Real estate is a very adaptive industry. Even when the industry is hit with tough factors that influence its direction, it adjusts to those changing factors. Already, we’ve seen how real estate has adapted to modern times. For instance, today, the home searching process is very much in the hands of the buyer, and there are several platforms that users can go to when starting the home buying process.
Furthermore, there are numerous real estate startups that were created to improve many facets of the real estate industry, from escrow transactions to subletting. However, although real estate adopts to changes that occur in the world, it’s been slow to integrate technology into its traditional structure. However, since the spread of COVID-19, the ability to create digital experiences for buyers and sellers has proved more important than ever.
With that in mind, we wanted to take a moment to discuss a growing trend in real estate: virtual reality. Earlier this year, Forbes published an article detailing how virtual reality is poised to revolutionize the real estate industry. Indeed, it has plenty of benefits. Here’s what you need to know:
Benefits of Virtual Reality in Real Estate
During these trying times, the real estate industry has to adjust to the coronavirus, and virtual reality would allow prospective buyers to virtually view a home before they ever visit in person. It maintains safe distancing, thereby helping reduce the spread of bacteria.
Virtual reality would help bring in more serious potential buyers. A common issue for buyers and agents alike is that they show up at a property and find that it doesn’t look like it did in the photos. With virtual reality, potential buyers can eliminate homes they aren’t interested in before they visit. This means that they are only visiting properties whose virtual tours attracted them.
Virtual reality can be a game-changing tool for international buyers. For instance, between 2019 and 2019, Chinese buyers spent around $13 billion on real estate in the United States. Virtual reality would allow the local real estate economy to benefit, as remote buyers can get a better glimpse of their potential properties.
Save Agents Time
Clients typically visit several homes before they decide on the final property. This is a time-consuming effort that can cost time and money. Furthermore, prospective buyers are also able to visit many more homes within a shorter time frame.
Types of Virtual Reality
There are numerous types of virtual reality experiences that cater to real estate. Having different types of virtual reality allows agents and buyers to work together on unique marketing experiences that cater to potential buyers. Here are a few examples:
Guided real estate visits typically consist of 360-degree videos. In some cases, they could be made with a combination of 360-degree photos, videos, and 3D renderings.The point is to create a story and highlight the home’s features. Today, creating 360-degree videos is relatively simple, which makes it easy for real estate agents to take advantage of. Ideally, the prospective buyer will have a VR headset for an immersive experience, but it isn’t necessary.
Interactive visits allows the user to touch points in the photo or video to steer them in that direction. Interactive virtual home tours are a little more difficult to create, but worth the added effort. Because they’re more interactive, real estate agents can more efficiently show a property.
Unfortunately, it can be difficult to sell a property without great staging, and not everyone can afford to stage a property well and appeal to different types of buyers. Staging plays a huge role in real estate, and studies have shown that a staged property can improve value perception and get a home off the market quicker. With this tool, prospective buyers will be able to better visualize what a property could look like. For instance, with the platform Rooomy, anyone can make spearhead virtual staging on their own.
Virtual Reality in Ecommerce
Virtual reality is a great tool for both consumers and businesses. Already, the world of ecommerce has embraced virtual reality in creative ways that could lend a hand to real estate. Virtual reality in ecommerce is very much like real estate staging. It works by allowing prospective buyers and homeowners to see what an object or feature would like in their home.
For example, with the platform Houzz, you can easily see what a coffee table would look like in your living room, giving you a feel for its aesthetic appearance as well as its size placement in the area. This can be a great way for prospective buyers to see whether a particular property is right for them, especially if the buyer has had difficulty envisioning what the property could look like with some design and interior adjustments.