Technology has been playing a substantial role in all things amazing around us. Real estate is amongst the sectors that is slowly transforming, and taking the technological route with the incorporation of augmented and virtual reality.
Virtual reality in real estate has changed the way this sector operates. Traditionally, visiting and checking the property was one of the biggest concerns for a buyer. Today, with virtual reality, all that a buyer needs to do is check out the 3-dimensional view of the properties and finalize the one he or she likes the most.
Since the concept is fairly new, let us understand virtual reality better. It is a 360-degree realistic view of the property, which is displayed to prospective buyers, and seems real. The simulated environment lets users interact with the properties using audio, visual and haptic techniques. The realty sector, which is slowly recovering from the sluggish growth, is using virtual reality to avail maximum benefits. In India alone, real estate is likely to cross $175 million, using market strategies that are built around VR.
The simple concept of ‘seeing is believing’ has been put to use. The different properties that are available are all accessible easily and buyers can go through them just like in real life. A virtual tour enables them to click on different segments of the property; for instance rooms, kitchens, bathrooms and more. Exploring each and everything in detail, buyers can see the intricacies of detail and decide what is best for them.
Another added advantage with VR technology is the virtual decoration. Buyers can not only walk through the properties, but also stack furniture and different items in them. This lets them explore different options and see what works the best for them. IKAE Place for instance, is an application that lets users virtually decorate their spaces by selecting multiple items available in the catalog. The sense of belonging that comes with such applications and the use of technology keep the interest of the buyers alive.
The option to actually visit a property in today’s fast-paced life is difficult, let alone doing it more than one time to take a decision. What seems as a mammoth task when done traditionally, turns into something fun, interesting and interactive with the use of VR and AR. This aids the decision-making process, and reduces the time taken to do so. The 360 degree walkthroughs can easily be done multiple times, and the buyers can then conclude which property to invest in.
With all these factors, comes the ultimate selling point, customer satisfaction. Checking a product multiple times to make sure is something that every customer likes. Virtual Reality gives the option to do so, giving an upper hand to both the seller and the buyer. A win-win-situation, virtual reality in real estate also provides customer data-insights, providing clarity on the factors that need improvement.
In conclusion, virtual reality in real estate in India is a new concept. The response from the audience is yet to define the future of the industry. However, the initial feedback speaks positive, and the real estate pundits believe that the future is really bright.