Real Estate Developers using Virtual Reality to Woo Buyers

The virtual reality allows customers to tour pre-construction or ready units, shopping complexes and other facilities, from anywhere in the world.

As virtual reality gains ground, real estate developers, hoteliers and other businesses are employing the technology to give their prospective customers a feel of the facility virtually.

Using real time technology and devices, such as the Samsung Gear VR Virtual Reality headset, developers can show off the progress of housing units under construction as well as complete units. In addition, anybody willing to let customers have a feel of a facility can use the technology, which retails from about $40,000 for basic systems to several hundred dollars for advanced systems.

The developer first creates a virtual tour, which can be done by a property marketing company or other technology companies. This allows the virtual visitors to walk through a finished or unfinished house unit using virtual reality goggles, virtual reality headset, a joystick controller, etc.

The potential buyers can tour the facility at the comfort of their homes, when traveling or when on holiday without necessarily going to the location physically. The real time technology cuts on costs and lets more prospective buyers, who may be too busy, to see what is happening and check units without taking too much time off their busy schedules.

Virtual reality in shopping and entertainment

 

The virtual reality is increasingly finding use in a variety of areas. This includes real estate, shopping, movie theaters, amusement parks, classrooms, games and more. The virtual reality technology presents an opportunity for business people, retailers, real estate developers, and others as they try to lure more customers into their stores or businesses. This is especially important now that more and more consumers are shifting to online shopping.

Virtual reality in home improvement

In the home improvement sector, virtual reality allows shoppers to see 3-D mock- ups of their renovation plans. In some systems such as the Lowe’s Holoroom, a simulated space can be customized with personalized room sizes, finishing and colors. The Lowe system allows the customer to provide them with the dimensions of the room. Through the virtual reality, a customer can then select and fit items from thousands of the Lowe’s products, and proceed to fit them in the room virtually.

Although the virtual reality industry is still young, it is expected to grow from the less than $ 1 billion to over $30 billion by the year 2020. The annual sales of the virtual reality headsets is expected to reach half a billion dollars in the in the next ten years.