5 Groundbreaking Ways of Applying Virtual Reality in Real Estate Marketing in 2020

Virtual Reality in Real Estate Marketing

The advent of virtual reality (VR) and its increasing use in the real estate industry is transforming the way how realtors are marketing real estate properties and helping prospects to make informed decisions. Gone are the days when real estate agents had to organize real-life property visits for prospective home-buyers after several rounds of explanations and negotiations. Today, real estate agents can effectively market a real estate property by showcasing VR-based demonstrations to prospective home-buyers. With a survey conducted by the National Association of Realtors suggesting that 44 percent of home-buyers search for properties online, real estate businesses should make sure that they deliver life-like virtual presentations that would allow them to showcase property-features in the best possible manner.  

Using Virtual Reality in the Real Estate Sector

While VR is widely used in gaming and entertainment industries for a long time, real estate businesses, over time, have realized its true potential in designing awe-inspiring, hard-hitting marketing campaigns.

Here are top ways how VR can be creatively applied in the real estate industry:

1. Creating virtual property presentations

Prospective home-buyers visit multiple property sites in order to make a decision. This is a hectic process for both the real estate agents as well as their clients who often need to travel to a place that is far away from their homes. Personal visits to properties may prove to be time-consuming and costly affairs. When realtors develop presentations using VR technology, they allow their prospects to virtually visit properties. Using a VR headset, one can experience 3D walkthroughs of properties and can shortlist the properties that they feel are worth paying physical visits to.         

3D virtual tours fall under two basic categories:

  • Guided Visits: These types of virtual tours are traditional promotional videos that may appear as 360-degree walkthroughs or as completely virtual audio-visual content. These videos can be created very easily using a panoramic camera and they are ideal to promote existing properties. Notably, the creation of 360-degree videos does not demand the application of programming or advanced rendering techniques. However, prospective buyers are required to use VR headsets to gain an in-depth view of property-details.
  • Interactive Visits: Interactive videos allow users to visit different parts of a property as per their wish by clicking on hotspots. The creation of interactive virtual home tours is difficult, but these presentations deliver better results than guided tours and allow realtors to showcase unique property-features in a detailed manner.

2. Applying virtual staging to provide a holistic view of a property

Images or videos of a vacant property that has no furniture present in it are less likely to attract the attention of the target audience. On the other hand, images of fully-furnished properties prove to be highly effective in generating positive sales response. According to a report published by the National Association of Realtors, 77 percent of real estate agents believe that virtual staging allows prospective home buyers to visualize how their future home might look like. Virtual staging demands significant cash outlay especially when newly-constructed properties are promoted. Fortunately, the use of VR technology to facilitate virtual staging is associated with nominal investments, which is why more and more real estate companies are opting for VR-based virtual staging. With VR, it is possible to create awe-inspiring 3D property tours that would generate life-like experiences.

  • Visualizing a property before construction

It is quite difficult for real estate companies and agents to market a property before it gets constructed. By using 3D architectural visualizations, they can allow potential property buyers to get a clear idea about the overall architecture and to imagine how their future home would look like. Architects can use 3D renders of upcoming projects to evaluate designs and to detect structural flaws that might jeopardize project-success. The VR technology can be exploited well to design the indoor spaces of an upcoming property to allow prospective buyers to get a feel of their future residence.

  • Communicating with tenants easily through virtual instructions

Landlords and realtors can create property-related demonstrations to allow their tenants to gain an overview of the properties that they have checked into. Tenants may often call landlords to know about the utilities that they can use and how they can use them. Owners of vacation rentals often experience such situations and this may prove to be quite frustrating to them. By getting 3D virtual tours designed, they can explain important property features in greater detail to their tenants and this way, they can escape the hassles that they might otherwise experience from repeated queries from their tenants.

  • Enabling Virtual Commerce

VR enables commerce in the real estate sector. VR allows a homebuyer to make changes to a property’s interiors and to stylize a property as per his/her preferences. The homebuyer may visit an online store, select different furniture items, and then add them to the 3D virtual tour. If clients do not wish to make any change to the indoor spaces and they want to purchase all the items that are in showcased in the virtual tour, they can directly visit an online store and purchase them.

Ways How VR Technology Benefits the Real Estate Industry

VR technology is transforming the content delivery process in the real estate industry. We have summarized the top 5 benefits of using VR technology in real estate marketing:

1. Saves Time:

 Realtors can arrange for virtual property tours at their offices, thereby eliminating the need to visit actual sites in person.

2. Establishes Emotional Bond:

Virtual tours of properties allow prospective homebuyers to visualize their future homes in a detailed manner. The immersive experience that 3D real estate walkthroughs create engages clients in a deeper level and promotes the development of a strong emotional connection.

3. Facilitates Global Reach:

With VR, realtors can showcase their projects to potential buyers who may be living in distant geographies. This way, realtors can reach a broader audience, deliver realistic property demonstrations, and increase the conversion rate.

4. Reduces Investment:

The creation of 3D virtual tours may appear to be a costly affair, but you will be surprised to know that traditional marketing involves higher cash outlays due to the fact that you would need to generate high-quality images as well as print collateral. On the other hand hand, the only resources that you would need to create virtual tours are a panoramic camera and basic rendering.

5. Instills a Feel of Ownership:

Real estate agents face challenges when it comes to negotiating with their clients or settling a purchase deal. Using VR-based, immersive presentations, real estate agents can instill a feeling of ownership in the minds of the potential homebuyers. Virtual tours can be enhanced through the incorporation of additional features such as mortgage calculators and information about other properties and neighborhoods. This would allow prospective buyers to get all relevant information and decide if they should really invest time and effort in visiting the actual property site.

Summing Up

There’s no doubt about the fact that VR will continue to shape the future of real estate marketing in a positive way. However, at present, only large real estate agencies have started capitalizing on the benefits that VR has to offer. More real estate agents are expected to join the crowd and leverage the potential of VR to improve their efficiency. 

Similar Articles

Digital Marketing Strategy: How can it save your business from falling during pandemic?

Business firms shouldn't be worried about selling or advertising their products and supplies. All we need to do is to know how digital marketing strategy works and how it will cause your business to flourish during these times.

Social media marketing

This year a lot of businesses are using social media marketing on an ad hoc basis. It can help attract your target market with the right information at the right time. Here are some of the social media marketing strategy for your business.

Ecommerce Digital Marketing Tips for More Online Sales

Online shopping is increasing every year and this means that the competition between businesses is also on the rise. In order to get an edge in business, e-commerce companies will need to adopt certain strategies for increasing traffic to their eCommerce sites and increasing conversion rates.

Digital Marketing and Benefits to Drive Your Business Growth

People are spending more and more time on the internet and it is understandable that businesses are taking this opportunity to market their products by meeting their prospective clients online. Digital Marketing is making use of all forms of digital media and digital platforms to market your product, brand, or business.

Best Lead Generation Strategies for Real Estate

When it comes to real estate, like everything else, we see an upward trend in people going online to get information. It has been found that more and more people will search for a property online and check all the pros and cons of it, before actually shortlisting prospective properties and visiting them physically

What Is SEO And Why Is It Important For Your Business?

For those looking for answers to why SEO is important for your business, especially if you are interested in incorporating SEO  for your business, this article explores why SEO services are important, and looks at what a company that claims to be the best SEO company should offer to their clients.

5 Effective Tools of Online Marketing and How to Incorporate Them in Your Business

Modern consumers are more often ready to spend their money on the Internet and they do it with pleasure. You may find your new clients on the Internet. The time of traditional marketing has passed. Most people got tired of paper leaflets and don’t trust this marketing tool anymore. Internet marketing offers you new ways to tell the world about your brand or service.

Top Strategies to Make Your Business Grow Through Printing After COVID-19

There are billions of brainy people inhabiting the planet Earth. All of them have their unique minds working in a very peculiar manner. By every passing second, these old minds are replaced by the new ones as one generation of people dies and the next one takes its spot. Thus, the cycle of innovation and creativity never stops

How SEO Can Help Your business in this Pandemic Situation when Advertising Budgets are Cut Off

The current pandemic situation has impacted individuals and businesses all across the world in many different ways. As more and more businesses are struggling to stay afloat, measures are being taken to cut costs and make the most of the situation.