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26 Oct, 2021

Is Virtual Reality a New Game Changer for the Real Estate Field?

Virtual Reality (VR) has been the “next big thing” in tech for quite a while now. From its gaming industry beginnings to new applications in military training, the VR trend seems to be picking up more and more steam, with its scope expanding further every year.

Unsurprisingly, many old-fashioned industries were quick to tap into the potential of VR to innovate their business and get an edge on the competition in an increasingly fierce global market. VR in real estate might be the most revolutionary effort yet. Are you an aspiring homeowner or a realtor looking for the next big step? Keep reading.

Practical Uses of Virtual Reality in Real Estate

Imagine you could visit and interact with your dream home without even leaving the realtor’s office. This is why Real Estate is looking to VR to provide a more engaging and efficient house-hunting experience to its clients, allowing them to fully explore a property without having to drive them there. Let’s take a closer look at the main features that Virtual Reality provides in real estate.

Practical Applications of Virtual Reality in Real Estate | LITSLINK Blog

Virtual Tours and Property Showcases

It’s as easy as it sounds. As soon as you put on the VR headset, you are immersed into a three-dimensional showcase of the property. You can now begin your VR walkthrough. No more corralling busy buyers into awkward open houses!

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Architectural Visualization

What if the property in question isn’t built yet? Virtual Reality helps the real estate field to solve this marketing problem, too. Large, costly 3D models are now replaced by significantly cheaper architectural visualization, which can also provide a more immersive experience for the potential buyer. Showrooms and imagination can only go so far to give the buyer an idea of what their new home could look like. Virtual Reality in real estate goes a step further to clearly display what is being sold.

Virtual Staging

Thanks to VR, marketing unfurnished properties gets easier, too. Empty rooms, kitchens, and bathrooms are now filled with bright colors. The customer can establish an emotional connection with the property almost instantly, which is essential for home sales.

Staging has long been a cornerstone of marketing properties, but investment and time dedicated to putting together each property for sale is daunting. You can dramatically cut it down by applying VR in real estate.

Improving Communication Between Landlords and Tenants

When it comes to rentals, tenants usually have plenty of questions for their landlords. This is especially true for short-term lettings and holiday rentals. Landlords can use VR property tours to let their guests or tenants fully explore all the amenities, utilities and features of the accommodation in first person. The frequent calls and emails will be a thing of the past.

With all these advancements, its convenience and time-saving potential seem to be the main selling points of VR real estate. However, there are also brand-new interactive aspects to real estate that only VR technology can provide.

Virtual Commerce

The potential for interactivity in Virtual Reality is not limited to VR tours. What if a homebuyer comes across a piece of furniture during their tour that they wish to purchase? What if they want to make changes to the VR property and visualize how they would look in real-time? VR technology can take the user to a virtual store from which they can select and arrange different items of furniture, or even purchase one on the spot. The convenience and interactive potential of VR in real estate is unparalleled.

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Advantages of VR in Real Estate

Benefits of Using VR in Real Estate | LITSLINK Blog

Here are the top four reasons why Virtual Reality is a game-changer in the property business.

Time & Money Saved

Forget exhausting, all-day viewings and traffic jams associated with traveling to and from them. All your properties could be ready to view at all times with a Virtual Reality real estate tour. Advances in real estate VR let house-hunters select properties worth an in-person viewing in less than half the time of traditional 2D presentations.

Gone are the expensive 3D house models, too. Despite the initial investment of creating detailed 3D Virtual Reality real estate simulations, the final product is remarkably cost-effective. Furthermore, it puts your real estate business ahead of the curve, giving you an edge on the competition.

Global Reach

It doesn’t matter where you live or where your dream home is located; you can view VR properties from anywhere, as long as you have access to a reliable VR headset. This takes most of the headache out of long-distance or cross-country moves. Buyers can browse and select their favorite properties from the comfort of their own home, while realtors can reach a wider number of customers with lower investment costs and less paperwork. Virtual Reality for real estate is a real win-win.

Creating Emotional Engagement

Buying a home is a big milestone. It’s an exciting time for families. When looking at a house, the viewer doesn’t know what memories they will make in it yet. But VR in real estate can effectively turn a house into a home with a VR property viewing. The prospective owner can take their time exploring different properties on their Virtual Reality real estate tour, experiment with different furniture and decor in complete immersion. Walking through a fully personalized house is much more engaging than viewing a model or a series of empty rooms.

Instant Sense of Ownership

Being able to access a VR system from anywhere, without time constraints, can build an immediate sense of ownership for the homebuyer. Having access to a VR headset is like having access to house keys. This is great news for realtors, as creating a personal connection between the property and the homebuyer is half the job done.

Wrapping Up

Everyone interested in tech news and trends knows the impact tVR technology has had on all industries, but the potential of VR in real estate is tremendous as it can revolutionize old-fashioned home-buying and turn it into an exciting experience.

The steady decline in house sales seen in recent years could be turned around by investing in the cutting-edge applications. Innovating and expanding might be what the market needs to stay relevant in a world that is looking for greater convenience. So, is the real estate industry ready to fully embrace Virtual Reality in this new decade? Look for massive growth in the coming years. Maybe your next house purchase will be done entirely remotely!

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