According to Goldman Sachs, the Real Estate VR industry is predicted to amass $2.6bn in 2025. Furthermore, there is a potential user base of 1.4 million registered real estate agents and an aggregate real estate commissions market of $107 billion. This is the market that VR is set to disrupt.
Virtual Reality isn’t so common, but at the same time many real estate agents are already using it to gain a competitive edge and that use is only set to increase. This new tech allows buyers to almost ‘feel’ the property and helps them to really understand what living there would be like.
1. Walk Through Properties That Are Still Under Construction
The first reason why VR will revolutionize the Real Estate industry is also the most crucial – being able to walk through a 3D rendered visualization of a building project that is still under construction. This experience goes way beyond the flat images from catalogs or websites. With today’s technology, the textures and the lighting has reached photo realistic quality that makes virtual properties look as real as the actual place. You have this feeling of presence, turning your head to marvel at the intricate details of the kitchen. You forget the outside world as if you stepped into a mini time machine. You get an immediate impression of the scale and proportions of a property that cannot be achieved simply with flat images and CAD plans.
2. Save Time
Companies that have several properties in their portfolio usually spend the majority of their time driving around, showcasing different properties to potential clients who may not even be interested in them. Virtual Reality solves this painful point by letting clients step into the various apartments from the comfort of their office. What used to be a 3 hour drive in the notorious traffic-jammed streets of LA is with VR just a heartbeat away. After viewing in VR, clients can narrow down the places they have a keen interest in, and as a result, there will be a decrease in unproductive visits and an increase in serious visit requests.
3. Show Properties Abroad
For many international construction companies the next building project usually cannot be reached by car and can only be reached via planes as they are located in other countries. With VR, companies now have the opportunity to walk through the building sites of properties that are located too far away and cannot be conveniently reached.
4. Save Money
Construction companies spend a lot of money on creating showcase apartments by 3D printing buildings to present to investors and clients. Using 3D rendered environments is a more cost-effective alternative and dramatically reduces overhead.
5. Interact With Special Features
5. Special features like water installations that are the focus of the marketing campaigns for properties cannot be accurately depicted in still images on paper or photos. At the same time, with VR glasses on, clients can actively interact with the property, picking up books, opening the oven, switching the lights on and activating the water fountain in the garden as if they were really there in person. This new level of interactivity is what distinguishes Virtual Reality from simple 360° video experiences. It’s very easy and intuitive to touch items and interact with them, using a VR headset makes it feel like you’re right there.
To sum up…
Virtual Realty signifies the next step in the Real Estate market. This new technology grants developers, clients, and investors a realistic and interactive experience of the property.
Furthermore, Virtual Reality allows the real estate industry to tell a story like never before, as it is a technology that doesn’t require breaking the bank and can be easily integrated into the existing platforms. The interactivity allows for better marketing of off-plan properties and reduces the fear of the unknown for potential buyers, leading to decreased barriers to sale.
In the future, VR will be transforming the house-hunting process and making it more streamlined and efficient. Already, VR has been extremely well received by buyers, and is evidence enough for many that VR is set to revolutionize real estate in the very near future.