Have you bought or sold property in recent times? If yes, then you know how real estate works in 2019. With technology finding it’s root in every sector, real estate is not an exception.
The real estate industry is changing fast. With good technology and high inter-connectivity already making a massive impact on how people view properties and make their decisions.
The internet has not left any industry untouched. More than 95% of people wanting to buy a real estate property begin their search online. This statistic says everything you need to know about today’s customer cycle. Real estate developers need to find new ways to capture the audience’s attention. A way that involves the internet and technology.
One such technology includes virtual reality and augmented reality. The real estate industry, like any other industry, is trying new tools and technologies to improve customer experience and gain an edge over their customers.
But let’s first define what is virtual and augmented reality?
What is Virtual Reality?
Virtual reality is an artificial environment created by using software technology which makes users suspend their beliefs of the outer world for a brief moment and get completely immersed in the artificial environment.
What is Augmented Reality?
Augmented reality, commonly abbreviated as A.R. is a computer-generated content overlap in the real world. Applications of AUgmented reality include Instagram stickers, video games, television, and personal navigation.
How Virtual Reality Is Changing the Real Estate Industry.
Save Both Real Estate Agent’s and Client’s Time
Well, any other technology, even virtual reality’s job is to make the job easier for real estate developers. Real estate developers dread the house showing process. They have to go to a string of houses showing apartments to their prospective customers and hope they find something which they agree upon.
The process is tiring and time-consuming. As an agent, you need to set your day aside for only one buyer showing and traveling around different localities. Which may or may not end up in a final deal.
As a buyer, you need to set your day aside to visit properties in a different locality. General knowledge says that the buyer always has multiple agents to show the home around. It means you need to make multiple rounds with different real estate agents.
Virtual and augmented reality helps customers to experience home through completely different lenses. Augmented reality allows agents to show an almost replica of the hose they will be living in. Virtual reality helps them to showcase an immersive experience and get a feel of how it will feel living in the home.
This helps both parties to filter out unnecessary options and save time for both parties.
Helps Developers to Gain Funding
Real estate is a costly investment and hence many developers face problems while raising funds. It is difficult for a potential investor to invest in a project which has no visual proof of how it is actually going to be. The developers need to justify the amount and the time they are spending to build this project.
For developers, this may translate into a delay in funding and loner sales time. Virtual reality could rectify this mistake. It not only shows how their plans might look but also experience them.
This could help developers showcase their construction plans even before the beginning of the project. This also allows an accurate estimation of the time it would take to complete the project.
The real estate industry has more competition then we think of. Companies need to stay at the top of the game to stay relevant and ahead of their competition. Virtual reality could really help them to stay ahead in the competition.
For example – Furniture is always a concern for any home buyer. They couldn’t plan any furnishings until they see the final product of their product.
With virtual reality, you could plan all these simulations even before the customer could buy. This would make a real estate company stand out.
With Virtual reality buyer could roan around the house, open the doors, look at their furnishings and let them decide what’s good for them. The adoption of reality could really help developers to stand out from their competition.
More Data for Real Estate to Use
Data is the new oil, any companies who know how to collect and analyze the data is going to stay ahead in the competition. This is also true for real estate companies.
With virtual reality, you could gather additional data from the consumers and gain in-depth information about what they actually want.
This data would help developers create a smooth customer cycle and decision-makers could use this data to make better decisions about the business. Trust is an important factor when it comes to real estate, virtual reality could help real estate eliminate some resistance.
Open New Opportunities
The needs of the Indian middle class is growing faster with the Government’s push towards more affordable housing. This scheme is opening new opportunities for real estate developers. Virtual reality could help these developers capture a better part of the market. Many affordable mone buyers are first time buyers and hence skeptical about the whole buying process.
With virtual reality, it would be easier to gain their trust. The purchase of a real estate by the Indian middle class will be driven by an immersive virtual experience. These will help real estate developers boosts conversion rates.
It is quite inevitable that virtual reality is going to have a huge impact on the real estate industry. It is going to open markets for international home buyers since you could experience the feel of the property from anywhere you want.
Indian market is slowly adapting virtual reality and soon experiencing properties through virtual reality could become the new norm.
The technology moves fast, real estate companies who could make a grab with these changing times would thrive over their competition. The virtual and augmented reality is here for the better and hopefully, change the way real estate developers and buyers interact.