Virtual Reality in Real Estate

Virtual Reality in Real Estate

Traditional real estate has been turned upside down by the introduction of virtual technology that assists home and commercial buyers and sellers.

Real estate, once considered a transaction resulting from a personal relationship between agent and seller, was already changing before the COVID-19 pandemic, but it is evolving now more than ever.

The benefits of virtual reality (VR) in real estate include the following:

(1) Distance is irrelevant.

Are you thinking of becoming a snowbird and looking for a home in Florida while living in Pennsylvania? Instead of booking multiple trips, you can narrow down the neighborhoods and homes you are interested in online from the comfort of your home.

(2) Properties under development come to life.

Design of commercial properties has always been guided by architectural drawings and two-dimensional mock-ups. Now, VR allows three dimensional views and makes it easier for buyers to request and implement timely changes because they are able to see the building in a more realistic view.

(3) VR is cost effective.

Yes, the technology costs money, but it quickly pays for itself. Consider the popular app called RoOomy. It allows for virtual staging.

According to Thinkmobiles.com, since 1985, real estate agents have been actively staging homes. Staged houses sell in 80% less time and often for higher prices.

RoOomy opens the staging process to the homeowner and allows the person to visualize how the house could be furnished to best meet his or her needs and preferences.

Because it is technology-based, the components can be reused. Gone are the days of the realtor dragging pictures, plants, and decor from a sold home to the next house for sale.

V-commerce goes one step further and allows the homeowner to purchase the actual piece that he or she has virtually staged in the home.

With so many benefits, it is hard to believe there are people who are not sold on the VR real estate experience.

Sam DiBianchi, founder of DiBianchi Real Estate in Fort Lauderdale, Florida tells Fortunebuilders.com,“Real estate is personal. Technology cannot get personal with a potential buyer or seller–it’s impossible.”

DiBianchi adds that VR is an excellent tool, but he believes it should be used as a tool and not be the all-encompassing real estate experience.

Tech Advancements That Are Changing the Real Estate Industry

Tech Advancements That Are Changing the Real Estate Industry

While every field is impacted in some capacity by technological advances, it could be argued that real estate has the longest history of shifting in new directions when technology advances. Today, technology impacts every aspect of the real estate process. Before a buyer even contacts a real estate agent to look at the house, they can take a long look at the neighborhood, thanks to satellites. It has been reported that 70% of buyers look for homes online before they begin shopping. Technology continues to alter the way that we buy and sell real estate.

Blockchain

While many people see the blockchain as a way to potentially support cryptocurrency, but it may have even more practical applications in real estate transactions. Real estate contracts between sellers and buyers can be done with complete encryption protection and security checks that are built into the programming. Blockchain ledgers even provide the opportunity to securely save property title logs and other documents that are needed to complete a real estate transaction.

Artificial Intelligence

While AI sounds intimidating to some people, it can provide the opportunity for both potential buyers and their agents to streamline their shopping process. Recent advancements have created a way for prospective buyers to get a real-life, 3D look inside a home they may be interested in without having to schedule a showing, meet with their agent and drive an unknown amount of miles to get to the address. Not only is this a great deal for buyers who may have a hard time getting their schedules to work out, but it also frees up agents who may be juggling multiple clients.

CRM Software

Since the dawn of real estate, agents have utilized some CRM to keep up with contact information for various clients. Modern tech advances have enabled agents and brokers to plug a client’s information into their CRM and even send them an automated e-mail every so often to touch base and see where they’re at in their decision-making process. While this may sound minimal, not having to make a dozen phone calls a day to people who may not be committed to buying or selling is enormous for real estate professionals.