According to Andrew Carnegie, one of the wealthiest people of the early 20th century, “90% of all millionaires become so through owning real estate”. There is a lot of truth in that statement, although we’d change the word “owning” to “trading”. Other than that, we agree. There’s a lot of money to be made in real estate. And where there’s big money, there’s also big competition.
Whether you are just getting into the real estate business or an industry veteran, this article is aimed at showing you how to get ahead of your competitors and substantially improve your sales with VR in real estate.
What do we mean by virtual reality in real estate? All the VR experiences that can be used to enhance designing, sales and renting of properties. We’ll look at practical ways real estate agents and companies can use them to improve their business. We’ll also briefly talk about another great technology related to VR — augmented reality.
Virtual tours a game-changer for real estate?
As you might have already guessed, virtual tours are 3D walkthroughs of a place in a virtual environment. They became increasingly popular during the COVID pandemic, just as many other technologies that facilitated handling business remotely. And similarly to many of those solutions, people liked them. It seems as though they’re here to stay.
Why are VR tours in real estate popular and what are their benefits?
- They save time and money. How? Mostly on commutes. Neither you nor potential buyers have to physically visit the offered property.
- They save time and money. Again. Multiple potential clients can tour the estate in VR at one time. And each of them can view a differently furnished version.
- They make buying a property more convenient. Instead of spending a whole day driving around the city to see three different places, they can put on a pair of VR goggles and view all three in under an hour!
- They are extremely realistic. With new versions of Unity and Unreal Engine, we can create photorealistic 3D representations with features like changing lighting.
- They increase interest in your offer. People love new technologies and are naturally drawn to them. Use this to your advantage and build a positive brand image!
You can also make a virtual tour interactive, which increases the immersion and improves the positive association with your company or offered product. What’s worth noting is that a presented apartment, office, or building can still be in the construction phase. Or undergoing renovations. And that’s something not achievable with standard, physical tours and walkthroughs.
Personalized experiences — 3D configurators
People love personalized shopping experiences. According to Agility PR Solutions, customization makes customers 40% more likely to buy a more expensive product. And virtual tours are a great base for personalization. Being able to change even small details, like the colors of the walls, can make your potential clients more engaged and more eager to make a purchase.
Think of a beautiful house. No, really. Picture a specific building you would find appealing. Imagine it in a raw state — no furniture, no decorations, plain walls. Floors and doors covered in drop cloths and plastic sheeting. Now think of the same building all cleaned up, with shiny equipment and modern appliances tastefully arranged into a cozy home. Which version would you be more willing to buy?
Obviously, it would be incredibly easier to sell the latter. This technique is called home staging and it’s very effective. The advantages of VR, in this case, are apparent. Instead of buying or renting furniture and decorations as well as using a whole team to move and arrange it, you can easily create a charming interior with a few clicks.
Designing a house? Unleash your creativity with VR in real estate
VR in real estate and related industries isn’t limited just to sales and marketing. It has been improving the designing process in many companies for years now. Architects say that viewing a project in virtual reality gives a better image and feel of the design than studying several sketches and plans to understand the shape and layout of a space. It also takes less time.
A 3D walkthrough will allow design studios to convince clients that their project will look the same or better in real life. It should do the same for architects during the designing process, helping them understand how a place looks from different perspectives, with different lighting or furniture. 4Experience has already carried out similar projects in the past. One for HTC Vive and another one for Oculus Rift. Both look amazing!
Augmented reality in real estate
We’ve talked about virtual reality in real estate, so it makes sense to mention augmented reality as well. It offers fewer options and less immersion than VR but is more accessible as it only requires a smartphone or tablet. Having said that, AR has many of the same benefits VR in real estate does.
You can use it to develop architectural mockups of buildings as well as interactive catalogs and leaflets. 3D virtual tours are possible but may be challenging to prepare for AR. Virtual staging is easier to prepare, although it usually won’t be as impressive and engaging as in VR. It’s still a valid option nevertheless. Click here to see a furniture app we created for Modimodi. It uses the same principles as AR software for home staging.
Sell properties smoothly with VR in real estate
If you’re a real estate broker, agent, architect, or interior designer, we strongly recommend making virtual or augmented reality a part of your work. The benefits are clear and include saving time and money, increased interest in your offer and speeding up sales. VR and AR in real estate help provide a personalized experience which is important for many clients.
According to The Close, 45% of real estate brokers say that their agents find “keeping up with technology” a major challenge. We’re here to change that! Our consultants are here to share their knowledge and help you find out how VR and AR can change the way you work. Book a free 60-minute consultation and find out how we can help your business grow!