In recent years, virtual reality (VR) has emerged as a game-changer in the real estate sector, with vast untapped possibilities. According to research by The Insight Partners, the global VR market’s value soared to $27.96 billion in 2021 and is projected to reach an astounding $252.16 billion by 2028.

Real estate stands out as a significant beneficiary of VR across various industries. Capitalizing on the visual nature of the property sector, VR has paved the way for enhanced efficiency and improved operations for stakeholders.

This article explores five innovative ways to leverage VR and elevate your real estate business, whether you’re an agent, property manager, developer, investor, landlord, or Airbnb host.

Property Showings

The predominant use of VR in real estate revolves around property showcases, encompassing both sales and rental listings. Matterport’s findings indicate that real estate listings with 3-D tours make homebuyers 95% more likely to contact an agent, leading to properties with such tours spending a third less time on the market. Additionally, agents can sell properties at a 9% higher price, highlighting the compelling advantages of adopting VR in the industry. The application of 3-D tours extends beyond home sales to include long-term and short-term rental properties. Virtual tours enhance marketing efforts for property managers, landlords, and Airbnb hosts, attracting more interest and boosting occupancy rates.

Home Staging

Virtual home staging emerges as another avenue to benefit from VR in real estate. Realtor.com reports that traditional home staging costs range from $2,000 to $2,400 per month for a 2,000-square-foot home. VR offers a cost-effective alternative, enabling realtors, property managers, and rental property investors to virtually stage listings for sale at no additional cost. This flexibility allows for diverse interior design styles tailored to potential buyers’ preferences. Property managers and owners of long-term rentals can also leverage virtual staging to showcase vacant spaces, accelerating the tenant search process and reducing vacancy rates.

Architectural Visualization

Selling properties under construction poses unique challenges, as buyers struggle to envision the final outcome. For developers or agents marketing real estate in development, VR provides an affordable solution. Virtual architectural visualizations offer realistic representations of both exterior and interior spaces, bridging the gap between imagination and reality. This, in turn, stimulates v-commerce, driving sales for properties that are not yet ready for physical occupancy.

Virtual Guides

Traditionally, property managers, landlords, and hosts relied on printed guides or personal property tours to acquaint renters with property details. In the rental and hospitality industry, virtual guides now offer a seamless solution. Renters can access virtual guides upon check-in, enhancing efficiency for property managers/owners and providing a convenient experience for renters.

Virtual Real Estate

Beyond the physical real estate realm, investors are increasingly venturing into virtual real estate, particularly in the metaverse. The metaverse market is predicted to surge from $27.21 billion in 2020 to an impressive $824.53 billion in 2030. This shift indicates substantial growth potential not only for investors but also for real estate professionals, including agents and property managers exploring the transition from physical to virtual real estate.

The Thrust

To bring it all together, the integration of technology into real estate has been gradual but holds immense potential. VR emerges as a straightforward and advantageous avenue to accelerate tech adoption in your real estate business. While the benefits are substantial, the drawbacks are virtually nonexistent. Embrace the power of VR to propel your real estate endeavors into the future.