Virtual reality is one of the latest technologies to completely change the real estate experience. And while many people think of the technology as supplementary, VR is actually completely changing how people buy, sell and visualize homes and renovations. These are just five ways VR has already changed real estate.
1. Visualizing Renovations
While many VR uses in real estate are in marketing pre-construction homes, the technology is also helping people better visualize their potential renovations. Companies like IKEA are using augmented reality technology that lets people place products into their homes. People can then see if things fit, both aesthetically and physically, and plan their entire redecorating from inside their home.
Augmented reality is perfect for people at home, but home improvement retailers are discovering the power of virtual showrooms like Invent Showrooms. The technology creates a virtual showroom that renovators, decorators and designers can populate with a retailer’s catalogue. Everything from interactive appliances to backsplashes and paint colours can be easily swapped in and out for a better, more complete picture of the final vision.
Invent Showrooms leads to lower returns and better realizations of prospective projects. It offers people a chance to explore their prospective projects beforehand without relying on swatches, and it gives them a chance to see how things work in concert. The overall buying experience is more informative and fun, too, and it gives retailers the chance to show off their entire catalogue instead of just a few selections.
2. Giving Buyers Upgrade Options
In the pre-construction condo market, upgrades and options are becoming a bigger part of the sales. Too often, however, buyers are left to make the decisions based on swatches and blueprints instead of fully explorable.
Invent Dev’s own virtual model suites let potential buyers fully explore a unit long before ground has been broken. The experience is more immersive and interactive than traditional fly-through videos, and it gives buyers a chance to build their dream version of your space. They can go anywhere, switch out options and view those from any angle and in different lighting settings.
Invent Dev’s virtual model homes give buyers the chance to easily swap through options and upgrades, which leads to an average 30% increase in upgrade purchases.
3. Showing Off Every Floor Plan
Besides the construction delays, permits and costs involved with building physical model homes, they also have another major drawback: they show off one version of one floor plan. Virtual model homes, by contrast, can show off every single floor plan available in the building.
It doesn’t stop at the interiors. Virtual model homes can include any part of a development, from the exteriors of a neighbourhood to the lobby, rooftop patio and other shared spaces. Rather than showing off one version of one floor plan, you can give everyone a chance to explore the space they want.
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4. Making Model Homes Shareable Content
Physical model homes do not translate to the internet very well, mostly because they aren’t designed for it. But imagine turning a model home into shareable content, something potential buyers can post, websites can write about and news organizations can report. That’s the power of VR in model suites.
In markets where new developments are seemingly announced every day, unique, shareable experiences offer a new advantage. And when those experiences offer a chance to step into a space, your development can better communicate with buyers and offer them something to post, share and report. Pictures and fixed videos do not do most developments justice and they lead to drop off points while people are engaging. But virtual reality lets people step into a home and spend as much time as they like looking around. It’s more engaging and offers better lead generation with more memorable experiences.
5. Speeding Up Public Approvals
Virtual reality is more than a marketing tool. At its heart, it’s a communication tool, one that offers a better visualization at every step in the process. Real estate developers are turning to virtual reality and virtual suites earlier in their development cycles precisely because the technology communicates better than blueprints and AutoCAD files.
Since the public approval stage is so vital, it pays to have the best, clearest picture of your proposed development as early as possible. Virtual suites are accurate to the millimetre, built up from the blueprints, and offer public approval committees the best visualization experience to fully see a development, and can lead to a smoother, more productive approvals stage.
Conclusion
Virtual reality is mainstream. It is a driving technology that is transforming almost every industry, including real estate. By embracing the power of VR as a communication device and genuinely immersive experience, real estate professionals are selling faster, letting people design their dream homes, and creating a space for a new kind of marketing.
At Invent Dev, we believe in the power of VR because we have seen more than its potential. We’ve seen its results. If you are a real estate developer, marketer or home improvement retailer, we have solutions for you!
