Virtual Reality, aka VR, will reach close to 200 million active users before the end of the decade. Most people can use VR tech to immerse themselves in 360-degree videos or VR video games.
The industry is changing and virtual reality is finding its place in the business world. The real estate industry is going through a revolution with this technology. If you want to keep up with the times, you have to jump on the VR trend now.
Not really sure how or why it goes hand-in-hand with real estate? Its functions hit closer to home than you'd think. Take a moment to sit back and consider the following top reasons why VR pairs so well with real estate:
3D Virtual Tour
Research shows that 83% of online home consumers want some form of visuals first. More than half of those who do use the Internet for buying a home take a 3D virtual tour to see what they're investing in.
No matter where your client is, they can visit the property you have available. They only need to put on the headset, access the program, and get whisked away into the virtual space.
In that instant, they can tour the premises of your property without ever leaving their home or office.
They don't have to deal with traffic or squeeze in a break in their weekly schedule. With the help of VR tech, they can explore every room, see every feature, and note every detail as if they were really there.
Now that's how you give a presentation.
Eliminate Sight-Unseen Issues
A third of real estate consumers and investors purchase property without ever seeing or stepping into what they bought.
Sight-unseen transactions can lead to messy issues in the future since the consumer may encounter problems that they could've avoided with a site visit.
You can eliminate these issues with VR tech. Even guests and investors overseas can get to see and experience the property, without having to fly over.
If you have overseas clients who might not have a chance to visit the site because of the distance or schedule conflicts, you can use virtual reality instead.
Now they can see and "visit" the property regardless of their location and time-zone. Every client now has the luxury of experiencing the property, thereby resolving sight-unseen problems.
Here's a common problem with physical site visits: what if you bring a client during the day but they want to see how the building and its neighbourhood is like during the night? You'll have no choice but to make them come back, increasing costs and you're wrecking the client's schedule too.
Using virtual reality solves this problem in an instant.
Some virtual reality programs allow users to customize their experience. With a few clicks on an app, you can make the setting at nighttime or add people to simulate how the property would look like with a crowd.
That extra wow factor aids your business too. You can garner more business reviews by using techniques your competitors are too afraid to experiment with.
Do you need investors but can't convince them with 3D photographs? Virtual reality will be a better solution. Investors can see the finished product before it ever gets built.
What if the property is already there but you propose some improvements or changes?
Implementing these home improvements can get expensive and investors might not agree to them. You can use VR tech to let them see firsthand what these improvements will look like, making it easier to discuss the plans.
You can let clients tour a home before you ever build it. You can show your investor what a few changes will look like before you implement them. You can convince clients to flip a ruined home because they can now see what it may look like when fixed.
Do the construction workers find the blueprints confusing? Do the clients not grasp some of the features or designs you showed them in photographs or a 3D representation of a project? VR eliminates all these communication barriers.
It's not only good for clients and workers but also great for tenants and property managers.
Is a tenant asking where they can find the water boiler tanks? Did the manager call in plumbers but they can't find their way around? You can use virtual reality to show them around and provide answers to any inquiries they have.
Facebook CEO Mark Zuckerberg aims to get 1 billion people on virtual reality. The company purchased Oculus VR and launched its own VR platform on its social media platform.
This opens the doors for real estate too. It's not only for simulating business meetings in a VR space. This social media integration with VR tech lets you hold simultaneous presentations.
You can showcase the property to multiple people even if none of you are in the same room.
Say for example you have a property in New York City. One buyer is from Chicago and the other is from Tokyo. In the traditional world, you would have to schedule each site visit and plans for costing.
With VR, the job is easier and quicker. You can have both parties tour the property at the same time. With only one presentation and one tour, you can cater to both clients.
Cut Costs with VR Tech
The HTC Vive is one of the more expensive VR headsets, costing approximately $800. The Oculus Rift headset costs $599 as of the time of writing. You can find more affordable headsets designed for mobile phones and those can cost between $30 and $99.
While those costs might sound high, consider how the expenses overseas clients pay for one site visit. International tickets can cost over $1,500 for economy-class flights and you have to consider their accommodation expenses too.
Even local clients can save money with VR. Anyone with a smartphone and a $30 VR headset, like Google Cardboard, can tour your available properties. They don't have to spend gas money or waste time getting stuck in traffic.
Don't Wait, Use VR Now
You don't want to wait for it to be the top trend before you jump in on it.
Be a game-changer. Lead the pack and benefit from virtual reality before your competitors do the same. Millions of people are using VR but you can utilize it to boost your real estate business to new heights.
Not sure where to begin? Do you find VR interesting but want to learn more? Give us a visit and we can get you on the right track.