Real Estate Tips

New Business Tools: 3 Ways the Real Estate Industry uses Virtual Reality Technology

New Business Tools: 3 Ways the Real Estate Industry uses Virtual Reality Technology

New Business Tools: 3 Ways the Real Estate Industry uses Virtual Reality Technology

 

Technology is constantly changing, providing Realtors and brokers with new tools in the real estate industry. In 2017, we wrote a blog about office space trends that talked about integrated technology such as virtual and augmented reality and how it was being used for mapping the workplace. Today, the pandemic is forcing all areas of business to innovate and to find new ways to work. The real estate industry uses virtual reality as a tool to connect with potential buyers. 

Outlined below are some of the most common uses of virtual reality technology in the real estate industry:

 

Virtual Property Tours

While virtual reality is most often associated with videogames and entertainment, the technology has been embraced as a sales and marketing tool for real estate. With consumers conducting approximately 80 percent of research online before making a real estate purchase, virtual tours were being utilized prior to the COVID-19 outbreak. Now working under the restrictions of a pandemic, virtual reality has become a vital tool in the buying and selling process. The technology provides sellers the ability to showcase properties online and it allows potential buyers the opportunity to easily visit multiple listings from the comfort and safety of a home or office.

Additionally, for customers who are interested in purchasing a property that is geographically distant, virtual reality saves time and money for initial research and touring.

 

Virtual Visualization

For new home sales the property may still be under construction. With virtual reality technology, potential buyers can view a virtual finished product to get a more accurate view. At any stage of progress, a builder can showcase a property via 3-D visuals and video.

 

Virtual Staging

Similarly, once construction is complete, a builder, interior designer or future homeowner can utilize virtual reality to stage the property. For a builder looking to find a buyer, staging has been proven to increase sales on properties,  

While staging offers numerous benefits to help close home listings, it can be a significant investment. Furnishings and designer fees can be costly. Virtual reality technology is a cost-efficient option for Realtors or builders to market a home.

 

Virtual Instruction

COVID-19 restrictions limit the number of people allowed inside a property at any given time. For apartment or office leasing. Not only can customers visualize their property, but once they are tenants, they can also use virtual reality to better understand how utility services at a property work so they can avoid difficulties and unnecessary contact with landlords.

 Virtual reality is becoming a more prevalent tool for marketing real estate. At Landmark Title, we follow the latest real estate trends and technology that can benefit our clients. With more than 40 years of experience, Landmark Title delivers exceptional service and expertise. If you have a residential or commercial real estate transaction and need escrow or title services, we are available to answer your questions.

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