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How Can Virtual Reality be a Game-Changer in the Real Estate Business?

By Construction Tech Review | Wednesday, July 08, 2020

With the number of virtual reality (VR) real estate projects mounting, VR itself has become immensely versatile and dynamic.

FREMONT, CA:  The workflow in the real estate business has remained the same for decades. The traditional method is inconvenient and time-consuming not only for the realtors but also for the homebuyers. VR has stepped in as a game-changer to transform the way the industry works. VR has made a substantial leap in recent years, shifting from heavy prototypes to mobile and affordable headsets. Hence the power of VR technology can enable real estate agents to flourish their business, get more clients, and deliver the best services. Adopting VR has become the need of the hour because 44 percent of the clients search for properties on the internet first.

VR is commonly perceived to be associated with video games and entertainment, but this technology has massive potential in the real estate industry as well.

Virtual Presentation

Staging is an excellent way to market property. Selling an empty house with less or no furniture and then showing the same house but fully furnished, looking cozy and appealing has a difference. According to a report by the National Association of Realtors, 77 percent of the real estate agents state that staging helps the buyers to relate the property with their future homes. VR enables us to create 3D real estate tours and gets properties staged to let the clients have a look at them.

Virtual Guidance for Tenants

VR technology helps the landlords to interact efficiently with their tenants. With the help of VR headsets, the tenants can experience 3D virtual tours. This cuts down on time and can be very convenient for both tenants and landlords. This particular type of VR technology is beneficial for the vacation rentals industry because of its high turnover rates.

Architectural Visualization

Marketing properties which have not been constructed yet has always been challenging for the real estate developers and agents. Large three-dimensional models show a new property or neighborhood, which helps the potential buyers imagine the architecture. VR enables potential buyers to check out the exterior and interior of both yet-to-be-built properties.

Although challenges are still ahead, including the production of high-quality content, reducing time to create it, and headset prices, VR is deemed to be the big thing transforming many industries.

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