How Virtual Reality is Transforming Real Estate Industry

Technology impacts our daily lives in more ways than we imagine. In this new age of cutting-edge technology, various advancements have been made in streamlining business operations that were once quite time-consuming and costly.

Such is the real estate industry which has benefited through the use of AR (Augmented Reality) and VR (Virtual Reality) realities. Virtual reality technology has made home-buys so easy, efficient, and exquisite for the real estate agents, real estate developers and the buyers.

As a result, there is a great potential for harnessing ingenious AR and VR technology to amplify the consumer experience.

And here we at Virtual Decors help our clients explore the plethora of options we possess while transforming the real estate industry using the virtual reality- VR tools.

Here are a few of the many ways in which the real estate industry has used virtual reality technology to save time, money, and labor in the process.

1. Virtual Reality for Real Estate Agents:

Back in the day, real estate agents had to hit every street to sell houses. Open houses, showings, and in-person meetings were just a part of everyday life.

Yet today, Virtual reality hasn't eliminated the need for a real estate agent to be present at every house sitting or house show, but it has certainly saved a lot of time, money, and effort. Especially efforts are something which an agent needs to put in the early stages of the sale.

While in the past agent would have to personally show a house to dozens of buyers, which used to eat up several hours of the day. But today with the use of Virtual reality technology in the real estate industry, we can easily set up guided virtual tours for potential buyers that look realistic to their eyes too.

Moreover, for an agent, it won't be imperative to be present at every show. And it would also eliminate the need for virtual staging while it adds a plethora of furniture appliances, building material, and colors that can be applied in seconds using this powerful AR/VR technology.

2.  Virtual Reality for Real Estate Developers:

Real estate developers often fall into a dilemma during the prelude stages of the projects like housing developments and planned communities.

Similarly, it can be hard to get investors interested if you aren't even able to show them something concrete. For example, a developer finds himself in a situation where he ran into an out-of-state investor or someone else who can't be in the same room as them.

That is where virtual reality in-person makes meetings obsolete! Now with the use of virtual reality, you can create a true to life representation of a future building site and populate it with buildings, landscaping, water features, and many more, all in 3D photorealistic graphics.

It helps developers to take ideas inside their heads and bring them to life right in front of them. And that is something due to which the investors are impressed.

3. Virtual Reality for Architects:

Architects face a similar problem when it comes to creating the basic building plan, just before the building can start its construction.

They need their investors to trust them. And the approval of a whole range of local officials who want to make sure of any new construction that fits within the character of their existing society.

Virtual reality for architects has allowed them to render their proposed structures in 3D. Clearly showing the investors, property owners, and even the government officials precisely what it will look like once it is built.

In these last five years, virtual reality technology has boomed popularity for real estate professionals of all sectors. And it's only going to get more popular over the coming years.

4. Virtual Tours

The most exciting feature of this remarkable tool is its walkthrough of the property. These virtual tours of houses resemble the traditional video of a property.

However, it also allows the client to be more flexible and have a certain amount of freedom to explore the place at their leisure. Most properties get photographed using a 360-degree camera.

Using these photos, clients can check out the property in extreme detail. And the 360-degree camera also helps to view all areas of the property from multiple angles to ensure that the client gets a clear idea of how the estate is going to look.

And what is to be expected from it. While some virtual tours use virtual goggles, a majority of them are connected via computer and video.

This form of technology is prevalent at the instant because due to the spread of COVID -19, more and more people opt for virtual tours.

5. Virtual Staging

Virtual Staging plays a very significant role in the final sale of the real estate property. Clients often prefer to see a property that has been virtually staged with furniture and aesthetics. It helps them to visualize better.

As to how their personal belongings would look like in the same space. However, we know that traditional staging can be truly tiring, time-consuming, and often costly too.

As a way to solve all those problems, virtual staging helps. It saves both time and money. Today many real estate agents are turning over a new leaf by adopting this technology. Virtual staging most frequently uses augmented reality rather than virtual reality.

Recommended: Transform Dream Home into Reality with Virtual Staging

First, the property is displayed without any staging. Enabling the clients to see the layout and analyze the architecture of the property without any distractions.

Using AR (Augmented Reality) then the client is shown the virtually staged version of that room. And when the client walks through the property to visualize how the house would look after it's fully furnished. 

It also helps the client to seamlessly switch between two modes - staged and un-staged. Providing a clearer vision of different ways of how space could be filled with furniture and other aesthetics.

Recommended: Virtual Furniture Replacement: How it Make your Home Lively

Thus staging properties in different ways in any fashion, helps the real estate agents to save time, labor and reduces the amount of money spent to set up the place.

 

6. Virtual Visualization

The technology which uses interactive virtual tours is also frequently used in virtual visualization. This type of virtual reality is most often used to display properties that are not yet built or still under construction.

Virtual visualization renders a complete model of what the property would look like once it's finished. This is very beneficial for the clients who intend to purchase properties and remodel them according to their taste.  This way is a very cost-effective form of technology for both clients and agents too.

In this process, the clients are simply able to see how the end product would look like even before the construction gets completed and before they place offers on the property. This technology helps mitigate the expectations of both client and the agent.

These are the six ways how virtual reality is transforming the real estate industry. Of course, virtual reality is here today, so if you can harness its power to improve your sales or create realistic virtual tours of real estate properties, all you have to do is ask!

Call Virtual Decors today to get started to transform your real estate business. Our team of professionals will help to take your ideas and help you render them in 3D to see how it looks in reality.

Virtual Decors providing Virtual Home Staging, Virtual Furniture Replacement, Virtual Remodeling, Virtual Landscape and interactive AR and VR services and 3D Architectural Rendering services to real estate agents, real estate developers and Architects.

Check out our 3D Visualizer Portfolio.

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