With virtual reality games and simulators growing in popularity, many industries are coming up with ways to use the technology to improve their business. For real estate agents and brokers, virtual reality can be an extremely useful tool in showing and selling properties. Here we will discuss the advantages of using VR technology in real estate.
Improved Accuracy & Detail
One of the best ways real estate professionals can make VR technology work for them is through presentations of new construction. Normally, there is no way for a potential buyer to tour a home before it is built and viewing a model unit can only give so much information. A key issue that arises with touring a “sample” but not the property itself is that the sample will often have non-standard options. Buyers might be confused and frustrated to find that what they saw is not in fact what they will get.
With VR, a potential buyer can take a tour of a completely customized model unit. VR will allow them to view a home with all of their material and furnishing choices in place to get a more accurate idea of what the property will actually look like. This also allows them to view different options in context rather than flipping through a book of color swatches. Overall, virtual reality can help make the selling and buying process far more detailed.
Save Time & Resources
Virtual reality might cut hours of wasted time out of every home buying or selling process. Instead of traveling to properties, buyers and agents can view them anywhere. Virtual tours and stagings have become extremely popular and easy to create, especially with the recent need for social distancing and restricting travel. Not only will VR visits keep everybody in the transaction safe and healthy, it will save money and time on transportation back and forth.
Using VR in your real estate process can also save significant amounts of money and marketing resources. Providing virtual access to a property over the internet, for example, cuts out the need for marketing collateral like banners, flyers and signage. While paper-based marketing is still widely used by real estate professionals, using VR instead could save money and use up fewer resources.
What Are the Downsides?
Despite the many advantages of using virtual reality technology in real estate, there are some drawbacks. The major disadvantage is that virtual reality hardware has not been adopted by a wide enough audience to make it affordable or expected. Virtual reality headsets are improving all the time, but are still expensive enough to be prohibitive both for a buyer and real estate professional. There is also a physical aspect to using the technology—wearing the headset and using controllers—that may cause concern regarding health and safety. People might not have their own headset and be reluctant to share with others.
As the technology develops and becomes more accessible, we might see more widespread use of VR in real estate. The advantages can help all parts of a real estate transaction by saving time, money and providing the clearest possible view of a potential home. The disadvantages of VR technology may also change as companies learn more about how it can help their business and their customers.