How is Virtual Reality Revolutionizing the Real Estate Business?

  • February 11, 2022
  • OHI

Welcome to the arena of virtual reality (VR), a technology that immerses the user into a virtual world and thereby has significant implications for real estate companies. 

Harnessing technology, virtual reality has helped bridge the gap for buyers in the real estate industry, who can now go through the process of home staging and touring through this development and easily get a glimpse into the future. Gone are the days when realtors had to prepare a sample flat and set it up with expensive furniture to convert their leads. Virtual reality is a boon for real estate as it has helped revolutionize sales figures in this sector drastically. 

Property buyers and tenants now prefer a virtual visit over a physical visit, especially in the pandemic era. Hence, there is a huge chunk of people who would prefer to proceed with real estate agents who have access to these technologies. 

It can be rightly said that staging a property with augmented reality/virtual reality application tools is becoming immensely popular in the real estate segment. Utilizing this technology, realtors can offer a unique perspective and experience to prospective buyers through a digital tour of the properties from anywhere across the globe. 

How Can Virtual Reality be Used in the Real Estate World?

When talking about technology for real estate, virtual reality is rapidly pacing up the sales figures in this sector. Real estate property management companies need to be upscaled with the growing technologies in AR/VR to maximize the benefits of this innovative technology.

Here are some of the ways in which VR is changing the real estate world.

Virtual Tours

One of the biggest utilities of VR technology to the realtor sector is getting a home tour of the property one wants to acquire on rent or purchase. As a real estate company, all you need to do is hire an expert and an experienced software company who can send their qualified photographers to take pictures/videos of the property using special cameras and equipment. Next, their software developers can use the photos taken to create a 360-degree rendering that can be accessed through a VR headset. Hence, with a simple click on the device, prospective buyers can take a virtual reality property tour of multiple properties in just a few minutes instead of physically travelling long distances to view a property. This way, a lot of time gets saved and it works out to be a win-win situation for realtors, brokers, and property seekers alike. 

Instructions to Tenants

When one moves to a new house, they need to be updated about the facilities being offered therein. It becomes quite a task for property owners to keep updating tenants regarding every minute detail every single time. Here, the use of virtual reality technology comes as a saviour for both the tenants and the owners. The former can simply put on a VR headset and take a VR property tour that offers a 3D glimpse into what is placed where, how a particular thing works, and follow every instruction to help them guide their way. Their concerns can be addressed within time without any hassles. 

Renovation Projections

When planning to construct a property or renovate an existing property, developers are inspired by various ideas, and it can become quite challenging for them to explain the same to their contractors. With virtual reality, explaining and designing future projects as well as implementing the conceived ideas has become very easy. It improves precision during the execution stages of the project and helps achieve the desired results. 

Engineering Projects

Right from the initial stages of acquiring land for construction purposes, land designers and specialists have to estimate the actual value of the finished property by visualizing how the final structure would look after it has been built. With virtual reality, builders can create full-size 3D models, showcasing every detail of the projected structure, which makes the work of the engineers and contractors much easier. In addition, interested buyers can have an inside and outside view of the property and its surroundings even before the construction work begins. 

Final Take 

Virtual reality and augmented reality have given a boost to the marketing and sales of real estate businesses. Be it their accountability to contractors, property-seekers, or brokers, this new technology is propelling the real estate sector to a new high. By technologically rendering properties that have not been built as of yet, virtual reality can help home buyers fulfil their dream home aspirations long before they own it or start living in it. Moreover, it saves a lot of time and resources, and creates an emotional link between the realtors and buyers as the interiors and other aspects can be customized as per client specifications. 

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OHI is a fifteen-year-old real estate services company working with 50+ commercial and residential real estate developers, funds and property management companies across USA. Our deep expertise in real estate accounting, financial analysis, lease administration and asset management has helped clients cut associated costs by 40-50%. We currently provide these services to a portfolio of 75000 units across clients.

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