Virtual Reality is no longer just a figment of our imagination. It has become a reality, and it is changing the way we do things. This includes the way we buy and sell real estate. 


In this blog post, we will discuss the different ways in which VR transforms the real estate industry and the benefits of VR in Real Estate. We will also explore the future of VR in this industry.


How Is Virtual Reality Transforming The Real Estate Industry?


Virtual reality has already transformed many industries- from healthcare to education to military training. But, its use for real estate may be one of its most game-changing applications yet. Virtual reality offers both buyers and sellers an interactive experience that brings potential properties to life before they’ve even signed on the dotted line or put down their first deposit. 


Let's take a look at how this works out for both buyers and sellers.


  • For Buyers:

VR can create a realistic, three-dimensional model of a property that potential buyers can explore from the comfort of their own homes. This not only saves time and money on travel but also allows for more discreet browsing; you don’t have to worry about your nosy neighbour seeing you checking out that new property on the market!


  • For Sellers:

VR can help sellers market their properties more engagingly and interactively. Virtual tours of a property can be created to show off its features and amenities. Potential buyers can even take “walkthroughs” of the property to get a feel for what it would be like to live there. This helps to eliminate any guesswork on the part of the buyer and can result in a faster, more seamless sales process.


VR has already been used to successfully sell properties in a number of countries, including the United States and China. In China, a real estate broker conducted a virtual open house for clients. Within 10 minutes, more than 1,068 customers made property purchases!


So, you can clearly see that VR is the future of real estate and it's coming sooner than you think. 


Different Ways In Which VR Is Transforming The Real Estate Industry


VR works in a lot of different ways in the real estate industry. Let's take a look at some of them. 


1) Virtual Staging:


This is a method where virtual reality is used to create a digital version of a property that has not been built yet. This can be used to help potential buyers get an idea of what the finished product will look like. 


For example, a developer wanting to sell apartments in a new building could use VR staging to create a model of the finished building and the individual apartments within it. This would give potential buyers a much better idea of what the property will look like when it is completed. 


Note: Virtual staging can also be used to improve the appearance of a property that is already on the market- for example, by removing furniture or adding plants and flowers to make the space look more inviting.


2) Virtual Visits:


Virtual visits show off properties in a more engaging and immersive way. There are two types of virtual visits - guided and interactive.


  • Guided Visits -  With this method, VR is used to provide potential buyers with a guided tour of the property. This can be done in two ways- either by providing a video of the property or by allowing buyers to interact with a virtual estate agent who will show them around the property. 


  • Interactive Visits - This is a far more advanced version of the guided visit. Prospective buyers can click on certain hotspots around the property to get more information about that particular area. They can also interact with the environment, for example by picking up objects to see their description or turning on taps to see how the water flows.


Both these methods provide a personal, first-hand experience to the buyer and get them more invested in the property. 


3) Architectural Visualization


Architectural Visualization is the use of Virtual Reality to help people imagine what a building will look like before it is finished. 


This can be used by developers to show potential buyers what a property will look like, by architects to help clients visualize their ideas, and by builders to show customers the end result of their work.


4) VR Commerce in Real Estate


Imagine you're taking a virtual tour of your dream house. Right now, it's just an empty space. But what if you could access an online store, and then place your favourite furniture, change the lighting, select different interior decorations, and you get to see what the final outcome would look like including the price of all the modifications? This is termed VR Commerce.


VR Commerce allows buyers to take a tour of a potential purchase by staging it exactly how they want it! This will also help the seller to close deals faster with a higher rate of buyer satisfaction. 


Conclusion


As you can see, Virtual Reality is changing the real estate industry in a lot of ways. Some industries are sceptical about VR and its ability to replace the traditional way of doing things. But as we've seen, VR has already begun to change how people buy and sell properties. 


The future is looking very bright for VR in the real estate industry. So, don't be surprised if you start seeing more and more Virtual Reality Real Estate companies popping up in the near future