Rise of Virtual Reality in Real Estate Business

The real estate industry is showing signs of revival and recovering from global economic slump. Several industry trends and reports suggest that the entire real estate ecosystem will change considerably over the coming years and beyond. The changing scenario will have major implications for real estate investment and development.

Real Estate: The Present Scenario

According to a PwC report, a new era of real estate investment begins in 2020 and beyond. “The global stock of institutional-grade real estate will expand by more than 55% from US$29.0 trillion in 2012, to US$45.3 trillion in 2020. It may then grow further to US$69.0 trillion in 2030.”

In China and India, entire new cities have been built. On the other hand, Africa, the Middle East, and Latin America also experience growth as people move in search of a better life. In order to meet the demand of urbanization, real estate agents need to access property information, deal, and stats anytime, anywhere using mobile devices. The real estate sector is experiencing a paradigm shift as companies think global.

Considering the long development cycle typically involved in the real estate development project right from planning to construction, it is about the right time to plan for these changes. This era signifies the beginning of unprecedented opportunity for real estate investors and asset managers, although with greater risk.

Virtual Reality (VR) offers individuals to create a real-life exact condition. What is it required for? It would be of assistance for individuals who can take virtual walkthroughs across the houses they are keen on. The key is partnering with a trusted Virtual Reality App Development Company to gain advantages. Potential clients don’t have to leave their very own homes any longer, while they are shortlisting another property to purchase. Besides, individuals can take virtual visits previously they even contact a real estate broker. It spares time for both real estate agents and clients. Additionally, clients can see rooms estimate proportion, roof tallness and different things they may consider as vital.

Virtual Reality (VR)

• Digital creation of a real life environment
• Completely replicates a given environment and simulates a user’s physical presence and environment to allow for user interaction and sensory experiences
• VR requires the user (or provider) to have specialist equipment to experience such as Google Cardboard, to Samsung Gear, Oculus Rift and HTC Vive
• Focus on VR activity is related to emotional engagement

The Rise of Immersive Technologies

• Immersive technology is now the new standard for omnichannel experiences.
• Blurs the line between the physical and digital world, creating a sense of immersion and emotional connection with the overall experience.
• Immersive technologies allow us to create perceptually-real environments that stimulate our senses – creating deeper brand associations in the mind of consumers.
• Technologies have become affordable and accessible enough to create unique expressions of their surroundings.

Virtual Reality App Development: Is it Right for your business?

VR can make a real estate broker’s work increasingly powerful allowing to collaborate with purchasers looking to discover the property. However, it is important to ask few questions before virtual reality app development.

• How VR will impact company’s operations and service delivery?
• How will new technologies create business opportunities?
• Are competitors strategically using AR and VR technologies to provide real estate software solutions?
• Can we use AR and VR to improve our business processes or enhance employee training and customer experiences?
• Is in-house staff capable to execute technologies?
• How can we increase skills of our workforce related to these technologies?
• Understand the hurdles to adoption and use of these technologies, including necessary upgrades in hardware and operating systems?

Industry Challenges

Real estate industry comes with challenges which need to be resolved in order to get maximum benefit from enterprise mobility solutions. Here are few challenges:

• Resistance to technology: The resistance to technology adoption remains to be one of the primary challenges.
• Security and Privacy: Real estate companies deal with sensitive data, including confidential tenant, vendor, and employee information. Companies need to protect the information as well as prevent access to interconnected tenant and vendor systems.
• Cost: Another issue facing real estate companies transitioning their business to be more technologically adept.

Virtual Reality in Real Estate

Custom virtual reality solutions are becoming more and more popular among consumers and businesses in the real estate industry. Forward-thinking realtors are taking the leap ahead and not limiting themselves to 360 photos or videos — and offering clients 3D virtual property “tours” right on their devices. There are different levels of 3D aggregators on the market, but they are still in the early days for real estate.

Surfaces might be modified

Customers cannot just have a voyage through a property by means of VR however modify any surface they need. Dividers, flooring, textures, furniture models, and even counters can be changed to their taste.

Virtual Reality Solutions

Real estate brokers have constantly confronted the issue how to showcase a property which hasn’t developed yet. You could see 3D models that demonstrate an area. These models help purchasers to envision the design. Virtual Reality completely eliminates the problems of distances. That’s precisely the reason VR tours allow realtors to expand client base, not limited to local buyers. Any modern VR headset is capable of demonstrating real estate virtual tours. Virtual reality has the potential to save vital resources by creating real estate preview and allowing visiting realty remotely.

Finally

The real estate industry is rapidly changing with technology and enhanced immersive experiences already creating an impact in the sector in terms of how customers find a property, how they view it and buy it.