What is Virtual Real Estate And What’s Its Impact On the Real Estate Industry
Do you know how the real estate industry works? Have you ever bought or sold any property? If yes then it would be easy to understand how the real estate industry works. Real estate agents provide long lists of properties to the clients. The next step is negotiations, detailing, research work & descriptions. Then the final step is to visit the property in real time. This is how it worked for decades. But in the present day scenario, when every information is available with clicks on devices, the age-old method becomes quite inconvenient and time consuming to many, including both realtors and buyers.
But here comes a game changer with the power of VR – Virtual Reality – which is gaining importance in the real estate industry. Virtual reality is a game changer because through these real estate agents can get more customers, business and good services. Approximately 44% of clients search for properties on the internet, so it is important to adapt to this new technology.
WHAT IS VIRTUAL REAL ESTATE?
Virtual Real Estate is the term to describe the process of carrying out real estate deals completely online. With virtual reality, potential buyers can visit multiple properties at a time even without actually visiting the properties physically. Employing VR tools means you can expand your reach to more clients. With VR you can reach out to long distance buyers too from the comfort of your own office. Virtual reality is a step forward to the digitalization of the real world. Augmented reality, virtual reality and video are all combined to carry it out.
IMPACT OF VIRTUAL REAL ESTATE ON THE REAL ESTATE INDUSTRY
The impact of virtual real estate on the Real Estate Industry is profound. Here are key points to establish the same.
- It saves time:
The biggest impact is time saving. It is huge in today’s world. People are running and are always lacking time. With the application of VR, it saves a huge amount of time for both realtors and buyers. You don’t have to travel amidst traffic from one property to another. Clients can easily put on the VR headsets and experience 3 dimensional property tours. At times clients might not have the sets, in that case the realtor might provide them one. When the whole experience becomes online, this means all the details are available online all the time. Home buyers can check them out at any time as per their convenience.
- It can help build emotional connection:
Virtual tours of properties let the clients visualize each property. It is just the opposite from the traditional visits. Moreover this is taking a grip as everyone is in a hurry & yet potential buyers can take VR home tours at a time as per their convenience and can focus their attention on details. These virtual reality tools provide a full immersive tour of virtual houses that creates an emotional connection and engages clients a lot more efficiently.
- Option of global reach:
An average realtor works with a comparatively small number of clients as the whole process is extremely time consuming. Each client requires much time to go through the entire process. Arranging visits, showing properties, negotiating terms and prices – all these take a lot of time. That is why, for a realtor it is not possible to cover many clients quickly.
But virtual reality can really help out here. Most properties can be shown through VR tours with this current day technology. Realtors, that is why, can work more productively. The bonus is you won’t be bound by a limit. It doesn’t matter where your clients live, VR helps you show properties even to long-distance buyers. Of course, this means you can work with more clients and process more inquiries, hence providing you a global reach.
- It may save money:
It might seem that 3 dimensional virtual tours of properties are more expensive. But in reality, it is just the opposite. In the traditional way of real estate, the expense is huge. Going across all the properties with the client, communication over phone and at the office, several negotiation meetings, providing high quality pictures, investing in marketing and the list goes on. Whereas with virtual reality, clients as well as realtors can save lots of money. Investing in virtual reality headsets and video apps is a one time investment only. With these, you can provide 3 dimensional virtual reality connecting the properties with the clients. Virtual reality helps you save a lot of money by using the power of 360-degree videos and computer graphics. Invest in a good camera and phone and your work is done.
- Instant sense of ownership:
It is not an easy task to crack a deal and get the clients signing the final papers. Realtors usually need to push a lot, giving them quick reminders of meetings and other diligence work. You have to keep yourself available all the time as when a potential client might wish to visit the properties again and again. You need to go on nagging your clients to sign the purchase deal a lot many times. With virtual reality home tours and digital transactions, this pushing thing can be avoided. Clients can check out the properties at any time they want. This gives them a sense of ownership and personal connection.
The VR home tours can be very in-depth with more detail, like, mortgage calculator charts, other similar property information, descriptions of the locality and thorough interactive sessions. Clients can go through all the information and only contact you for meetings and final visits and work when they are ready.
What is your take on virtual real estate? Do you feel comfortable making a property deal over virtual technology?
Also, read our article on: “7 Benefits of having a Real Estate License“