+91-22-20872233

Blog

What is Virtual Real Estate And What’s Its Impact On the Real Estate Industry

May , 17
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

Post a comment

Your email address will not be published. Required fields are marked *

14 Effective Marketing Ideas for Real Estate Agents 7 Best investment options in India AI IN REAL ESTATE Artificial Intelligence Benefits of indoor plants in the office benefits of investing in commercial real estate benefits of rental property best degree for real estate investing best places to invest in navi mumbai best real estate stocks Best Residential Property Investment Best Residential Property Investment in India Best Residential Property Investment in Mumbai Building Commercial Office Space Building Commercial Office Space in india Building Commercial Office Space in Mumbai Building Commercial Office Space in Navi Mumbai Building Commercial Office Space in Vashi Buy Commercial Office Space for Rent in Mumbai Buy Commercial Office Space for Rent in Navi Mumbai Buy Commercial Office Space for Rent in Vashi buy commercial property buy corporate office space Buy Corporate Office Space in Mumbai Buy Corporate Office Space in Navi Mumbai Buy Corporate Office Space in Vashi buy home as per vastushastra buy office spaces Buyers' payments and its utilisation as per RERA Act buying a new home buying homes in India calculate square foot of house cement sector challenges facing in cement sector in 2021 closing costs for commercial property co-operative housing societies laws Commercial Office Space Commercial Office Space Design Commercial Office Space Design in India Commercial Office Space Design in Mumbai Commercial Office Space Design in Navi Mumbai Commercial Office Space Design in vashi Commercial Office Space for Rent Commercial Office Space in India Commercial Office Space in Mumbai Commercial Office Space in Navi Mumbai Commercial Office Space in Vashi commercial property commercial property for sale commercial property lease commercial real estate Commercial Real Estate 2021 Commercial Real Estate Agent Commercial Real Estate Agent in Mumbai Commercial Real Estate Agent in Navi Mumbai Commercial Real Estate Agent in vashi commercial real estate closing commercial real estate for sale commercial real estate in Navi Mumbai commercial real estate in Vashi commercial real estate investment commercial rental property Commercial Residential Property commercial space for sale commercial workplaces Corporate Business Parks in India Corporate Business Parks in Mumbai Corporate Business Parks in Navi Mumbai Corporate Business Parks in Vashi Corporate IT Park in India Corporate IT Park in Mumbai Corporate IT Park in Navi Mumbai Corporate IT Park in Vashi corporate office space Corporate Office Space in India Corporate Office Space in Mumbai corporate office space in Navi Mumbai corporate office space in Vashi corporate park in navi mumbai corporate park in vashi Covid-19 impact on Indian Real Estate customized villa in khandala customized villa in lonavala Cyber works Greenscape Group CYBERCODE Greenscape Group digital real estate investment platform DRONE REVOLUTION IN REAL ESTATE INDUSTRY eco-friendly home designs energy consumption for commercial buildings energy efficiency in office buildings Eternia Greenscape Group factors affecting real estate market factors affecting real estate market in India future of digital real estate future of real estate gen z in the workplace 2022 Greenscape Corporate Business Parks greenscape developers greenscape group Greenscape Group Meraki greenscape navi mumbai Greenscape Realty greenscape vashi GS Royale Greenscape Group Gudi Padwa 2022 guide to buy a second home in india 2021 hedge fund collapse 2021 home design trends to look out for in 2022 home improvements to increase value homeowners association rules housing societies how to plan for second home impact of technology in real estate Impact On the Real Estate Industry India real estate market India real estate market 2020 Indian Real Estate Market 2021 indoor office plants invest in real estate stocks KNOW HOW TO INCREASE THE VALUE OF YOUR HOME La Vista Greenscape Group leasing a commercial property legal documents for property lucky plants for office desk luxurious office spaces of Navi Mumbai luxury property Luxury Real Estate luxury villas Maharashtra Rent Control Act measuring tips for square feet of a house Metaverse Virtual Real Estate Metaverse Virtual Real Estate in India Metaverse Virtual Real Estate in Mumbai Metaverse Virtual Real Estate in Navi Mumbai Metaverse Virtual Real Estate in Vashi most expensive house in india Office Design Tips for Better Mental Health Office Space for Rent in Greenscape office space for sale office space in navi mumbai office space in vashi office space trends open concept house design post pandemic Real Estate Investment premium Indian home buyers premium real estate company problems with millennials in the workplace Property E-Registration in Maharashtra property investment property listings in real estate portals property sells Real Estate Agency Real Estate Agency in India Real Estate Agency in Mumbai Real Estate Agency in Vashi Real estate agent in India real estate company real estate company in navi mumbai real estate company in vashi real estate growth in India real estate india real estate institution real estate investment companies Real Estate Investment in India real estate investment India real estate investment schemes real estate investment tips Real Estate Investments real estate investor real estate license benefits real estate market Real Estate Marketing Agency Real Estate Marketing Companies in Mumbai Real Estate Marketing Companies in Navi Mumbai Real Estate Marketing Companies in Nerul Real Estate Marketing Companies in Vashi Real Estate news real estate portals real estate prices real estate project real estate projects real estate properties for sale real estate property real estate property in Navi Mumbai real estate property in Vashi Real Estate Regulatory Authority real estate rules real estate statistics in india real estate to invest in 2021 Real estate Trends Real Estate updates rent control act rental property investment RERA Act Residence Company in Mumbai Residential and Commercial Property Residential Flats Residential Flats in India Residential Flats in Mumbai Residential Flats in Vashi Residential or Commercial Residential Properties Residential Property into Commercial One residential property investment rules and regulations for rental property screen tenants for rental properties Stamp duty and registration charges in Navi Mumbai Technocity Greenscape Group technology template The Affaires Greenscape Group The Residence Greenscape Group The Springs Greenscape Group tips for eco-friendly home tips for interior design TIPS TO BOOST ROI FOR YOUR COMMERCIAL REAL ESTATE Tips to create a Zen Corner in your home title Top Interior Design Trends of 2022 trends in real estate market twitter unique office plants v vastu tips vastu tips for apartment vastu tips for flat vastushastra vastushastra for home villa for sale weekend home destinations near Navi Mumbai What is Metaverse Virtual Real Estate What is Virtual Real Estate what motivates millennials in the workplace work from home workplace for millennials WORKPLACE TRENDS POST-PANDEMIC Workspace Tips for Better Mental Health ZERO-RENTAL FLATS