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Can Virtual Reality, Automation, And Analytics Woo The Consumers To Buy Property?

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Can Virtual Reality, Automation, And Analytics Woo The Consumers To Buy Property?

Rahul Grover, CEO, SECCPL, 0

Rahul is a real-estate management consultant with extravagant skills in business, technology, process, client management and people management. He has working experience in real-estate, finance and telecommunication. Some of his expertize include budget preparation & cash flow analysis, supply chain planning & execution, enterprise risk management, project management, client management, business continuity and disaster recovery.

Traditionally every time an individual thinks of purchasing their dream home, they go through a lengthy process of shortlisting the right properties even before visiting the potential property. The list of activities includes finding a good agent, receiving details from an agent, followed by multiple rounds of explanations, negotiations, and other protocols. Buyers have always expressed their concerns about the hassles of house hunting involved in a conventional real estate scenario. Hence, buying a property requires ones full attention right from research to studying the final papers of the property before signing them.

However, the modern era and its technological innovations have made this entire process seamless and as convenient as possible for the buyer as well as for a developer. With the introduction of VR - AR in the realty sphere, the entire industry experienced a positive transformation which entailed rapid growth in business, an increase in the number of clients, and improved delivery of services. Additionally, new-age buyers feel more empowered with the introduction of these advancements and have taken to the internet not only for property hunting but also for an end to end services. Developers are also making optimum utilization to be in sync with the innovations that create a satisfying buying experience for the customer. As per a recent survey conducted by the National Association of Realtors – over 44% of clients search for offerings online.

Virtual tours
This new development proved to be a sheer boon when the entire world was grappling with a pandemic that had restricted humans within the confines of four walls. Under this system, agents can provide their clients with an immersive three-dimensional experience of the property without actually visiting the site. By wearing a simple VR head-set one can view numerous properties within a short time-span. Further, such visits enable one to make an informed decision free from varied geographical barriers.

Virtual staging
Visual appeal has been given paramount importance by developers across the board. The concept of virtual staging allows sellers to add furniture and other wishful items which make the property soothing and attractive to the eyes of the buyers. It is the best method to convert a potential home into an apartment, giving the client an
actual look and feel of how their personal space will look.

Virtual commerce
This idea can be called a lucrative element that walks hand in hand with staging. While adding furniture and fixtures helps in leaving a long-lasting impression, it also boosts the sale of ancillary offerings along with allowing home buyers to customize their space. This can be achieved by integrating an online store with the staged elements.

Apart from the above-mentioned aspects of an industry empowered by AR-VR, there are several other areas where this technology has been seamlessly included, such as architectural visualisation, virtual interactions, virtual instructions, and others. The main aim of all these services is to provide buyers with an unmatched experience and unparalleled benefits, some of which are listed below

Saves time
Time is the most precious thing known to mankind, and thanks to virtual reality both the parties – the buyers and sellers can curb the wastage of time which happened in the past due to hectic traffic jams and distance between two properties. Further, with the buyers of today always work on a restricted timeline, it is difficult for them to adjust their schedule for every property visit as timings tend to vary. However, virtual tours allow them to view the property anywhere at any time without any such hindrance.

Expands reach
Back in time, when real estate agents had to carry out all the tasks manually, it consumed their maximum time, consequently allowing them to work with only a limited number of clients. However, as solutions driven by AR-VR came into existence they eradicated all the barriers in terms of time and location, realtors can now showcase their offerings to potential buyers residing in remote as well as international locations; ultimately leading to extended outreach.

Pocket-friendly
The idea of adopting VR might seem like an onerous investment, but this notion is incorrect. Usage of elements such as 360-degree view and guided tours from one location helps realtors in curbing the amount spent on continuous travelling to and fro several locations. Further, with the help of virtual staging one can depict how the property will look after making customised changes without actually making them. This facility plays a prominent role in keeping the costs low.

Emotional connection
The inclusion of AR-VR opens doors for limitless possibilities. It is a thrilling experience to view one’s dream house for the first time the way it is imagined. When this activity is merged with technological disruptions then every single imagination of the buyer can be converted into a reality. With virtual tours, commerce, guides, and staging realtors can develop an emotional connection between their clients and the property.

Finally, the transition of an apartment into a home not only fills the buyer with delight but also provides them with a sense of ownership and belongingness. With these path-breaking innovations coming into play, the realty market has achieved great heights. From here on, one can only wonder what more enchantments will come forth?

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