CAN VR HELP THE REAL ESTATE INDUSTRY?
The VR industry is reportedly expecting to reach over $13 billion in sales this year. It is being integrated with many different sectors such as healthcare, construction and now real estate. Here are a few examples of just how VR is performing in real estates’ new reality.
Tours and Selling Efficiency
VR has now made it possible for prospective buyers to conduct a full walkthrough without having to leave their home. With real-time views, VR has increased accessibility and saved potential buyers both time and effort.
This convenience has enticed viewers to make offers more than before:
According to Glen Henderson, Realtor at Alliance Group Real Estate, “Not only have we seen an uptick in inquiries on our homes, we have also received offers based on a virtual walkthrough of the home.”
Improved Advertising and Quality Leads
As aforementioned, VR has eased the purchasing process. Developers and buyers alike can appreciate VR, especially in a new build situation. Model homes can depict some features and layouts but not all.
VR allows or more customization and an actual idea of what the house will look like, onside and out. Virtual Xperience, a developer, allows for builders to create and customize unbuilt homes, this feature, reportedly, has increased sales.
Additionally, the investors or agents don’t have to waste time and efforts making it to a showing that potential buyers flake on. VR allows users to view properties before continuing with in-person tours and so forth. This lessens the time wasted of the investors/agents and increases the traffic of real, serious prospective buyers.
Fixes and Flips
VR can even deem useful to investors, especially working with renovations and rehab projects. More often than not, investors like to have an idea about what the end product will look like. VR allows for them to keep in contact with everyone on the team from developers to construction contractors.
Paul Lisanti, a real estate sales representative, explained that, “using VR to superimpose improvements (new furniture, paint, decor, etc.), investors can get a better idea of what proposed renovations will look like, and ultimately cost.”
Improved Tenant Communication
You got the house, now you need to know all its functions and how to work each of them. Instead of having to call the real estate investor use VR to guide you through your home features and how to use them.
Communication obstacles are a leading issue between tenants and investors:
In a recent industry study, 87 percent of vacation rental managers said they want to improve their communication with guests. VR can help facilitate better communication by showing visitors exactly how to do or find something in a vacation rental, or even where to go in your neighborhood and city.