VIRTUAL REALITY: THE NEW REALITY FOR LUXURY RESIDENTIAL REAL ESTATE
Using virtual reality (VR) in the real estate sales process is still a new idea, but so far it’s been making quite an impression on luxury buyers. Though VR is still out of reach for lower-priced properties, luxury buyers have been enjoying many of the conveniences that come with it. Before we go over the benefits of VR, let’s explore how this virtual landscape is created.
HOW IT’S DONE
The property has to be scanned with 3D imaging or captured with 3D video. There are specialized 3D imaging cameras geared toward professional real estate photography. They capture the room in 3D and then the rendering is uploaded to a virtual reality program where furniture, floorings, finishes, and wall covers can be added or changed. Outdoor views are also necessary to make the virtual experience complete. For those balcony and window views, drones are a great tool to use. The drone is flown over and around the exterior of the residence, and the images and video captured are combined with the virtual program. This lets the buyer get a realistic vision of what they would see if they were to actually look outside.
Staging can cost several thousands of dollars and because of that, staging styles are geared toward the masses. With VR, a potential buyer would be able to view the property with a variety of different furniture and finishes that suit their individual taste. This is a very powerful persuasion tool because it helps the buyer better visualize themselves living at that property. VR is also great for residential real estate that is currently being built. Buyers who are interested in an unfinished property or unit would be able to take a virtual tour of the residence as it would look when it is completed. The tour would be an immersive virtual experience that takes the buyer throughout the property. It would also be a chance to try out different customizable features.
The time-saving aspect of virtual reality alone almost makes it worth the investment. In luxury residential real estate, there are often international buyers as well as out-of-towners. VR for these buyers is a fantastic way to show the property to them while saving the realtor’s and the client’s time and money. The need to travel to the property would be able to be limited to making final purchasing decisions. Besides geographical limitations, traffic and the sheer time it takes to look at multiple properties are great reasons to use VR. Buyers are able to get the most out of their viewing experience and he or she would have the ability to make a faster decision by seeing more units in a shorter amount of time. One day, people may be able to put on a headset and visit open houses straight from their living room. Thanks to virtual reality, the future of real estate will become more customized and efficient.
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