How Virtual Reality Is Transforming The Real Estate Industry?

24 Apr

Have you recently sold or purchased a property? If the answer is yes then probably you are aware of the real estate industry at present.

 Starting from the basics, real estate agents or realtors usually come with a never-ending list of properties for their customers. Once the selection is done they come on the front of explanations, negotiations, real-time visits, etc. This is the fundamental workflow which has sustained for decades in spite of its inconvenience and time-consuming process. With the amalgamation of virtual reality technology in the real estate industry, a large number of business functions are transforming. Most importantly it includes no wastage of time as well as resources. The buyers can easily take rounds of multiple properties from the comfort of their home and can visit the place in person if they really like it. 

Real estate solutions based upon VR technology are not only beneficial for the consumers but it also helps the agents to grow their business and get maximum clients and conversions. It has also enabled the realtors to deliver top-quality services particularly by adopting the technology. In this article, you will find the possible transformations and benefits of the VR based real estate industry.

Develop an understanding of the role of VR in the real estate industry 

Virtual reality is a form of artificial reality that requires no specific connection with the real world and it is an illusion of an imaginary world which is developed by incredible computer simulation. For reference, we can consider them as the disclaimer in movies and it makes the users dive into a different edge of the digital world. When this technology emerged initially some land professionals quickly switched to this and they also created an incredible impact with 3D rendering and imaging. The real estate professionals who imbibed the Mobile application development real estate industry enhanced the buyer experience for all sorts of activity. 

  • Augmented reality:

Augmented reality cannot be differentiated highly with virtual reality and it serves as a supplement to the virtual reality. AR superimposes the already generated image on the user view in the real world providing them with a composite view. It also adds a large number of virtual elements in order to improve the experience of the buyers.

In recent years, AR and VR have gained exponential growth especially in the real estate industry and as per the reports it is estimated that by the year 2025 the industry will possibly generate revenue worth $2.6 Billion. For starters, realtors started using the technology for 3D video and photography to develop interactions with their potential clients. 

Read the blog- Role Of AR And VR In Real Estate App Development

The portrayal of this technology was also used to showcase the interiors of the property to buyers. This has eventually enhanced the viewing experience of the users without being actually present on-premises. This has not only helped the customer but also helped the market owner to improve and maintain their workforce on every front. 

Why VR solutions are used by the experts of the real estate industry?

VR and AR best real estate solutions allow potential customers or realtors to experience the best atmosphere of the property without manually visiting or exploring through the websites. It also provides a practical illustration of the structure for referring to it later or showing it to respective partners or customers. Large numbers of VR assistance are converted for Android and iPhone application development in order to facilitate the customers from all aspects. Earlier real estate professionals have to hit the places or streets in order to sell their properties. 

The advent of this technology has almost eliminated the requirement to be actually present in taking the tools and it has also helped them to save plenty of effort, time and money. But at present, the agents can carefully create the guiding tools and show them to their potential customers without being actually present. the technology has also associated a number of endless possibilities considering the home decor, appliances, furniture, building materials, interiors, color and so on. This can be quickly applied to the interface.

Augmented reality and Virtual reality solutions have gone through a dramatic fusion of real estate investment in the past few years. The death of this has also become a game-changer globally and a large number of organizations are potentially experimenting with it. The industry is also used in technology to improve their customer experience along with transforming the development and designing of their spaces.

The game-changing transformation caused by virtual reality in the real estate industry

It is interesting to land somewhere along with enjoying the landscapes with every medicated detail even without being there in the flesh. Well, this is possible with the Virtual reality solution which is capable of immersing the customers in the virtual world. The adopters of this technology have also stirred the dynamics of healthcare, gaming, education, defense, entertainment, and various other industries. Its impact in real estate has also reached a perceptible phenomenon, at present, which is possibly attracting plenty of eyeballs towards it.


Following the results of a recent survey, it was declared that more than 20% of the customers believe in VR as the best investment flow in real estate as compared to the previous year. Ultimately, it means that more investment is propounded with more opportunities and excitement in the same segment. Even Real estate web development services are rapidly changing the industry in a number of ways. Eventually, it has made various platforms to keep pace with the exponential change in technology and leverage its benefits in order to sustain in the business. Considering the buoyancy let us walk through the transformation which we are likely to see in the real estate industry in the coming days.

  • Virtual photorealistic tours will be the new normal

By far, the virtual reality technology has reached, photorealistic virtual tours are still the most fantastic outcome of it. Not a while ago, if the buyers wanted to look for an office or residential space then probably they had to arrange a list of physical checks out of the property. And it's not possible to manually check each of them. Hence you are left with the only option of either referencing the blunt images on a brochure or go through the website. 

Breaking the stereotype, virtual reality has allowed the industry for a photo-realistic virtual tour with 360 degrees rendering for the properties. 

Read the blog- Major Reasons Why Real Estate Companies Should Embrace Cognitive Chatbots

At present, the buyers only need a specific virtual reality headset to start their tour prior to visiting the place in person. This has resulted in saving time because customers can virtually visit various locations within a short span of time. Eventually, it is equally beneficial for real estate agents and sellers who prefer going through a streamline real estate process. 

  • Traditional taboo will be replaced

Virtual reality services in real estate are not just limited to the virtual tools rather it can give a new spin to the traditional real estate working processes. For example, previously sellers or agents have to really work on the decoration pieces of the place in order to attract the customers. The staging process also turned out to be extremely costly and time consuming for both the ends. The empowerment of virtual reality with its Mobile application development services and assistance agents can easily visualize the exact replicas of the physical property. Through this, you can run your imagination to its greater extent and styles of place according to your desire.
 

  • Real estate and vCommerce

The evolution of the real estate industry and vCommerce is the most awaited technical utility. Virtual reality has empowered the real estate industry with its perfect settings for the vCommerce segment to thrive to the best. The potential customers while engaged with the VR staging can also purchase the home decor products as per their requirements and preferences. A recent study has made it clear that a large number of property buyers are desperate to get it with the convenience of virtual reality and vCommerce in the real estate industry.

  • No more bottleneck conversations

Communication has always remained a key ingredient in every business or industry and the same goes for the business of buying and selling properties. As the potential buyers are all set to invest their hard-earned savings in a property, they are liable to check for the clarifications at every stage regarding the features and aspects of the property until they find it reasonably correct and satisfied. Transparency and communication become absolutely necessary considering the short term rentals. 

Hence, in order to help such buyers, the agents in the real estate industry are leveraging the virtual tools to develop a centralized hub of detailed information of the property to answer every query of the buyers. Through this instance, the buyers can also walk renters through share findings with the property. The virtual reality is transforming the real estate industry to overcome the bitterness with "what you had promised or committed is not delivered".

  • Affordable and instant prototype

On the consumer fronts, virtual reality technology is taking giant leaps. It is equally authentic in the architectural designs or initial prototypes for any specific property. Often, it occurs that the already built prototype is required to be tweaked or changed at a later stage then for such a situation the construction agents have to go back to the designing board and reflect their changes. Eventually, the construction company has to deal with uncertain cost raises. Utilizing the virtual reality solution to Build real estate applications can easily eliminate all such problems along with cutting the time limit short. Applying similar changes in the prototype is cost-effective as well as time savvy.

  • Establish a closer connection between agents and customers

The virtual reality solutions have shattered the earlier concept where proximity was considered as a precondition for purchasing a property. In light of the same instance, long distant consumers who were aware of the impact of the virtual reality of the imperial estate industry asserted that no such rule is carved that the buyer cannot look beyond their reach. Virtual reality has empowered the thought which enables the buyers to dig the real estate solutions until they get what they are looking for. The evolution of VR IT solutions in the real estate industry has also made the agents get closer to their client base.

Advantages of VR technology in the real estate industry

Even if you are aware of the practical uses of virtual reality in light of ios and Android application development, there are still a number of areas to consider (especially if you are uncertain about its worth. Below presented is a shortlist of the number of advantages offered by VR in the real estate industry and to prove its point. 

  1. The solution is time-saving

this is probably the significant advantage of virtual reality that it not only saves the time of clients but it also helps the agents or realtors to manage their schedules with absolute efficiency. Thanks to technology, there is no more need to travel from property to property and become the victim of traffic jams. Rather the buyers can simply put on their headsets and enjoy the 3D tour of the surroundings. If you do not have such a fancy instrument then it is not a big concern because it is provided by the agent as well. The use of VR technology in the real estate industry is open all around the clock and buyers can visit their desired properties at any time without the need to spend a lot of time discussing it with realtors.

  1. Build stronger connections

Nowadays agents are highly considering Real estate web development services or similar solutions for their clients. This is done especially to visualize each property with amazing visuals unlike traditional visits to the website. 

The VR in real estate is absolutely reliable where no one is in a hurry to take the property rounds and it is entirely based on customer-centric specifications. It is also significant that the complete immersiveness of such solutions creates deeper connections with the customers and helps the realtors or agents to engage with them better.

  1. International reach

The agents in the real estate industry understand the requirements of every client very well. They also understand that arranging the visits, negotiating on multiple terms, showcasing the properties and similar tasks are extremely time-consuming so it is to no surprise that an average agent works with a relatively smaller number of the customers. VR has changed all such difficulties and it has enabled the realtors to work in a productive manner. This is irrespective of the geographical location of the buyer because the technology can help them understand the property from a long distance as well. Ultimately, it means that the agents can reach maximum clients and easily resolve their queries right from the comfort of their home.

  1. Save resources and money

It may seem expensive to Build real estate applications or VR but considering the big picture and traditional marketing strategy it is the best option you can consider. Earlier, it requires to stage properties and provide high-quality pictures and a variety of printing materials to the customers. With the help of VR technology, realtors or real estate agents can save a lot of money using almost similar content with multiple customers. All it needs is a basic understanding with the rendering and economic camera to shoot the virtual tours of the property.

  1. Quick ownership

Most of the real estate agents find it tiring and a long process to sign for the agreements and dealing with the legal formats. But the virtual reality real tours and assistance has empowered the connections and ownership among customers with their agents. A number of interactive add-ons make it easy to enhance the buyer experience including the mortgage calculators, description of neighborhood and landmarks, details of similar properties, and so on.

Conclusion 

The VR IT solution with the infusion of augmented reality has changed the ground functioning as well as the higher dynamics of the real estate industry. The early adopters of the same are already leveraging their benefits considering the core aspects of their buying and selling. The proposition of its effectiveness cannot be deliberated exhaustively because the technology is still evolving and proceeding towards active development. It can also be said that it has a number of other fascinating services in store for the future. The real estate agencies that are still stuck with the traditional real estate marketing and paradigm can never really leverage their business along with failing to meet the customer expectations as well. 

The advent of AR and VR has started changing the real estate industry and it has also transformed a variety of instances regarding the same. Even the simplest form of these technologies is accessible by the agent as well as customers to a greater extent. The sophisticated approach made by the solutions has a lot of potentials to transform the entire process of buying and selling.