by Ankur Garg
Visualising something before its built is quite a wild thought, isnt it? Its like having a glimpse of the future to a certain extent. Virtual reality is that gripping futuristic wave that has the power to transform not just your imagination but the world we live in. It is an extraordinary innovation that is steadily revolutionizing everything around us. What started with gaming for the most part, has gradually infiltrated our homes, commercial properties, and various industries with much ease.
It has even become one of the most sought after technologies with the potential to reshape the Indian Real Estate industry. Today, virtual reality has made the entire process of property buying, selling and designing, simple, speedy and savvy. This fascinating technology has also changed the way people search for a property. In this article, we delve into how it has transformed each aspect of the real estate transaction.
Helping people experience a space before it is actually built
Virtual reality has the potential to give property buyers an opportunity to experience what they would be getting before it is actually built. Property construction takes years and doing up the interiors of a home takes months. Now customers can walk through what through their potential homes, and inspect its design with the help of a virtual reality headset, and get a chance to see what they’re getting into. Whether it is a fully furnished apartment or just a small room, minuscule property features like the placement of plants, natural and artificial lighting from the balcony, to a subtle view from the bedroom window; virtual reality is giving people a real-time experience of their yet to be constructed space. The high definition display gives the buyer a hands-on feel of the entire project with complete transparency.
Virtual Reality is helping people make informed decisions for high-value transactions
Buying a space requires a lot of thinking and a heavy amount of investment. Therefore, buyers are very particular about wanting everything as per their liking, be it the exterior or the interior. Virtual Reality is giving buyers this wonderful option of choosing from a variety of digital layouts that they think would suit their personality better. Imagine- you are considering buying designer cabinets but do not know which one would suit the color and style in your bedroom. In this case, what is better? Using your imagination to justify your choice and stick to it no matter how it looks or being able to compare the right cabinet and refurbishing the room as per your choice? Thanks to virtual Reality taking an informed decision of many such items has become effortless.
Site visits are going virtual
I have always believed in the concept of time travel or to be able to travel from one place to another without having to do anything. Virtual reality has somewhat made this possible. This technological marvel is making people omnipresent by giving them the ability to inspect properties through real estate virtual tours while sitting in the comfort of their home/office. They can simply connect their Virtual Reality gear or 3D glasses to their smartphone or any adaptable digital device and let the high definition display exhibit every bit of the property feature that is relevant to their decision-making process. These guided tours usually come in 360-video interactive tours with free navigation throughout sites. Buyers can enjoy exploring properties that were otherwise beyond their geographical reach. Even when it comes to spending quality time and patience that people were accustomed to before buying a property; it can all be done rapidly.
Designers get to showcase their designs, make changes on-the-go, and finalize them on a virtual platform
Every designer while working on a project keeps a vision in their mind as to how their final work would look like on completion. But many a time even the best of ideas dont get passed as the medium of showcasing that design doesnt do justice to it. But now with the help of virtual reality, designers have moved from heavy prototypes to mobile and affordable headsets. They can now showcase their designs in the most interesting and creative way and engage potential buyers by triggering their curiosity for further exploration. Making changes on the spot as per their liking and needs further creates a connection that impacts the buyer’s intention. Whether its changing the room layout, altering the furniture or the view from the window, everything can be done in a fraction of the time. Designers can create a seamless tour of the property that draws quality tenants and get finalization of properties quickly.
Sales process can be reduced from a couple of months to a couple of weeks
If you still want to test the potential of virtual reality, then you definitely need to judge it by the swiftness of the sales process. People today have become extremely mobile and so prefer everything to be available on the go. Virtual reality is helping them see the final outcome of a property even under construction with much optimism. With an interactive and 360-degree rendering of a space, there is no limit on the number of people who can view the same property at one time. Entire family can view at the same time and decide as a group. This increase selling efficiency, shorter conversion cycle and the entire sales team can now get deals done quicker.
Virtual reality is undoubtedly the new reality. It is moving people to think beyond their imagination by finding a new go-to solution for property related problems. And as this industry progresses the application of virtual reality will manifest into an imperative criterion that will become a game-changer for real estate investors, the prospective buyers and the industry as a whole.
Ankur Garg is the Business HeadIndia at Foyr.