The real estate industry is being revolutionized by the rapid growth of virtual reality (VR) technology. With the ability to offer virtual tours of the property, this technology is already transforming the industry. So if you’re in real estate and looking for new ways to get ahead of your competition, let’s take a look at VR and see if it really is the future of real estate.
What is Virtual Reality?
Virtual Reality is the use of technology to create a three-dimensional image or environment that can be interacted with. VR provides users with a simulated experience that can be similar to or entirely different from reality.
People interested in real estate would benefit from virtual tours of houses. Potential buyers no longer need to leave their homes to look for a new home. Additionally, virtual tours allow people to view room dimensions, furniture, and other details, resulting in time savings for both real estate agents and customers.
VR Real Estate Market Overview
Goldman-Sachs predicts that virtual reality technology will be used by around 1.4 million realtors by 2025, making it the most popular tool in their arsenal. This technology has been on the rise in the real estate industry, and has been touted as the "next big thing in tech". Many businesses have successfully integrated virtual reality into their operations, making the work of realtors more efficient and effective.
Real estate is an essential industry in our society. Traditionally, when someone wants to buy property or consider buying a house, they will contact a real estate agent, and both will agree on the day and time to view the property. While this approach certainly gets things done, it can be time-consuming and inconvenient for both parties. Things can get even more complicated if the place is hundreds or thousands of miles away from where the client lives.
However, you can solve these problems by leveraging technology. Nowadays, VR/AR technology is being used by enterprises, and it has handled all the past problems for customers.
Benefits of Virtual Reality for Real Estate
According to the National Association of Realtors (NAR), 77% of buyer’s agents said staging a home made it easier for a buyer to visualize the property as a future home. Virtual Reality offers a range of benefits to the Real Estate industry, a few of which are listed here:
Immersive experience
Virtual reality lets you experience walking around a building or house as if you're living there. It allows you to get a true feel for what it would be like to live in there. You won't be able to achieve this effect if you only use video, photos, or other out-of-date promotional materials. By providing immersive experiences, real estate professionals can increase the likelihood of a successful sale.
Staging and Virtual Visualization
By utilizing 3D visualization and virtual tours, real estate companies can promote properties that haven't been constructed yet. With the aid of VR, every aspect of the property can be examined in detail, including real furniture inside the apartment. This enables real estate companies to display both interior and exterior designs, promoting the property even before it is built in real life.
Saves time and money for both clients and realtors
By utilizing 3D visualization and virtual tours, real estate companies can promote properties that haven't been constructed yet. With the aid of VR, every aspect of the property can be examined in detail, including the real furniture inside the apartment. This enables real estate companies to display both interior and exterior designs, promoting the property even before it is built in real life.
Why is it important to take the lead and apply VR to real estate businesses?
A report by Professional Staging NAR found that 86% of potential buyers find it easier to visualize a property when it is staged. To showcase multi-million-dollar properties in prime locations, agencies use virtual reality and VR headsets for potential buyers. Virtual reality technology offers several benefits for the real estate industry.
Improving realtors' competitiveness
VR technology offers numerous benefits to the real estate industry. Real estate companies using VR are likely to grab more attention from customers in a competitive market, as per a survey conducted in 2022. Additionally, 81% of homebuyers find it easier to sell a staged home. Therefore, VR can help companies stand out in the market.
Visualizing architecture
Helping potential buyers visualize what they want is the best application of virtual reality technology. Real estate agents set up big showrooms with 3D house or apartment models to enhance customer benefits. It's an excellent technique to showcase the exterior and interior decor of any house without dealing with tangible materials.
Architectural visualization solves numerous problems faced by designers, architects, and business owners. With all the social distancing trends spreading across the planet, 3D visualization has helped many firms stay afloat by removing the necessity for entrepreneurs to contact architects and builders.
Global offering and demanding
VR eliminates distance. With the help of VR, one can visit its property virtually. VR tours paved the way for realtors to expand their client base. They now don’t have to rely only on local buyers. Customers can finalize distant property just by using the VR device. Thus, virtual reality can impact the global offer and demand for real estate.
Conclusion
Virtual reality has made significant advancements in recent years and continues to push boundaries. Its impact on the real estate industry has been revolutionary. Moreover, there is a growing trend of investors purchasing land and property in the virtual real estate world, particularly in the metaverse. The metaverse market is projected to expand from $27.21 billion in 2020 to $824.53 billion in 2030. Thus, virtual reality for real estate is a game-changing solution that can set you apart from the competition in the digital world. So, if you want to stay ahead of the game in real estate, VR is the way to go.
In the age of VR technology development, we have also developed an application with special features. With the most advanced and modern technology, our Xanro Lab has launched a new product called Myopia. By using Myopia, people can take AR 3D objects from the library and then drag and drop selected objects to a position in the room view. It is projected to be a helpful product being used in the real estate industry in 2023.
XanRo is a technology company that offers AI-driven solutions for various industries. We specialize in object processing technology with versatile applications. In addition to Myopia, we are ready to assist you in exploring how AI can improve your work processes. Contact us to learn more and to consult with our knowledgeable team of experts.