Virtual reality is not a new term anymore. It has already been popular in the gaming and movie industries. USD 10.3 billion in 2019, the VR industry is expected to expand at a compound annual growth rate of 21.6% till the year 2027.
The benefits of VR are not limited to only gaming and movie industries. Its wide use is seen in many other industries, including real estate. It is used for real estate virtual staging and helps sell homes in an all-new way proving itself a brilliant marketing strategy. Be it, realtors or homeowners – virtual reality for real estate is popular amongst all for many reasons. Let’s understand them in a little detail.
- Saves Money – VR technology in real estate is used for staging furniture for house tours without actually having to stage the furniture. You don’t need to buy furniture; you can click the pictures of an empty property and get the property staged virtually and make it suitable for your online listing. Even if you go for 3D virtual reality 360-degree videos, the overall cost of this investment will be way less than what you would spend on buying or renting furniture.
- Saves Time – Imagine the amount of time trying to shortlist furniture, buying it, getting it delivered at the location, and then staging the entire property, not to forget the additional time for customizing the staging for different kinds of leads. The smart way of saving all this unnecessarily spent time is using VR technology or virtual staging for real estate. It’s extremely quick; all you have to do is accurately share your requirement with the expert.
- Builds Emotional Connections –Not everyone chooses to stage their properties for sale for many reasons, such as cost and effort. But it can’t be denied that the right furniture makes any property look like a home. A property staged using 3D virtual reality, or VR technology will amp up your space, allowing the prospect to visualize how it would look like a home. This is why staged properties tend to attract more site visits. Remember, the first impression may not be the last impression, but it certainly lasts.
- Offers Unlimited Customization –You can’t keep buying or renting a variety of furniture based on the type of potential buyers visiting your property. But with the help of VR technology in real estate, you can customize the property staging as many times as you want and attract the right clients with the right kind of listing.
- Increases Profits –Here’s how you increase profits with the help of VR technology in real estate:
- You save on the costs of buying/renting furniture as well as the manpower for installing it.
- You improve the appearance of the property, which increases the chances of it being sold for a much better offer.
Moreover, you can reach global prospects without them having to visit your property, which can be a great plus point considering the COVID-19 pandemic situation.
You can show off your property right from where you are. No unnecessary trips to the location when what’s most important is yours and your family’s safety.
I hope this was helpful!
Rahul Agarwal is the Co-founder & Chief Business Officer at Styldod, where he has taught a computer to do interior design! Styldod provides the most hassle-free & inexpensive virtual staging solutions for real estate agents so they can sell their listings faster, and for higher prices. Rahul was also a co-founder of Mebelkart (which is acquired by Ask Me). He’s your everyday IIT Kanpur nerd who pushes the boundaries with his innovative entrepreneurial stints and is also a sound startup investor & advisor. Rahul attributes his success as a professional to the discipline he has learned from his district hockey days, being a swimmer and a gym enthusiast.