Last updated: 8 June 2018
Virtual Reality real estate renderings are well on their way to becoming the next new craze in selling and leasing real estate throughout the world. If you're not on board yet, it's not too late to become an early adopter of VR technology in your real estate projects. Here are 7 very good reasons why you should start working with virtual reality before all your competitors beat you to it!
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Virtual Reality (VR) technology can help you sell or lease more properties, in less time, and with massive cost savings in a way that no other emerging developments in the real estate industry can.
Here are seven very good reasons why your real estate business should be an early adopter of VR technology before you’re left behind…
1 billion people expected to use VR tech by 2023
By the end of 2017, 50 million people are expected to be using VR technology in some form. This number is predicted to climb to 1 billion by 2023.
Prospective buyers will view more properties in less time
Home buyers view an average of 5.8 properties in real life. But with VR they could visit 50 homes in a matter of minutes, eliminating costly travel time for buyers and agents alike.
Virtual reality technology will boost listing engagement with sellers
73% of homeowners say they are more likely to list with an agent that creates a video for them. VR could increase this figure substantially.
Buyers are fascinated by real estate VR
On-page engagement for listings can increase up to 300% with an immersive virtual tour. While the average online video only holds someone’s attention for 15 seconds, VR real estate tours can keep people interested for upwards of five minutes.
Properties with virtual tours sell faster and for more
Homes listed with 3D walkthroughs sell an average of 8 days faster and for $4,300 more than similar properties.
With VR you can sell houses that aren’t built yet, ditch the costly model homes and sell more upgrades
Create a virtual reality model of a proposed development and houses can be sold before they’re even built. Virtual reality models can typically be built in days, for less than 3 - 5% of the cost of a model home, and allow developers to show their buyers many different furnishings increasing sales of upgrades by 30 – 50%.
We’re still in early days yet
Approximately 1% of developers are currently employing virtual reality technology. That gives you a lot of opportunity to stand head and shoulders above the rest.
Sources:
Our Real Estate Virtual Reality Tours page
http://www.thedrum.com/opinion/2017/05/10/has-vr-finally-found-its-killer-application-the-real-estate-market
https://www.cresa.com/how-virtual-reality-is-completely-changing-commercial-real-estate-1
http://www.realestate.com.au/news/world-first-virtual-reality-for-off-the-plan-apartments/
https://siteloft.com/virtual-augmented-reality-real-estate/
http://www.dailyherald.com/entlife/20170423/builders-predict-virtual-reality-will-change-the-real-estate-industry
http://www.thestar.com.my/tech/tech-news/2017/04/25/virtual-reality-expected-to-shake-up-future-of-real-estate/#DDuG5KhOjwmVHpf4.99
http://www.propertyme.com.au/blogme/2017/04/26/virtual-reality-is-transforming-the-real-estate-industry/
For more information about how Virtual Reality can help your real estate business grow, get in touch via our contact form, or call us on 1-877-350-3490 today!
