Virtual Reality for Your Real Estate Business

Virtual Reality (VR) is one of the raging and futuristic technologies shaping modern businesses especially in the real estate industry. This technology innovation in project/property visualization and interaction is changing the processes of designing, buying, selling and managing properties across the world. It is a powerful marketing tool.

As a forward-thinking real estate professional, you cannot afford to miss on the great opportunities VR can be to help push your business to its next level!

VR provides a way to virtually tour a remote property as if you were physically there. All details of the property are thoroughly captured through very high-definition 360 degree 3D interactive walkthroughs.

Imagine showing a potential client around a property from the comfort of their office (or anywhere), or guiding a client through a new building or interior decor design where they could virtually experience the space and dimensions, lighting, colors, and the general feel of the building. No need to schedule physical inspection to a property before a client could experience a building and have thorough detail of every inch of the property in question. VR allows people to conceptualize and understand what’s difficult to imagine from a picture, a video or detailed description.

Benefits of VR in Real Estate

VR offers tons of improvements and advantages over the traditional way of pitching buyers. Normally, a prospective customer would have to go through a lengthy, complicated process to research and visit homes. Similarly, the seller (and most times, the estate agent) would have to constantly adjust to new requirements and inspection schedules.

With Virtual Reality, estate agents and developers can shorten the buying journey and help both buyers and sellers navigate the process more efficiently and easily. The major benefits in adopting VR in your real estate business are:

Cost-Effectiveness:
The human and traffic cost of physically visiting a property for inspection is drastically reduced. VR replace some of the expensive marketing initiatives – providing better ROI, while also eliminating the costs of inspecting or staging a property.

Time Saving:
This is the biggest benefits in many real estate marketing scenarios. You want to inspect 10 apartments in a day without driving up and down Lekki to Ikoyi to Ikeja? VR to the rescue! With VR, there’s no need to organize your schedule and travel around a property inspection schedule; you can tour a property virtually from wherever you are at any hour of the day.

Global Reach:
Diaspora customers/clients can virtually view local properties from anywhere in the world, and as a result, real estate professionals are no longer limited to local clients or waiting for diaspora client to send representative for inspection. This increase engagement with the prospective buyers and can lead to better conversion rate.

Better Customer Experience:
Unlike scheduled physical inspection, VR provide entertainment, personalization and time to fully experience a property. Also, a buyer can easily explore the property with their loved ones at their leisure, anywhere, anytime.

Applications of VR in Real Estate

Virtual Reality (VR) technology is helping real estate professional make drastic improvement at every stage of the building and marketing process. Whether it’s buying a property, selling, renting, building and interior decor, there’s a VR application to simplify and improve the process.

Architecture Visualization
Often, buyers find it difficult to picture a home that hasn’t been built yet, and realtors may have a hard time marketing the property. Compared to costly showrooms with full-scale models of interiors, VR allows customers to visualize the interior and the exterior of the future property – reducing the time and cost factors.

Virtual Tours
Buyers usually look at several properties before deciding on a home. Therefore, by simply putting on a headset or touring the VR on the web/mobile, clients can virtually experience the interior of a house whenever they want and without having to travel. Instead of going through a long buyer journey, they can conveniently visit multiple properties at the comfort of their home or office.

VR/3D Waltkthroughs for a Banana Island Apartment, Ikoyi, Lagos, Nigeria

VR/3D Waltkthroughs for a Banana Island Apartment, Ikoyi, Lagos, Nigeria

In particular, there are two types of 3D virtual tours. First, guided visits are more interactive than conventional promotional videos and can be either fully virtual or captured as 360-degree videos. What’s more, they don’t require advanced rendering or programming – just a headset to fully immerse in the experience. Secondly, interactive visits are more complex to create and allow users to move within the property by clicking on specifically designed spots.

Virtual Staging
Staging a home is effective, but it does require time and financial investments, particularly for new properties. Consequently, by virtually staging a property, you can significantly reduce the costs. Moreover, you can personalize the staging according to the customer’s preferences and lifestyle. Clients can even virtually decorate the property by changing wall colors or adding furniture and art.

Virtual Staging of a Home

Virtual Advice for Tenants
Immersive technologies can also improve communication between landlords and tenants, especially when it comes to vacation rentals that usually can’t be visited in person. With 3D tours, tenants can learn everything about the property before arriving, thus avoiding the need to constantly contact the landlord.

Virtual Commerce
When buyers take a virtual property tour and make changes to the interior, they can also visit online stores, choose the items they want and see how they fit. Additionally, they can shop for the items presented in the virtual staging of the home with a simple click.

Immersive technologies is on the rise due to its convenience and return on marketing spend. With VR, looking for an apartment or a house to live in, has become more fun and less strenuous. This new technology saves time and is cost-effective as buyers can easily tour properties from the comfort of their homes or offices. All the tours can be done by VR and it is available on mobile, VR head-gears and even on the web.

Virtual Reality (VR) Service Provider in Nigeria?

HutbayVR is a virtual reality service from Hutbay, the leading PropTech company in Nigeria. Over 25 clients have been served with satisfying results.

Some of our works were shown above. Contact us today on +234 803 251 8824 or vr@hutbay.com.

source: https://blog.hutbay.com/virtual-reality-for-your-real-estate-business/