Virtual Technology in Real Estate

Virtual Technology in Real Estate

44% of property buyers begin their house hunt on the internet which is why the real estate industry is being augmented by virtual reality. The Metaverse, a hyper-realistic, dynamic virtual environment offers customers an immersive end-to-end journey in the digital real estate realm. It is a combination of augmented reality, virtual reality, mixed reality, cryptocurrency, blockchain, and NFTs backed by machine learning and AI creating powerful technology to help real estate agents and project developers expand their businesses, gain more leads, attract the target audiences, and provide customers with a seamless and hassle-free journey with providing superior services.

The top 3 Visualisation technologies in Proptech

Following are the most crucial elements that drive an immersive 3D experience and convert clients into actual buyers.

Virtual Reality (VR)

VR in real estate refers to a 3D computer-generated setting that demonstrates a project with realistic 360-degree images, sounds and other sensations through gadgets like headsets, seats and body suits so that the client can receive the ultimate phygital experience from anywhere in the world. In real estate, this means agents can offer customers guided virtual tours more conveniently and economically.

Augmented Reality (AR)

AR consolidates virtual sensory elements into an existing environment by placing additional data over it. For example, Relata, a SAAS-based product has developed a feature that allows customers to visualise how the property will look like with help of 3D immersive virtual tours.

Mixed Reality (MR)

MR is when virtual reality and the physical world amalgamate to create a world where interactions with virtual and physical objects are possible in real-time. MR also enables a 3D virtual hologram, which in the real estate industry, may seem like a 360-degree walkthrough of commercial or residential future projects.

Uses of VR in real estate

Displaying Property

To help solve the time-consuming process of physically viewing properties, virtual reality is divided into two types.

Guided tours

These are standard promotional videos that are either completely virtual or in the form of 360-degree videos.

Interactive virtual tours

As the name suggests, these are more engaging than guided 3D virtual tours that offer a more immersive experience with detailed information.

Envisioning architectures

Marketing projects that are still in the making are difficult for real estate developers and agents. Large three-dimensional models help buyers in envisioning the architecture easily. Virtual reality allows potential homebuyers to inspect every exterior and interior aspect of developing properties and provide clients with a clear picture of every offer.

Visualization and Staging

Many times real estate professionals fail to instil trust in buyers due to a lack of other elements such as furniture, fittings, colours and elements that can significantly enhance their buying decisions. Virtual staging allows buyers to experience the future appearance, and interior and exterior designs, giving them an idea of how their house will look once constructed.

Virtual Instructions for Tenants

Virtual reality allows landlords to communicate with tenants more effectively. Tenants can also experience 3D virtual tours and make informed decisions based on the location, social infrastructure, and transport requirements.

It also enables hassle-free and unnecessary contact with landlords with readily available contracts, solutions and other instructions. The rental industry has the highest turnover in real estate which is why the application of this technology stands extremely useful.

V- Commerce

Property staging contains an extra opportunity wherein realtors can easily include a purchase option of elements when staging the property or during a virtual tour.

This helps buyers to personalise the spaces and make it more desirable. They can also customise the furniture, change the colour of the walls and select from various lighting and other fixtures making the property more appealing.

Virtual reality is revolutionising real estate with numerous benefits such as its immersive nature, reduced costs, improved communication, and time-saving nature during the development stage as well as for developed projects. This feature is set to be a favourite among real estate players and is already being operated by real estate stalwarts.

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