How VR is Changing the Real Estate Industry?

How VR is Changing the Real Estate Industry?

Posted on April 18, 2019

The real estate industry is one of those in which the buyer has to make the purchase even before he receives the final product. Therefore it is very important for the seller to seal the deal with a convincing prototype model. However, it has been a long journey for the industry to perfect the sample design for their customers. From blueprints of the design to 3D models to the original sample house, everything has been shown and done to help the customer imagine the final project. However, there is always room for improvement.

The introduction of Virtual Reality (VR) into the world of real estate has brought numerous opportunities for the sector. To start with, it resolves the issues regarding property visits. It is a time-consuming process to visit multiple properties before making a choice. However, one cannot take any decision without being completely sure, making the tiring task mandatory. Using virtual reality, buyers can visit the property sitting at their homes by just putting on the VR headsets. This saves a lot of time for the seller as well.

One of the major concerns in the real estate industry is buyer experience. The overall experience of a potential buyer hugely affects his decision. However, everyone has a different idea of how their homes should be, which makes it impossible for business to showcase their property. That’s where VR sweeps in and offers virtual staging. This enables clients to have a virtual tour of the property as per their desired setting. It’s highly beneficial for the seller as well.

VR technology also breaks the barrier of distance for real estate. By better showcasing and great experience of virtual tours, companies can target the clients sitting in one country to offer them a property that is in another country.

However, while there are numerous pros to this amalgamation, there is one major con as well. Delivering a great virtual experience skyrockets the expectations of customers. This makes it compulsory that when the final product is delivered, it matches the expectations. Even the slightest of difference can disappoint the buyer and he may cancel the deal. It can also affect the goodwill of the company.

However, the emergence of VR has been good news for the industry. And even though it’s not certain to what extent the industry will change, the future of real estate would still be bright.

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