Uses For Virtual Reality in Real Estate

Is virtual reality the future of real estate?

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Uses For Virtual Reality in Real Estate

Posted by Gary Ashton on Tuesday, November 19th, 2019 at 10:24am.

Virtual Reality in Real EstateVirtual reality may well be the next big thing in technology. Companies are pioneering developments to the real estate industry with virtual reality experiences like never before. They make it possible to have guided 3D tours of Franklin properties, access virtual staging to appeal to a broader audience, and have built applications for digital interior design. Technologies such as these have the potential to revolutionize residential and commercial real estate as well as short-term and vacation rentals.

Virtual Reality Home Tours

Not everyone can visit each property in person depending on scheduling, times of open houses, and other factors. Open houses themselves can be limited by weather, ability to stage an area attractively, and may be affected by some quirkier design choices of previous owners. After all, open houses are only as successful as the property is appealing on that exact day. The inability to stage well for whatever reason, even in a great house, can greatly affect the perceived property value. Unfurnished and under furnished homes require a lot of imagination for potential buyers to visualize themselves living there.

While photo and video are great for researching real estate online, virtual reality tours have the potential to take that immersive approach to the next level. With virtual reality tours, potential customers can view the property from any angle they'd like, and future developments in virtual reality technology have the potential to allow buyers to customize for-sale homes from the comfort of their computer.

Virtual Staging - Imagining the Home As Your Own

Virtual staging technology allows one to not only tour a property in 3D, but customize it to their own tastes. The ability to stage a property virtually saves the cost of furniture and labor with physical staging and eliminates worries about existing unattractive color palates or furniture. Instead of repainting a lime-green living room, virtual staging will allow quick color changes to make it easier to see the potential of the space instead of how it currently is. Not only that, it is possible to create multiple different staged designs to suit the tastes of several potential buyers instead of having to go with a forced neutral to broaden appeal. This could be a game-changer when trying to sell to buyers who have limited time to see the space in person or aren't as good at visualizing changes.

Increases Ad Time

The key with advertising is to keep viewers for as long as possible. While photos can encourage some interaction, 3D walkthroughs and virtual reality have the potential to bring it to the next level by encouraging exploration and creativity. While this may seem obvious, the more interactive the advertisement, the more time potential clients will spend interacting. Potential buyers don't have to just wish there was a photo from a different angle or see a part of the exterior that wasn't photographed well - they can click through and explore it at their own pace.

The Future of Technology

Soon, people may be able to plug in a VR headset to a cell phone and walk through 3D spaces at home or on the go. Developing technology will allow potential buyers to see the property completed and even customize colors, styling, and other cosmetic characteristics before construction is finished (or even begun, in some cases). These developments and technologies have the potential to revolutionize real estate and secure buyers right as a property is being built, eliminating a lot of the uncertainty of the construction process and allowing buyers to customize the property to their needs in the process.

For these kinds of developments, realtors that want to stay ahead of the curve should keep up with virtual technologies as they develop. This could be the start of major changes in how homes and properties are sold.

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