Discover the Benefits of Inserting Real Estate VR Into Your Practice
With the onset of COVID-19, technology in real estate has quickly gained traction, including real estate VR. Over the past few years, many brokerages and individual agents have incorporated new technologies, but adoption was few and far between. Now, as people stay at home and rely more on the convenience of the internet, the VR market is poised to grow by 45.7% compounded annually, and surpass $24.5 billion in revenue by 2024. Real estate businesses are poised to be a significant portion of this market as they begin to invest their resources into creating a real estate service that works for this emerging new world.
What Is Real Estate VR?
According to Wikipedia, Virtual Reality (VR) is a simulated experience that can be similar to or completely different from the real world. Users of VR usually wear a virtual reality headset that visually takes them away from their reality and into another place entirely. Want to go hang out on a beach in Jamaica? You would simply put on a VR headset and poof, you’ll be whisked away to the sandy computer-generated 3D beaches of Montego Bay. The same works for your current listings. You’d create a virtual blueprint of each home using 360-degree camera views and use software to customize the home with furniture and appliances of your choice. Potential home buyers would then simply pop on their VR headset or go on their laptop and they’d be able to tour the house from the convenience of wherever they want.
How Does Real Estate VR Work?
When you utilize VR in your practice, you will be creating an environment that exactly replicates the home you are trying to sell. For example, if Sally Newhouse in Cleveland, Ohio wants to see one of your homes in Seattle, Washington, they’d simply put on a VR headset or go on their computer and be able to experience a 3D rendition of the home. Because of the recent advancements in this technology, agents can now create near-flawless models of the home that people can peruse from the convenience and safety of their couch.
How Will Real Estate VR Benefit Your Business?
There are many reasons why real estate VR will help your business, especially in a post-COVID-19 world. Some of those include:
If you decide to pursue real estate VR, you’ll have the ability to personalize the home as you see fit for the client. Imagine the immediate increase in value you can add simply by plugging in a few digital furniture pieces. The personalization aspect of real estate VR will allow you to increase the marketability of the home. This VR feature will also help save you money over time by not forking over money for a home stager or DIY Ikea projects that always seem to be missing an extra screw or two.
Safer for Both the Agent and Buyer
Due to the nature of the industry, real estate agents are some of the easiest targets for criminals. Holding open homes and personal tours are the main culprits of why this happens so often. However, real estate VR diminishes the chances of a crime happening because it gets rid of the need to have these events. You will still probably have to do in-person tours, but by limiting the frequency of them, you will put yourself in a better position to avoid trouble.
Oh, and if you don’t know, it’s impossible to catch COVID-19 surfing the web. It’s just another reason why VR has its advantages, especially during times like these.
Adds Value to Your Real Estate Practice
Implementing VR technology into your practice will add value to your business and brand. There’s nothing better than a potential lead going on your website and saying, “Wow, they really do this?” It’s impressive and shows you care about giving your clients a world-class experience. And more importantly, it becomes a competitive advantage over your competitors. Higher-valued leads are also more likely to choose the tech-fueled real estate business that produces amazing, convenient VR experiences than the old-school mom-and-pop shop who seem to still rely on fax machines to conduct operations.
How Do I Get Started in VR for Real Estate?
VR is usually not a DIY project that real estate agents have the skillset or expertise to accomplish. Instead, you’re going to want to hire a company to come in and create the experience you want to show to leads and clients. If you want to get started in real estate VR, reach out to marketing companies who specialize in VR and negotiate a fair price. It will be somewhat expensive to get up and running, but once you do, you’ll be able to capitalize on this new technology and increase ROI and brand awareness over the long haul.
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