things get more complicated when properties are located at distant locations.

Virtual Reality (VR) has solved many issues like commuting and time consumption in all the processes. With VR, people can visit the chosen properties without leaving their sofa. They need to put on a VR headset and experience the immersive 3D
walkthroughs of the properties.

It will only take minutes to have a better decision, and the buyer can visit dozens of locations and decide without getting into any fatigue. Real estate companies can provide two different types of 3D tours.
 

• Guided Tours: It is conventional promotional videos, but mostly these are a form of 360-degree videos or entirely virtual. For 360 degree videos, no complex software or programming is needed.

 

• Interactive visits of the property: It allows the viewer to choose by clicking on unique places in the field to view. Interactive VR is complicated, but they are more attractive 3D tours to show the properties.

Staging Virtually:

VR visits are fun and versatile; you can show a house full of furniture to let people know how the house will look with their items. Imagine giving a VR tour of an empty house and the same tour of the same house with pieces of furniture. Which of these would be easy to sell and look appealing? Obviously, the second one!

Virtual staging involves investments, mainly when you sell a new house, but the results are better. Virtual Reality allows creating stunning 3D property tours and gets the properties staged for people to check them out.

Visuals of Architecture:

It is one of the great ways to showcase a property under construction. Marketing a property that has not been constructed yet is tricky for real estate agents, but with VR now, it is not. Now it is common to see 3D models that show a property developing in the locality. The models help investors to make up their minds for the purchase.

Without VR, real estate companies create large showrooms with full-scale models, and it needed a lot of fortune. VR can solve the problem effectively and allow the buyers to check both the exterior and interior of the building, which is yet to be constructed.

Virtual Instructions to the Residents:

VR is not just a tool to show a house to the buyers; it is also effectively be used to deliver instructions to the tenants. In Pakistan, smart houses/apartments are comparatively new things; people often get confused on how to set the thermostat and how to set the passwords. The owner or the agent can give them instruction through VR technology to live comfortably, and you do not have anything to worry about.

Tenants can simply communicate effectively with tenants. The person has to put on VR headsets and experience 3D virtual tours. It can be a little time-consuming but can be pretty helpful.

Virtual Commerce:

It is hard to see a future of Virtual Reality for real estate without commerce. A 3D staging is effective, but what if people want to change the interiors? With the Virtual commerce technique, people can visit online stores, choose different furniture, and add it to the 3D tour. It will help them make changes and style the property according to the preferences of the buyers.

Moreover, even if the clients are not interested in making changes, they might be interested in buying new furniture, curtains, or other items showcased in VR, and they can buy it through the online store.

Benefits of VR in Real estate:

With lots of features, VR technology in real estate provides many benefits. Here are a few of them.

·VR saves time:

It is one of the biggest benefits of virtual technology. It saves lots of time for real estate agents and clients; for instance, a buyer looking for 10 Marla house for sale in peaceful and calm housing societies in twin cities will have to travel a lot from one place to another. Instead, VR Headsets can give immersive 3D tours so you can save time, money, and fatigue.

·Build Connections:

A virtual tour of residential properties can help your clients visualize the houses. It helps the viewers to take a detailed tour and focus on little things, which creates a connection.

·Maximum reach to the buyers:

Visits, appointments, negotiations, prices, etc., are all pretty time-consuming and hectic, and you will still be connected to a limited number of investors. VR allows you to approach the maximum number of potential buyers not only in your country but also worldwide. VR helps real estate companies to approach overseas Pakistanis to invest in properties with satisfaction after VR visits.

·Saves money in long-term:

VR technology might look expensive, but it is, in fact, an economical and cost-effective choice for the long term. Without VR, you will need HD images, videos, and time and money spent on visits. On the other hand, VR helps save money on images and graphics. It is also not used widely in the real estate of Pakistan; therefore, VR can give you an edge over the other real estate companies in the market.

·Sense of ownership with the property:

With a Virtual Tour of the house and properties, clients usually establish a connection with the property and have a feel of ownership. You can boost ownership experience by providing numerous add-ons, like information about similar real estate properties, calculators for loans or installments.

Let’s wrap:

Virtual Reality (VR) refers to an experience that separates the viewers from the physical world. The Reality is dedicated to delivering the most realistic experience of the properties and is making identical to practical trips while saving time and money.

VR and AR technologies are turning points for the real estate industry, and innovations and evolution will fulfill the missing requirements of the industry. VR is shaping the real estate sector to new dimensions and providing it a better new look. Those who will lag in using this technology will miss out on opportunities toward a better future and success of property business.

So that’s all for now! We hope the guide has given you a better idea of the VR technology and its role in shaping real estate industry for the future.

Feel free to share your feedback and queries at info@reall.pk. Stay tuned to Reall.PK blog page for the latest news, information, and guides on real estate in Pakistan.