The Impact Of Virtual Reality On The Real Estate Industry
The Impact Of Virtual Reality On The Real Estate Industry
The state of Virtual Reality (VR) and Augmented Reality (AR) technologies in today’s real estate and gaming industry is booming. Besides, the entertainment industry is witnessing tremendous advantages using AR and VR-enabled applications.
E-commerce companies are also widely applying VR and AR-powered apps to offer the best virtual experiences to their customers in real time. IKEA Place mobile app is one of the best examples of AR/VR apps for Android and iOS. It allows users to virtually place products in their spaces and make their purchasing decision smarter.
According to market research reports, the global value of augmented reality and virtual reality is expected to reach approximately $850 billion by the next decade. This huge demand will majorly derive from Real estate, Entertainment, manufacturing, and gaming businesses. A greater number of businesses across these industries are turning to AR and VR technologies to create a realistic virtual environment and deliver best-in-class digital experiences to their customers.
In this article, we would like to guide you on how VR and AR technologies are influencing the global real estate sector and what are the benefits of deploying VR apps for real estate operations. We hope that this information would be helpful for those real estate service providers who are in plans to augment their operations with modern and revolutionary technologies.
Let’s start our session with a brief introduction to VR/AR technology.
What Is Virtual Reality?
Virtual Reality is a computer technology that creates a virtual environment in real time. This intelligent technology helps people to interact with places, games, or other environments in creative three-dimensional virtual visuals.
There are majorly three types of virtual reality categories that help businesses deliver out-of-the-box realistic simulation experiences to their audience and augment brand services.
The Three Types Of Virtual Reality
- Non-Immersive Virtual Reality is one of the top categories of VR technology that offers a computerized virtual environment and of course, the user will have control and sense their physical environment.
- Semi-Immersive Virtual Reality is a category where users feel partial virtual experiences. It means that semi-immersive VR systems or devices will offer realistic virtual experiences using 3D graphical images. It is best for education and training industries to simulate the practices with real-world things.
- Fully Immersive Virtual Reality Software is a type that offers 99.9% simulation and has a bright future in the gaming and entertainment industry.
Driven by its intellectual capabilities, the potential of VR technology in the future of manufacturing, real estate, entertainment, and education like the sector is unbelievable. Now, let’s move on to our main session what is the impact of VR on the Real Estate business.
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The Power Of VR In Real Estate Business
As novel technologies are being introduced every day and transforming the aspect of industries, the real estate sector is also increasingly adopting VR technology to offer virtual tour services to its customers.
The real estate service providers or brokers are using VR applications and providing realistic virtual viewing of a site, a plot, or a house without visiting the physical location.
Let’s take a look at the top 5 applications of VR in real estate:
Top Use Cases Of VR In Real Estate
Here are the best use cases of virtual reality in real estate.
VR In Real Estate For Property View
It is one of the best uses of virtual reality in real estate. Customers will make their final decision about buying property after they visit the location. It is a time-taking process, but they will not make their investments on land or property without viewing the location with their eyes.
VR-powered software applications and systems are the best solutions that help customers virtually visit the locations from the convenience of their spaces. It saves the time of both customers and real estate agents.
Interactive virtual tours are the best example of this scenario. VR-powered 3D virtual tours are a trend in the global real estate industry. Customers can view a property in 360-degree view by using VR-enabled headsets.
VR In Real Estate For Virtual Inspection
The use of virtual reality applications or systems is also gaining popularity in real estate for virtually visualizing the final construction of a property. The potential of virtual reality for real estate marketing is incredible.
VR helps real estate companies to show the final structure of semi-constructed properties in attractive 3D visuals. Hence, buyers will view the final appearance of the external and internal design of the architecture. It augments virtual representation of an under-construction project, increase the lead conversions, and also optimize sales.
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VR In Real Estate For Virtual Guidance To Renters
Here is another best use case of VR in real estate industry. Intelligent VR-based software tools and ai applications will help rea estate agents to effectively communicate with tenants. It has wide scope in the vacation rental industry.
Real Estate agents can offer VR-enabled 3D virtual home tours and assist tenants in viewing the property and neighbor spaces in high resolution. Hence, VR in real estate will help agents to record VR videos at once and prevent routine tasks like property explanation. Virtual agents can provide virtual instructions and offer personalized viewing experiences.
VR In Real Estate Ensures Better Communication
It is one of the benefits of using virtual reality applications and tools. VR apps aid instant communication between real estate agents and customers. Using virtual reality applications, real estate service providers can record or view the feedback sent by a customer on the go and improve their experiences. It will increase digital online communications and ensure assured sales.
VR IN Real Estate Sector Augments Traffic Of Site Visits
It is one of the top benefits of using VR for real estate agents. Just imagine, is it possible to guide or show your property or place to 100 customers at a time?
It’s an impossible task. But, VR applications can do this with ease. Hundreds of customers can view virtual videos of properties simultaneously. It will save the time, money (traveling expenses), and energy of real estate agents. With the help of interactive VR tools, customers can imagine themselves inside the house. Thanks to such developments in technology.
These are the top 5 applications of virtual reality technology for the real estate sector. If you’re looking to offer a truly virtual experience to your customers, let’s a partner with USM Business Systems – best mobile app development company. We are one of the leading AR/VR services and solutions providers in the USA, India, and UAE.