Have you at any point purchased or sold a residential property? At that point, you know how the real estate business works in 2020.
Conventionally, a realtor gives an extensive list of real estate properties to the customer. Later, after some time a real estate agent explains about properties, then come negotiation and final site visit of the housing project. A homebuyer takes its own sweet time to compare multiple residential properties before making the final decision of buying a property. This process of buying a property remained same for decades, however, it is annoying and tedious not only for Real Estate Agents but for home buyers as well.
With changing times, the interest and demand of home buyers have also changed. As a reflection, developers & sellers need to upgrade themselves to meet customers’ expectations.
Across all sectors of business, real estate sector is the most dynamic. Things are changing fast in the real estate business and so, the requirement of the home buyer for a dream house is steadily evolving day by day. That is why technology has become inevitably necessary for today’s real estate business.
Traditionally, real estate is laggard in terms of technology adoption. However, post dotcom bubble burst, the adoption of technology became imminent in the realty sector. Particularly, in the last one-decade real estate developers and sellers are adopting technology with both arms open. During this time various proptech companies mushroomed with technology at its core product. With the coronavirus crisis and subsequent lockdown in effect, technology has become a blessing in disguise for real estate sector.
Virtual Reality is one of such technologies which will change the landscape of real estate business forever. Virtual reality will play a vital role in all future decisions while purchasing a real estate be it residential or commercial property.
Virtual reality is a computer-generated recreation of a three-dimensional image or environment that can be interfaced within an apparently real or physical manner by an individual utilizing unique electronic hardware, for example, a headset or gloves fitted with sensors.
The real estate industry is using virtual reality to enhance the customer experience and revamp design & development of new buildings and managing properties. According to a recent survey by Perkins Coie LLP, Real Estate is positioned fourth in the extensive lists of sectors and expected to draw the most virtual reality related investment over the next 12 months.
Virtual reality application development on the mobile platform are transforming paper-based two-dimensional plans into three-dimensional models. It is bringing two-dimensional images to life, allowing prospective home buyers to get a deeper view of plans and expediting faster and more conclusive design. Through using virtual reality glasses during construction phase workers can access master plans on working site, can evade potential planning problems and reduce wastage of building materials. A prospective home buyer through using virtual reality headset glasses can get the look and feel of a property without visiting the actual site of the project. This way massive time and money can be saved by using virtual reality technology.
Currently, architects and realty designers are already cashing in on virtual reality technology to test and visualize their plans and work together with collaborators in virtual environments. They can make changes according to customer requirements like to remove walls, change window view and personalized design features as a project develops. Through using virtual reality application project stakeholders can reduce costs by deciding early and build error-free design.
Undoubtedly, virtual reality technology will be the future of Online Real Estate decision making.
