Real estate is one of the largest industries in the entire world, yet technology has been slow to keep up with other business models. However, an important technology should be playing an increased role in the real estate market in the near future—virtual reality.
The trend toward building virtual spaces for exploration, experimentation, and design is a great benefit to the real estate industry, i.e. it saves time, builds emotional connections, and offers global reach. Virtual tours of houses and apartments help the customers visualize each property right on their screens, but it is more beneficial for the real estate businesses. Let’s see how:
Taking a Tour from your Bedroom
If you’re looking for a new apartment in an entirely different state or country, you may have difficulty deciding which are worth your time. By providing virtual tours using 3D experiences, a user is able to navigate floor plans and immersive themselves in all the amenities a modern apartment offers.
This also saves time for real estate agents or landlords who normally need to be available for tours at many different times of the day. Virtual reality even allows for a tour of the neighborhood.
Seeing it before Building It
Investing in property can be daunting for anyone, especially if it’s from the ground up. Whether it is an individual looking to build a house or a business building a new apartment community, shopping center, or residence, a blueprint, model, and video presentation can only go so far.
Being able to fully immerse yourself in the blueprint would help let you explore every detail and make important decisions that may have otherwise been overlooked. So, if you plan to invest in Toronto, do go to this page.
Virtual reality doesn’t just help the individual home buyer or a realtor in doing business the better way, but can also help bring in investors who may have otherwise been reluctant.
Gaining an Edge
Whether you’re looking to bring tenants into a modern apartment or sell a home to a buyer, VR technology could offer a competitive edge that no one else has. Prospective buyers can explore customized versions of their home with different paint colors, furniture styles, and more. They’ll be able to rearrange furniture, pick great colors, customize their landscape, and more through virtual reality.
Once you move beyond photos, you can truly reveal a home or apartment’s potential. An important rule in real estate is to let your prospective buyers envision themselves in the home, and nothing does that better than virtual reality.
The Bottom Line:
Virtual reality is changing not just the way we are living, but it’s also rapidly changing the way business is done. The technology has already started to transform a lot of industries and the real estate industry is one of them. However, so far it’s mostly just been large real estate agencies using the technology and the reason of course is the cost involved. The real estate giants have enough budget to invest in VR, which is relatively not that easy for small scale businesses.
The good thing, however, is that it’s not the end; more real estate agents are likely to follow suit. The speed at which the technology is advancing, sooner the low cost VR implementation will be available for small scale real estate companies.