How Virtual Reality is Changing the Real Estate Industry

20 Jan , 2018 Case Studies Dawei Chen

How Virtual Reality is Changing the Real Estate Industry

It is time to explore the potential of another dimension. For many agents, static 2D images are part of depictions of available properties. Information is conveyed in listings and via email. In addition, open houses are an expected part of showing a home. This may all change soon as more agents adopt virtual reality and include it in their listings and communications with potential buyers and sellers. 

Take the tour of what is coming when it comes to how virtual reality is changing the real estate game today.

 

Not Enough Vision: Come to VR

Virtual reality bridges that gap wherein buyers can improve their online experience and understanding of how a space may feel with a prospective owner’s furniture. Technology that may serve to give agents an edge is a welcome addition to the traditional methods used to engage clients and help them more easily sell residential and commercial property.

 

Virtual Tours

Traditional methods include the essential component of property photos on an online platform. Virtual reality and augmented reality makes it possible to view properties in three dimensions. These virtual tours providing a 3D walkthrough, improving the stickiness of an ad and allows people to see a space as they would if they were physically at a property. This type of virtual reality technology, such as seen with Matterport, may make it easier for prospects to more fully experience a property prior to going to an open house.

 

Virtual Staging

One virtual staging technology company, roOomy, gives individuals the ability to visualize and decorate a virtual space. How does the technology work? The company allows people to upload a picture of a space and decorate or virtually stage it using a catalog of 100,000 common household items and pieces of furniture.

This fun tool can let those looking at a potential property play with styles, furniture groupings and flow prior to settling on a single property, much like traditional staging when selling a home. Google Tango takes the guesswork out of envisioning a room and lets the user experience and look around a room as if all changes have been made. These technologies will impact the experience of investors, buyers, and agents.

VR Hotspots

VR Hotspots are a very interesting way to augment virtual reality. Hotspots allow for more interactivity and improve the VR experience. Overlays via hotspots can offer additional details on a tour or give a close up of an area of interest. Properties with special features, close to nearby attractions or have historical or architectural significance may greatly benefit from Hotspot technology.

Agents and property owners that add Hotspots to VR look to take the 360 experience to the next level and get users to engage with that virtual world. Interactive hotspots are one way to create a “sticky” user experience for potential buyers. Hotspots are easy to add with technology from InstaVR, and soon, VeeR VR. Include more details on a property or gamify the VR experience. Get users talking about their VR experiences with Hotspot overlays.

 

Virtual Future

Know what a property looks like before a project is completed with virtual reality. The Virtual Experience is another take that allows users to have a walkthrough experience of a property under construction. This makes it easier to sell office space or condos earlier to prospective buyers. Real-Time Options can let potential buyers personalize the space, as well as gain additional information about the property.

Virtual reality is shifting how residential and commercial buyers are experiencing properties. With additional features, clients can get a feel for a property as if they have arrived at an open house. In addition, agents can get a technology that helps them close deals on construction projects that may not have broken ground.

 

The Future of Virtual Reality in Real Estate

There is more to come when it comes to virtual reality and how it may be used in the real estate industry. Virtual reality may be considered a disruptive technology in how it changes the experience for investors, buyers and sellers through various stages of construction and in selling a property. There may come a time in the future when the practice of open houses becomes unnecessary and individuals can get all the details they need on a property from the comfort of their home. From virtual tours to interactive virtual hotspots and more, the creative potential of this technology serves to improve the experience of clients when it comes time to buy or sell residential or commercial properties.


Justin Havre is a real estate expert with reputable industry knowledge, for more information on the topic visit his company blog

 

Dawei Chen

Dawei is responsible for consuming half of the coffee at VeeR HQ. Reach him at daweic@veer.tv.


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