We live in an era where VR (virtual reality), AR (augmented reality), and MR (mixed reality) are all largely spoken about. Everyone talks about the potential benefits of incorporating these technologies but how much of it really materializes is what matters.
VR is one of the very first artificial realities that started creating a ripple and eventually paved the way for the others. One can argue that Mixed Reality would be the most practical approach. But there is no denying that in some fields VR might still remain a more beneficial option than AR or MR.
For example, in the gaming sector where blocking distractions and offering a truly immersive “out-of-the-world” experience would bear a lot of value. So Virtual Reality would be the best choice. That being said, another industry that can be truly revolutionized with the integration of Virtual reality in the real estate.
Let us compare the general scenario that often occurs in real estate market:
Virtual reality integration in Real Estate business: Ideas
Real Estate agent Without Virtual Reality: Traditional scenario
A real estate agent travels all day. He travels with his clients to show them property. After showing all the property, only real estate agents finally know that clients aren’t ready to pick even one among them.
Real estate agent with Virtual Reality Tech:
The real estate agent can sit in his office or at the client’s place with the client. Using a VR app and a VR headset, the client is shown around the houses virtually. The immersive and rich VR content gives the client the real feel of walking around the house. There is no traveling involved. Thus saving time and money for the client and the real estate agent as well.
A client looks to build a new home. He finalizes a plan and hands over the work to a construction company. Only after the construction of the house is complete does he realize that it is so much different from what he had visualized.
The client looks towards building a new house. The engineer hands him a virtual 3D model. The client walks around the virtual model and corrects every single element to meet his needs.
It’s pretty direct that the work, effort, time, and money of the clients as well as the relators can be saved when VR comes into the picture. This is just a piece of the pie to depict the potential of VR in the real estate industry.
Challenges Faced in the Real Estate Industry:
The work of a real estate agent is pretty tedious, and it involves a lot of traveling as we mentioned earlier. Also, unlike other smaller purchases, purchasing a home or even to rent one, the decision isn’t a quick one. People look for a lot of options. There are also several criteria that each client has which makes this a pretty unpredictable market especially while talking about the customer’s decision. There are also several external factors affecting the value of a property as well as the client’s final decision. To ease the burden on this industry a bit, VR comes as a ray of sunlight.
Tapping the Full Potential of the Virtual Reality Technology in Real Estate:
For selling or renting properties:
When a customer living far away is trying to relocate, VR can help the customer view homes remotely. Sometimes with photos, even if you try a panoramic one, there might not be enough information captured. With VR, a more interactive and real view of the property can be given.
For new constructions:
Realtors can also come up with a 3D prospectus. This would make sure that mental visualization doesn’t lead to any misconceptions since 2D views often do not give the exact picture.
For both the above cases, there are minor details like the ventilation of the house, amount of sunlight each room will receive would all be difficult to perceive just from a 2D plan.
VR would allow the user to enter the virtual plan and make any required changes then and there before the project begins to go live. This would even allow to virtually plan the interiors, furniture placement and more.
Every single aspect would be weighed and thus the result is the exact house that the customer wants. And it would simply involve the initial costs of making the 3D plans and before that, having a truly responsive VR app.
This cost would be a lot less than the cost incurs in making corrections in construction after work begins. Thus, at the end of the day, the customers are happy and so are the real estate agents, thanks to VR.
Have you seen any real estate startup or business taking advantage of Virtual reality technology? Let us know your thoughts & experience on using Virtual reality in real estate business.
This guest column is contributed by Akshay from Cumulations Technologies.