Leverage AI to enhance your listing!
Introduction
Ever wondered how it will feel like exploring a different place through the comfort of your couch? The world of virtual reality (VR) can make that happen. Virtual reality is basically a technology that immerses the users in a virtual world. These days the use of VR can be seen across several fields including – gaming, healthcare, retail, defense, education, entertainment, etc. The idea is to give the users the most realistic experience while staying put in a place.
The use of VR has now crept into the real estate industry. Apart from VR, there are several other technologies that are drawing the attention of buyers. Augmented reality (AR) is one of them. AR is about overlaying digital information on top of a person’s environment in real-time. Augmented reality is one such phenomenon that is also gaining momentum in the real estate world. Stats from a survey show that 21% of respondents believe that AR/VR-related investments will reel into real estate in 2019 as compared to only 18% in 2016. With this positive note in mind let’s look at how virtual reality will change the face of real estate marketing strategies.
VR will transform how realtors market their listings. To make the most out of this situation, realtors need to be at par with the rapidly changing technologies and use the power of virtual reality to sway the buyers to the fullest.
Virtual Tours will become the ‘new normal
This is the most significant and helpful feature of virtual reality. Buyers a few years ago to buy a home or an office space had to arrange for an appointment to visit and check out the property. If there is a tight schedule, buyers had to suffice to look at plain images on a brochure or a listing agent’s website. Thanks to VR such problems are no more there. All that the buyers need is a suitable VR headset to start a virtual tour of the property they want to see. This has helped cut down a significant time and buyers can cover multiple properties in a short period. Not only buyers, but VR is also a blessing for real estate agents as well. With VR tours in place, agents can connect to buyers on an emotional front. Since buyers can experience living in the property through the tour, agents find it a perfect tool to target potential clients.
Virtual Reality will change the way properties are staged
VR is not just about giving tours to buyers. Houses can be staged through virtual reality as well. Earlier realtors have to set up physical decoration and furniture to stage a property which turned out to be both time-consuming and expensive. If there is any physical damage to the property, this added to the extra expense of the realtors and a hassle for the agents. With the help of VR, such expenses are not required. Any realtor can stage the house based on their own needs, taste, and preference. This way a property can go up in the listings faster.
V-commerce is the next big thing
V-commerce will revolutionize the real estate industry. VR in real estate lays the perfect setting for v-commerce to thrive. While setting up a virtual staging, prospective property buyers will be able to order a home décor product of their choice. Studies have shown that 79% of consumers are willing to ‘virtual reality shop’ to re-design a room or buy furniture for their house. This adds extra convenience for the buyers and elevated the ease of doing business.
Smooth communication between buyers and realtors
There should be trust and ease of communication between the renters and realtors. Since buyers are spending their money to invest in a property, they have the right to fully transparent information about the property they want to enquire about. By incorporating VR tours, realtors can create a hub of instructional videos which targets the most common questions buyers may have and walk them through each corner of the property. This way, the ever problem of miscommunication or buyers feeling they have been misled is avoided.
Ease in prototyping
Of course, VR is changing the face of customer experience in the real estate industry. However, let’s not overlook how VR is transforming the real estate world when architects design the initial prototype of the property. Before VR it often happened that prototypes had to be tweaked in the later stage. As a result, the construction team had to find these prototypes and reflect on the changes, which caused an increment in the costs. Along with it, the time required to complete the project also had to be extended. If you apply the changes to the prototype in the VR, this can help eliminate the problems from the core.
VR forms a bridge between buyers and agents
Physical boundaries are no more a concern with VR in the picture. Buyers can now extend their search and look into localities that are not close to them. Thanks to VR hunting for such properties are a piece of cake. Buyers now, without hesitation look for properties in other states or even countries and not worry about the hassle of going and visiting the property. On the other hand, agents can also expand their client base and get prospective buyers from a wider area.
Buy properties you haven’t seen
Earlier buyers were hesitant to bid on a property that they have not viewed or toured in person. But slowly and steadily these inhibitions are wearing off. More and more buyers are opening up or considering the options to buy properties that they have not seen physically. The realistic experience of VR helps increase the confidence of the buyers to purchase a property without physically visiting them once.
To conclude VR is gaining more and more momentum in the real estate industry. Realtors who are utilizing this feature are already noticing improvements in their selling campaigns. When it comes to being marketed, VR as a tool is yet to be adopted by many. With the constant improvements in technology, VR is yet to get a strong grip in the real estate market. More research and imploration are required in this field. Virtual Reality has the capability of changing the old paradigm of real estate marketing.
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