In recent years, the emergence of virtual reality (VR), augmented reality (AR), and other metaverse concepts in the technology space has provided an avenue for various industries, businesses, and institutions to look into how they can use VR and AR to improve how they work.
But while some industries have successfully used virtual reality and augmented reality technologies to improve their marketing strategies, increase client satisfaction, and create another channel to generate revenue for their businesses, others have failed to fully exploit the wonderful opportunity presented by these technological innovations.
The real estate industry belongs to the latter category. Although some real estate businesses have made attempts to incorporate the use of virtual reality and augmented reality technologies into their business, the engagement of the real estate industry with VR and AR technologies is still ridiculously low considering how massive the industry is.
So as a real estate executive, you might be wondering: Why should you and other stakeholders in the real estate industry take VR and AR seriously?
In this article, you’ll find out why real estate executives should take virtual reality and augmented reality seriously.
1. Property Showcases
With VR and AR, you can kick the old method of sending boring images and videos to clients out the door.
Virtual reality offers a more convenient and realistic method of listing properties and presenting them to potential clients.
If you’re listing your property for sale or rent, then you should probably use virtual reality. Not only does it present the property in a more realistic way, but it also creates an emotional connection to your properties.
In addition, when you use VR technology for property showcasing, you can have many potential clients visit the same property at the same time, something that is difficult to achieve physically.
Augmented reality overlays physical objects and properties with information. With AR, you can have an interactive tour of the property you listed, with the client being able to get more information about items available on the property.
For example, by touching a piece of wall art, they can get information about the artist, where you bought it from, and the cost.
2. Virtual Interior Design and Decoration
If you want a new way to create a good first impression and increase interest in your property, then this is for you.
Virtual reality saves you the time, manpower, and money you’d spend on home staging if you were buying and moving items in the constant traffic in Lagos.
With VR, your company can furnish an apartment you want to list on the market virtually at a fraction of what it would initially cost you to do it in the real world. With VR, you have the luxury of being able to try as many options as possible to find the best design and decoration for each apartment.
Augmented reality also takes home visualization and staging to the next level by making it possible to change design elements such as paint colors and wallpaper while having a visualization system that shows the home in exactly the way it would look physically if the designs were applied in real life.
3. VR and AR Tours of Properties
VR and AR tours make it possible for potential clients to view the property they want to buy and get all the information they need without having to be physically present at the property.
Using a VR headset, a potential client can visit an apartment you’ve listed on the market and tour the property, looking at different rooms and getting information about how appliances work and where these appliances are located, especially if you’re in the hospitality business and the client needs to get to know their way around the house as soon as possible.
As a real estate executive, you can save yourself the hassle of printing out a guide or hiring someone to take clients around a property they just checked into.
You can have a client wear AR glasses and automatically get information about how appliances work just by looking at them.
The advertising options currently available on the internet are not very effective for the real estate market, as search engines and social media apps are always sending ads to users who don’t actually need the service or product being advertised.
AR and VR technologies are a reliable source of accurate data and information about users as they create a personal connection between users and their platforms, which allows them to collect personal information about the users.
Using these technological innovations gives you access to accurate data and information about potential clients. You get to know what they like, what property-buyers are currently after in the
market, and trending home design and decoration ideas that can help you increase the interest of potential clients in your properties.
As a real estate executive, you can even reach other experts in the industry through your advertising campaigns, through which you can discover new trends in the real estate industry that you can use to make your career better.
5. Access to Millions of Potential Clients
There are currently over 400 million active users in the metaverse, so why wouldn’t you fancy giving your company access to such a massive market?
AR and VR offer you the opportunity to reach millions of potential clients around the globe and bring in more clients to your business.
The metaverse is an expanding market that is going to reach billions of users in a few years, and integrating the use of VR and AR technologies is a good way to get your foot in the door and prepare yourself for this huge leap in how humans interact with their environment so you can use it to the advantage of your real estate company.
6. Using VR and AR is Cost-efficient and Saves Time
If your company is located in Lagos or any other big city where getting from one place to another can be time-consuming as you can be stuck in traffic for hours, then you should definitely consider using VR and AR.
In a situation where a real estate agent will have to spend hours in traffic trying to take a client to see different properties around the city, they can simply use a VR or AR platform to showcase the properties, thereby saving time and the cost of moving around in the process.
The application of VR and AR are good ways to save time and money.
If you are in Lagos, Abuja, Ibadan or in major cities in Nigeria and needs a virtual reality company, Insightful3D Studio is your preferred virtual reality firm.
Trusted by tens of top brands, Insightful3D helps you craft immersive virtual reality or virtual tours that help sell your projects faster to the targeted audience. You can visit the website or contact Insightful3D Studio here- insightful3d.com