How Virtual Reality Is Revolutionising Commercial Real Estate?

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How Virtual Reality Is Revolutionising Commercial Real Estate?
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Among the myriad terms that have become mainstream in the digitalised world, virtual reality (VR) is one that has created a furore in several industries. From automotive, retail, healthcare and tourism to real estate, it has spread its wings across business sectors and has transformed their functioning. In simple terms, virtual reality is a computer-generated or artificially created environment that allows users to interact with its elements.

This immersive technology brings forth a simulated environment after the user is made to wear a head-mounted display or is placed in specially made rooms with massive screens. The technology creates visuals, sounds and other sensations and gives the freedom to move around and explore the simulated environment.

Commercial real estate has benefitted a lot from this tool as the marketing of properties has reached the next level.  If you have been looking for a profitable commercial property for sale in Australia, then you will come across this technique quite often. Here is how it is revolutionising the industry. 

 

Architectural Assessment And Adjustment

The innovations and easy accessibility of VR have made the job of the architects easier. They are also making use of Augmented Reality (AR), wherein the computer-generated environment superimposes the real world and enhances it, and Mixed Reality (MR) which blends the virtual world with the real world to create a new environment. Examples of AR in use include the highly sought-after game Pokemon Go.

The use of MR is being made possible with the help of Microsoft’s HoloLens. The visuals created through VR provide the architects with graphic views of the architectural drawings and aid in getting feedback from consumers and builders before going ahead with the designs. It can help in filling the gap between standardised plans and the changing needs of office and warehouse buyers.

The designs can be tailored to fit in the requirements of the buyers by evaluating different features in real-time. The architects can also utilise VR to conduct stress tests that help them to gauge the safety of the structure.  

 

Saves Time And Effort

Investing in commercial real estate is not an easy decision. The investors spend a lot of time researching the market, understanding the viability of the project and its future prospects. Thus they have to visit various properties across several regions, which is a time-consuming and exhaustive exercise.

However, with the help of VR, they can take a look at the proposed property or an existing office building from the comfort of their home. With the housing prices going down, people are investing in commercial real estate, and thus, there is a greater requirement of innovative marketing techniques to lure the buyers.

Also, foreign buyers are among the most prominent investors in high-end commercial real estate, and they can leverage the VR technology to virtually tour the property without spending on travelling to Australia to make the final decision. The marketers can also save money using VR as it helps them to promote their properties in international markets cost-effectively. 

 

VR Apps Propel Sales

Improving buyer confidence is a significant factor in boosting sales figures. The advent of VR apps has helped in achieving this goal to create a marketing solution that goes beyond looking at videos and images. These apps generate a combination of computerised architectural drawings and 360-degree drone videos which give birth to a highly engrossing and absorbing experience.

Potential buyers can download these apps and use the best VR headsets to view the properties from the comfort of their homes. Since commercial properties require a higher investment, this experience gives them a solid reason to make the final decision.

 

Establishes An Emotional Connect

Most marketers grab the attention of the buyers by creating an emotional connection, which cannot be accomplished through 2D advertising alone. It needs an extra push which comes through the realistic feeling of viewing the space with your eyes and interacting with the environment.

Moving from one room to the other and trying to soak in the views from the windows and understanding the spaciousness by standing right there makes the buyers feel a sense of belongingness. It helps in forging an emotional bond between the property and the potential buyer and leads to more sales.   

 

Creates Visual Appeal     

   

Over the years, advertising and marketing have evolved, and the emergence of social media has opened new avenues of reaching the customers. Most of the latest marketing initiatives are now video-based as reading content is considered boring and wastage of time. The fast-paced digital world is only interested in videos, and this is the reason why social media feeds are now flooded with videos.

With the help of VR, marketers can offer guided 360-degree interactive tours through properties. It is also quite useful in showcasing the final product to buyers of a proposed project through a 3D visualisation giving a view of the interior as well as the exterior appearance of the site.

 

Virtual Staging Becomes A Possibility

Traditionally, builders would create a sample office unit with all the fixtures and furnishings to help buyers envisage the look and feel of the site after it is occupied and furnished. It would incur a lot of expense earlier.

However, with the VR apps, the builders can save this cost using virtual staging which allows them to graphically generate the furniture and the woodwork and use the best interior decoration ideas to spruce up the vacant spaces virtually. It can help in selling the property at a faster rate. So the builders don’t have to spend on creating 3D models, high-cost advertisements, catalogues and brochures. It can all be done digitally.

 

Future Of This Technology

With virtual reality becoming a popular technology which is readily available, consumers can expect builders to use better versions to display more interactive and engaging environments. Thus the real estate sector must make use of all the cutting-edge technologies like VR, AR and MR to stay ahead in the game. It can considerably reduce the vacancy rates, and the cost of VR marketing is much lower than suffering losses due to unresponsive buyers.

 

Conclusion

Like all futuristic things, VR has captured the imagination of the population and is here to stay. All real estate professionals and people planning to purchase commercial real estate for sale in Australia must know about this technology to enjoy its benefits.    


 

           

Author Info Sophie Barrett

Sophie Barrett is an experienced real estate marketing professional with a specialisation in commercial property market. She has a Masters degree in marketing from the esteemed Melbourne Business School and has several property management certificates to her credit. Her shrewd marketing policies and business acumen have led to the most rewarding property deals in the major capital cities of Melbourne, Sydney and Perth. She is a popular name in the real estate market and has been serving the industry for almost two decades now. CommercialProperty2Sell is proud to partner with her for some astute discussions and advice on the booming sector.  

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