As our society becomes increasingly digitised, each sector can expect to see technological advances that can be utilised at great benefit to their business. For the property management industry, VR, or virtual reality, is one of those advances. Offering immersive, 360° experiences, there is a wealth of opportunities offered by VR for all across the property sector.
VR technology, and proptech in general, has seen a huge amount of investment in the last decade. As VR becomes increasingly advanced we explore how it works, and how it can be used in the property management industry.
How does it work?
How does VR technology actually work? VR designers create environments that feel just as authentic as the world around us. They achieve this by using the basic rules of perception and ideas of how we interact with the world.
A 3D environment is created by stitching together 360°photographs into a single file. This is then uploaded onto a phone and then projected within a VR headset.
VR headsets are essentially just machines designed to replace our surroundings with something created in software. Your headset also connects to external cameras and computer systems to access software for your VR experience, or connect with additional programs.
The headset blocks the outside world and works with external software to track head and eye movements, allowing the user to move around the augmented space.
Buyers are unlikely to make a decision without first considering and seeing a number of properties. By offering virtual tours, the time-consuming process of viewing multiple properties can be reduced.
A virtual tour of a property can be an amazing experience for those looking for their dream home. A VR tour will bring the house to life and give prospective tenants the opportunity to experience being in the space. It will also provide a realistic sense of size, space, and potential.
Enabling a more realistic experience can save time, effort and money for both agent and client by reducing unnecessary visits to unsuitable properties. Often property brochures fail to give a totally accurate impression of a property.
VR also opens up more opportunities for off-plan properties, offering a much more insightful impression of the finished property.
VR is being widely used by architects and designers to test and visualise their plans and collaborate with stakeholders in virtual environments. Designs can easily be altered throughout the design process. Removing walls, relocating major features and altering key designs in a more tangible way than drawings ever could.
This helps reduce costs by making practical decisions and changes easier to visualise without any associated cost implications. Errors and problems are also more easily identified earlier on, again helping to reduce costs. It also helps bring the vision to life, making it easier to communicate complex concepts and help meet client expectations.
Similarly, for properties that are under construction, virtual visits can be interactive and offer an effective way to make ad hoc customisations. Lighting, colour palettes, furnishings; all can be experimented with and experienced in a very real way.
If you’d like to book a demo, or find out more about other opportunities that could benefit your property portfolio and increase your yield, contact us today.