7 Ways Virtual Reality is Transforming the Real Estate Industry

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Source: medium

Innovations keep surprising the consumer world, and Virtual Reality is one of the more popular ones. Although it’s not as new compared to a few other ones, it’s still a life-changing innovation that allows people to experience a different type of reality. VR, or Virtual Reality, is something that came out a bit earlier than most people think, but for commercial use, it became popular just a few years ago. Of course, it’s still not as common so that every person could have it in their own home, but it’s slowly becoming a standard in the world of technology.

What’s interesting about VR is the fact that it’s not only used for gaming. VR has a lot of other uses, and most of them are highly professional. Pilots use them for simulations, soldiers use them for training and most professional car racers use them for their highly experience-yielding simulations as well. In today’s article, however, we’re going to talk about how VR changes the Real Estate Industry, so if you’re interested in learning some more on this topic, you’re more than welcome to keep on reading until the end.

1. More realism than ever

Source: mashvisor

A few years ago, purchasing an apartment was all about paying and praying that what you’re going to receive will meet your standards and satisfy your needs. However, nowadays with VR, it’s a completely different case. You can “walk” into your house or apartment before it’s up for sale, click all the light switches and turn on the TV’s if the program is advanced enough for you to do that. You can test everything before buying, and it’s truly an amazing thing. Maybe you’re unsure about your house’s proportions and you want to see it before making the final decision to build it.

2. Testing before buying

Source: pinheadsinteractive

Let’s say that you want complex design and you’re not sure if it’s going to be practical enough for a real-life scenario, so you want to test it out before paying hundreds of thousands of dollars for it. Well, with VR this is completely possible. All you need to do is find a company that offers this type of service and you’re free to spend a fraction of time in a virtual world that features your house. It sounds like something from the future, but it’s what happens right now in the present. For more on real-estate and futurism, feel free to check out this website.

3. Easier for marketing

Source: stambol

Because Virtual Reality is currently a part of a huge “wave”, companies that feature this in their service will have a much easier time advertising. If you were a customer, would you choose the service of a real estate company that has this VR feature available for its customers or a company that doesn’t? The answer is very simple, and if you’re an owner of such a company, we advise you to start implementing VR solutions, they have a huge return on investment.

Just compare a company that offers this type of service with a company that requires you to purchase a home and then find out how it’s like to live in it. The company that offers you to test things first will attract a lot more customers.

4. More profit for the industry

Source: linkedin

It’s not a secret that having the ability to “walk into your new home” before you buy it will cost money, and this is just one of the reasons why so many companies are looking forward to it. Besides the ability to build and sell a home, you’re able to present the buyer with a “test mode” in which they’re able to experience everything before paying for it, but for a certain price of course. It’s not cheap, but most people who want to have the perfect quality of life upon paying hundreds of thousands for their house will agree to pay this “small price” just to test things out, and it’s a huge opportunity for companies to grow.

5. Easier to convince customers

Source: nytimes

Do you know why it’s easier to sell a home that you can present in virtual reality? Because you’re giving your customer a chance to “feel” like what it is to live in it before paying the price. We know that this takes money to make, and you require a skilled developer who can put everything together for the buyer to be able to test it out, but it’s something that’s going to boost your sales by a lot, and it will be an industry-standard in just a couple of years. It’s better to start using it now than later.

6. Higher chance for investments

Source: analyticsinsight

Every company needs investments to be able to function properly, and one of the best ways to get those investments is by showing investors that you’re keeping up with all the latest trends. You must show the public that everything you’re doing is based on the current standards which are constantly evolving. Virtual Reality will be something that every real estate company will offer starting from the next few years. This means that if you’re amongst the first few companies, you’ll let investors know that you care about the trends and what’s currently “hot” in the industry, making it a lot easier for you to receive investments.

7. It’s a rising trend

Source: techrepublic

Technology is taking over and it’s a fact. A few years from now everything in the corporate world will be done through a computer, and Virtual Reality will be perfectly normal for everyone. Nowadays we still have people from the older generations that are not quite familiar with technology, so VR is currently something very fascinating for them. However, in the next decade, your customer base will consist of people who were born with computers, so VR will be nothing special to them. This means that you have to hop on the VR hype-train while it’s still time and reap all the benefits of it while it’s still a rising trend on the market.

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