With revenue from the VR industry already reaching well into the billions and climbing steadily, it’s clear that this technology is gaining momentum. One sector in which virtual reality is making a significant impact is that of real estate. In fact, VR provides an ideal solution to many of the long-standing pain points that have plagued the industry on both sides of the fence. Here are a few of the many ways VR is improving the experience for buyers, tenants, agents and investors alike.
Home Touring
Perhaps the biggest benefit VR lends to real estate transactions is the ability to tour properties virtually. Prospective buyers and/or renters can enjoy interactive, 360-degree renderings of the homes they’re interested in without having to schedule an appointment for formal, in-person tours. This enables people to view as many properties as they want in a fraction of the time. Meanwhile, real estate agents can free up their busy schedules by not having to juggle multiple showings on any given day.
Buying Sight-Unseen
Imagine buying a home you’ve never even stepped foot in. For most of us, that would be a risky prospect, but thanks to the power of virtual reality, it’s now becoming commonplace. In fact, a recent study revealed that one-third of homebuyers have made an offer on a property entirely sight-unseen. Not only is VR making it possible for people to snatch up investment properties, but it’s also making the process of home-buying much easier and less stressful for people who are relocating. It’s no longer necessary to travel or wait to visit available properties. Now they can view and choose one from afar.
Flips and Fixer-Uppers
The use of VR has been a game-changer for buyers and real estate investors interested in fixing up and/or flipping properties. Not only can the properties in question be viewed and purchased without the need for a physical tour, but the entire renovation process can be overseen using virtual reality technology. Additionally, VR can be used to superimpose potential improvements – such as new furniture, different décor or fresh paint – so buyers can determine the cost and get an idea of what the finished renovations might look like.
Advertising and Lead Generation
Finding the right buyer or long-term tenant is the bread and butter of any successful real estate business. The ability to leverage virtual reality technology to create interactive property tours helps to draw higher quality prospects, facilitating fewer vacancies and faster closings. VR tours are a huge time saver for everyone involved, and they’re a great way for an agent to differentiate his or her listings from all the others.
Communicating with Tenants
Lastly, real estate investors can benefit from VR technology through improved tenant communication – particularly in the case of short-term rentals, such as vacation homes. Questions from renters, such as how to operate the security system or where the switchboard is located, can be answered quickly, easily and efficiently through virtual tours. In fact, forward-thinking property owners can even create video libraries to answer frequently asked questions that tenants can access on-demand.
Just as with the advent of the internet and the propagation of online listings, virtual reality is well on its way to revolutionizing the real estate industry.