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Virtual Reality – Welcome to a new era

27th June 2019

Welcome to a new era of property development. Virtual Reality is the latest innovation set to revolutionise the real estate industry in Australia. Already seeing sales soaring internationally, Virtual Reality (or VR) allows potential buyers to step foot into a property and experience every angle of a space in real time.

Source: singularityhub.com

Rewind a few years and most people shopping for a home would scoff at taking a Virtual Reality tour, applying for a mortgage on their mobile phone or purchasing a house without stepping foot in it. But millennials, the newest crop of home buyers, grew up with a smartphone attached to their hip and are far more comfortable using the internet to buy everything from clothing to a house. In fact, according to a Redfin survey released earlier this year, 45% of millennial home buyers made offers on properties sight-unseen in 2017. Sotheby’s is already engaged in using VR to sell homes. With many overseas and interstate buyers searching for properties, VR is the ideal means by which to showcase homes for remote buyers and provide confidence to proceed with a buy.

In the US, Coldwell Banker Real Estate polled 3,000 U.S. adults to gauge their interest in virtual reality home tours. It found that 77% of survey respondents want to take VR tours of homes before visiting.

They don’t just want to get an idea of the layout and condition of the home. More than two-thirds of those surveyed said they want to use VR to see how their current furniture looks in the home. What’s more, 62% of respondents said they would select a real estate agent who made VR technology available.

Buyers are not the only ones enjoying the recent technology trends. Developers and investors are also finding VR a cost-effective innovation in the field as a genuine sales tool to display off the plan residential and commercial properties. VR has the potential to replace the need for costly showrooms and scale models, with buyers able to walk inside a property for themselves and view the layout, finishes and design options.

Virtual technology even provides an opportunity for the architects and interior designers to present their ideas and talent to the customers by giving them a distinctive and compelling 3D experience. For developers and agents this is a means for added features and design options to be readily displayed to a buyer from a single point providing further confidence about their investment.

Visual Art Studios is now offering VR technology to clients who want to be ahead of the game. If you want to engage potential buyers and maximise property sales like never before contact us for a free on-site demonstration of what VR can do for you.

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