My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Real Estate

VR Technology a Boon for the Prospective Property Buyer

The probability of visualising the real world without actually being in it is an experience that is becoming increasingly popular in the real estate industry
VR Technology a Boon for the Prospective Property Buyer
Image credit: Shutterstock.com
Founder of Foyr
4 min read

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Are you still putting your best bet on brochures & a sample flat? Or are you still making your clients imagine spaces for ideas? Well, changing the way people experience and search for property, through technology, innovation and design is no longer a thing of the past. The probability of visualising the real world without actually being in it is an experience that is becoming increasingly popular in the real estate industry. As people desire something different, something more personalised, providing them with a 360-degree preview of a futuristic space is not only realistic but also unique; making the process of buying and selling property revolutionary and dynamic. Virtual Reality is indeed a transformative innovation that is gradually becoming a boon for the prospective buyer.  Here’s how –

Immersive Experience for the customer:

The property-buying experience is always the most strenuous activity one has to undertake. Fun one expects to have while exploring a dream property turns into an imaginative and stressful game, where, they have to think what the set up might look like with particular furniture, in their picky style or colour. Not to forget, the amount of time it takes to finally give a nod to what might be the right choice. But now, the seamless application of virtual reality in real estate is changing the whole imagination game for the buyer. Mundane spaces have turned into a lively, immersive experience having the exact preview of their dream property. From a minuscule feature like placement of furniture, natural and artificial lighting, view from a balcony and so on, to a real-time experience of their yet to be space; there is no limit to what virtual reality has to offer. Using virtual reality’s high definition display, the buyer gets an interactive and appealing feel of the entire project with complete transparency. When they are able to understand the property better while space-walking into it, it hardly takes a few minutes for them to know how satisfied they are with what they see.

A game changer for the seller:

Whether the company is a large household-name , or a smaller one looking to grow, everyone is considering Virtual Reality a key part of their showcase. Building proposals for existing and potential clients through this technique provides sellers with a sense of reliability, transparency and certainty. It not only creates aesthetically detailed and appealing projects, that has the tendency to persuade the buyer to make positive decisions and take things forward without sacrificing much time; but the seller is able to increase sales efficiency with great ideas. But most importantly, this technology creates an opaque vision free of any misunderstandings, thus liquidating the transgression people consider real estate synonymous with. Virtual Reality can easily be trusted for securing Government biddings, investor funds, surviving the cut-throat competition and for staying relevant in the market.    

Future of Technology:

As the world evolves digitally, acceptance of technology has become second nature. The same applies to Virtual technology and its application in the real estate sector. With so much potential to harness, there is a whole spectrum of possibilities that one can look forward to when they go property hunting. Certain aspects they we are eagerly looking forward to are:  The ability to use virtual technology at home. Indeed, it is soon going to be possible to simply put own a VR headgear synced with your Smartphone or digital device and experience walking into a potential property while sitting the comfort of your home.

Driving across streets, cities or even countries to view properties will soon become a thing of the past when people will be able to view their options in one go at one place through virtual reality.   Another upcoming feature to look forward to is the power of touch. Till date using sight and sound were significant features attracting prospective buyers, but soon they will be able to click on the wall and change its colour; take a judgement call on room layouts by actually switching between options through virtual reality. This will add an extraordinary and transformative boon to prospective property buyer.

An exciting time for real estate has begun. Virtual reality is literally giving wings to every prospective buyer's idea and imagination by significantly facilitating the whole process of buying and selling at every stage.

Opinions expressed by Entrepreneur contributors are their own.

Hurdles of Mid-size Agencies are Real but the Rewards are Sweet