Team Armentum / 25 days ago
One of the biggest technological trends over the past decade has been the ability to create and visualize 3D representations. While most of these technologies have been developed for the gaming and entertainment industry, virtual reality has grown into having key applications in real estate by allowing potential tenants and buyers to take a simulated “tour” of a property.
According to a recent study by Goldman Sachs Research, virtual reality will become an $80 billion market by 2025, with $2.6 billion being targeted for real estate. Virtual Reality has taken the property world by storm and in terms of industries, there’s no bigger one with more VR potential than the commercial real estate. Pioneering real estate agents are already employing virtual reality to offer a 360-degree virtual tour of their properties.
Virtual Reality gives the illusion of walking through space and allows the users to look around in different directions from multiple vantage points, feeling as if they are actually touring the property in person.
There are several uses and benefits of VR that can enhance a customer’s property viewing experience:
A commercial virtual tour has the potential to increase interest in the property and simplify the sales efforts. This can provide the company with a competitive advantage. Here are a few ways virtual reality could revolutionise the future of real estate.
1. Enhancing Efficiency
Face-to-face viewings take a large portion of a real estate agent’s day. With the possibility of buyers conducting their own thorough viewings online, agents can free up hours for marketing and presentation purposes. This means they can spend less time on the road and more time making sure the exchange process goes smoothly.
2. Helping Bring New Builds To Life
No matter how perfect the finished product will be, prospective buyers are rarely impressed by piles of rubble, simple foundations and shouting builders. Instead of relying on buyers to envision the finished product, virtual reality creates a projection of an artist’s impression, allowing them to walk around the property for themselves. This is sure to streamline the process of selling new builds.
3. Making Selling Easier
Sellers can often become frustrated by the constant influx of potential buyers coming to view their home. Virtual reality tours will see the number of face-to-face viewings dramatically reduced, taking stress off the owners during the sale period and allowing them more time to plan their next move.
4. Improving The Viewing Experience
The possibility of online virtual tours opens up the door for an audio accompaniment, walking buyers through the property. Where before, agents were forced to think on their feet and conscious of time constraints between viewings, they can now employ professional copywriters. This means no key selling point will be overlooked – from the blissful Mediterranean panorama to the basement-level home cinema.
5. Enabling International Property Viewings
One of the most significant advantages to virtual reality technology lies in the global market. For the first time, buyers will be able to walk around properties on the other side of the world, without leaving the comfort of their own home. This is sure to buy up the international property market, having a particularly notable effect on the sale of second homes and holiday lets.
Research shows a higher level of engagement by real estate customers when experiencing virtual reality. Potential prospects can take a virtual reality tour of a commercial property anywhere from their laptops or mobile devices without having to set up appointments or travel and also can see multiple properties at the same time.
While virtual reality technology will likely not replace a physical building tour and still has a way to go, virtual reality stands to play a key role in transforming the way commercial developers and brokers do business in years to come.
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