Impact of Virtual Reality on Real Estate Business

Impact of Virtual Reality on Real Estate Business


Real estate industries are the few ones where potential buyers never see the real product (final product) before making the purchase, meaning in the physical senses. For example, if an individual intends to buy a new property, she or he will most likely invest earlier when the construction of the space or building is going on so that they can get a better deal. However, as the construction is going on, the purchaser is only able to see the sample of the office space or apartment and based on that envisions on how his or her property looks like.

Getting A Clear Picture Through Virtual Reality

As one of the major technology trends, it is possible for a purchaser to wear a headset and gets the virtual experience of standing right inside her or his future office space or home. Frankly, it would be a great feature to have this, especially something which makes it easy for consumers to relate to something better to the space that is purchased.

Here the need of the hour for real estate buyers is to get a virtual and personalized viewing experience of the building or apartment, even though they aren’t present in the location. So, this is the impact of virtual reality which is making a huge difference and it will surely transform the way real estate agencies are going to target potential buyers.

Normally, real estate agencies will create and design a video presentation or presentation of how the particular property (i.e. offices, apartments, or buildings) will look in the future. But with the virtual reality technology, it is entirely different. Virtual reality software and apps will empower real estate agencies to show things which are closer to reality.

Present Scenario Of Real Estate

As per various reports, the impact of virtual reality is truly amazing. The new era of real estate development and investment will begin in 2020 and beyond that. Studies and real estate experts feel that the global stock of the institutional grade real estate will somewhat expand from $29.0 trillion in 2012 to a staggering amount of $45.3 trillion by 2020. Even there are chances that it might grow even further to roughly about $69.0 trillion by 2030. All this is due to the impact of virtual reality.

In Asian countries like India and China, brand new cities are being built and old ones are getting renovated. Even in countries like Middle East, Africa, and Latin America, there has been extensive growth in the real estate industry as many people are on the move for a better life and living conditions.

For meeting such demands of urbanization, real estate agencies must have efficient virtual reality software that provides extensive access to the information of the property, stats and deal all the time, and that too using mobile devices. No doubt, the current technology trend has helped real estate agencies to experience a huge paradigm shift since companies are thinking of going global.

With regard to the long development cycle that is involved in the real estate development projects, which ranges from planning to construction, the time has come to plan for such changes. These are the new technology trends or an era which signifies the start of unprecedented opportunities for asset managers, real estate agencies and investors, etc but with a huge risk.

The best part of virtual reality is that it allows people to create a real-life kind of condition. Most importantly, you might be thinking about whether it is really necessary. Frankly, this would be of great assistance for people who want to experience the virtual walkthroughs across the house they have purchased or plan to do so. The key factor here lies in partnering or taking the services of a trusted virtual reality application development company who can develop a good virtual reality software to provide an upper hand.

With virtual reality, it becomes easy for potential clients, as they won’t have to leave their homes any longer. They can easily shortlist other properties which they plan to purchase. In addition, it becomes easy for individuals to take virtual visits previously by contacting the real estate agency or broker. Frankly, this spares the time for both the real estate client and agencies. Furthermore, clients can view the estimated proportions of the rooms, the tallness of the room and the various other factors which are considered vital by them.

Getting Detailed Visual Projections

The major advantage and impact of virtual reality technology will bring to the real estate industry the ability to see the whole mock-up designs in 3D rather than the common 2D view. Also, virtual reality software will save the time for real estate agencies. It is common for buyers to view the property and sometimes it might be at different times in a day.

Under normal circumstances, it might be a tough task for real estate agents to schedule the property-showing task but with virtual reality, it is another experience. It will allow the real estate agencies to handle the time to view the property as customers can view during the day as well as the night in one go. This will simply allow the potential buyer to decide about the lighting requirements of the property in advance.

Another fantastic advantage of virtual reality software is that it equips prospective real estate purchasers the chance to have a virtual walkthrough of the entire street and block present in the neighbourhood where they are going to purchase the property. Seemingly, this will eliminate the requirement and extra effort of using Google Earth or Google Maps.

Getting More Value

The major benefit of the virtual reality is that it gives real estate agencies an added edge over their competitors who are yet to follow the virtual reality technology. This can only be done, by creating a strong connection with clients and providing a better value.

Nowadays, it is a common practice for home buyers to wait until the house is registered under their name to plan the furniture and interiors. However, with virtual reality technology, you get the life-like simulations and this will open the prospects to explore the internal amenities of the property, rearrange furniture to see what suits the best for their home and opening the doors of the different rooms and the list goes on. This will save the time of consumers and help them to begin the planning process a bit earlier.

The major benefit of the virtual reality is that it gives real estate agencies an added edge over their competitors who are yet to follow the virtual reality technology. This can only be done, by creating a strong connection with clients and providing a better value.

In A Nutshell

No doubt, the impact of virtual reality will revolutionize the real estate industry. This is done by giving opportunities for virtual onsite visits and even through interactive campaigns. Plus, it provides the best way for buyers as well as investors to save a lot of time and seek more options before making the major purchase decision. So, if you are a real estate agency, you really need to think if you are ready to provide such realistic experience in the virtual world for your consumers.