Real estate is one of the first industries to adapt VR, as its benefits for this field are so clear cut and effective, and the tech is fully geared to address real estate needs. The number of virtual reality real estate tours is on the rise, and the forecast for revenues of VR and AR in real estate in 2025 is $2.6B.
Immersive experiences can be an effective sales accelerator. A virtual reality real estate tour can create a lifelike experience, where the client has the freedom to explore, ponder and form a connection with the space. It’s a wholly different story than looking at a picture or a video. Buyers can visit a property from their office, from their home or anywhere else with a Wi-fi connection.
Visiting properties in preparation for purchase can be a long, tiring process, especially when there are long distances concerned. A virtual house tour enables remote visits to a property, using a 3D Tour that allows buyers to experience the house as if they were actually in it, saving immense time, money and efforts. Realtors can now show luxury apartments in California or the Hamptons to buyers who are thousands of miles away.
Beforehand, many buyers completed a transaction without actually visiting the house, and this transaction was hampered by high degree of insecurity. This issue is gone with the increasing use of complete transparency, with straightforward, full tours of the property.
VR tours transform the global supply and demand in the real estate market, eliminate boundaries and boost the real estate market’s dynamics. With VR, any number of people can view a property simultaneously, increasing the potential number of house views in the entire industry and expanding the scope of the market. Also, each property is now available to many more customers, as the geographical boundary is gone. This results in a much higher potential for revenues.
The 360 tour is an effective time-saver, and time is money. The costs of creating a VR tour today are a fraction of the time spent on actual house visits. They allow the realtor to spend valuable time only on high-potential visits and truly serious clients who are already interested in the house.
“VR saves people time and money by giving them the full visual impact of an office or storefront before seeing it in person,” Bobby Goodman, Co-Founder of Truss, told Curbed. “This way, instead of countless hours spent physically touring properties that don’t work, business owners only tour those spaces that have a high probability of meeting their needs.”
“Before VR tours, it took me around an hour and a half to get to a property and view it. Now, it takes me five minutes, with no gas expenses,” says Gail Levine, a Realtor in Seattle. “It’s really the next generation of real estate. Some clients even gave me an offer after going through a VR tour of the house. It’s amazing.”
Although VR has the image of being an expensive high-end tech, now there are friendly professional tools that allow you to create and edit VR tours with no tech knowledge, at a very reasonable cost. 360 Cameras are now offered for much lower costs, and 3D content can be filmed with standard smartphones.
Real estate virtual tours bridge the gap of imagination. They resolve tension points and improve communication between the seller, buyer and contractor. Property renovations are an important application in this aspect. Previously, communication between the investor, contractor and renovation team was flawed, as it relied on verbal descriptions and imagination. Now, VR can show exactly how each piece and aspect should appear. VR is also a great support tool for pre-construction properties, which have always presented a challenge to realtors, as they require buyers to use their imagination in order to visualize the house. Now, 3D tours allow the buyer to view the house as if it were already built. This even has an extra V-commerce benefit, allowing additional items and elements which are placed within the space to also be sold online.
In the case of short term rentals, real estate virtual tours can also streamline communication. They can guide renters on exactly how to use the facilities or tour the area: How to use the air conditioner, the TV or the Jacuzzi, and what’s the best restaurant or pool in the area. This can help make renters self-reliant and ensuring a hassle-free stay. Because of the frequent visitor interchange, effective communication is vital.
The 360 tour is expected to be a commonplace tool within a few years, and realtors will soon wonder how did we ever manage to sell houses without VR?
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