Real Estate is one of the many industries that has adopted Virtual Reality (VR) technology. When people think of VR, video games are something that often comes to mind first. However, it is capable of so much more than that. Interestingly, this sector is one that has the potential to make the most out of it when used correctly.
A few decades back, when developers had to sell a home, they had only a handful of options like showing blueprints, floor plans, and static images, with time the number of choices they had increased with 3D renders and Digital Twins. But nothing beats the experience of personalization.
So, while yes, getting to control the environment using digital replicas is any day better than having to imagine everything. What really gives buyers the impression of ownership is when they can customize their new home. Traditionally, this wouldn't be possible even if the site's construction was complete and the unit was ready. But thanks to the power of VR, be it something simple like the colour of their wall to changing the decor, the users get to play with it all.
What is Personalised VR in Real Estate?
Personalised VR in real estate makes use of the virtual reality technology to build customizable simulations of units in a way that gives potential buyers the ability to fully or partially personalise them. This technology can be used irrespective of whether the site is still under construction or has been fully developed.
The reason the "personalised" part plays an important role here is that it turns the customer into an active participant. As such, instead of having to sit through a boring video tour or browse several static images or floor plans. The user takes control of how they want to interact with a unit.
They get to personalise things like the wall colour, play around with furniture and change their layout, choose different decor and finishes, or even change the lighting, all to match their preferences. Not only does this give them an immersive experience, but since they get so many customizations to play around with, it increases their chances of buying the house.
This is because they have already designed their new home once, as per their choice. All that is left is to see it into fruition instead of having to start over with a developer whose site they may have plans to visit. So, even if they may like units offered by you and another developer, you have an edge because of the memorable experience.
Why VR in Real Estate is Important for Developers
Buyers aren't the only ones who benefit from having VR; developers can also find it really handy. One of the biggest benefits, as mentioned before, is that it significantly increases the chances of sales. But here are some more areas where personalised VR can help you out:
Reduces costly changes during construction: This has to be the most practical use of VR in real estate for developers. When you follow a traditional construction workflow, any design changes you encounter made after the building has undergone construction will not only tend to be costly, but also time-consuming. However, with VR, the developers, designers, and buyers can be on the same page, which gives the result everyone wants.
Boosts sales for under-construction projects: Developers who advertise their projects in a traditional manner have to wait for the construction to be completed before they can invite buyers for a site visit. This isn't an issue for brands that use VR because they have already showcased their project in a virtual space, which increases the chances of securing a sale.
Increases accessibility to a wider audience: Another problem that developers who rely on traditional marketing means face is a limited audience. With VR, buyers get to remotely check out the project. This opens the door for international buyers to check out your project. As such, you get a whole new audience, which previously would have been unavailable simply due to their having to physically visit a site.
Improves Brand Image: It is no surprise that most people are fond of new technology, and even if they aren't, everyone would enjoy getting fascinated by such tech, especially if it gives a futuristic appeal. This also results in your buyers having a positive image of you, that you keep up with the times, which in turn makes you more trustworthy.
Faster leads: With the help of VR, you greatly increase your chances of converting a sale because buyers get to explore the entire site before the project even enters the construction phase.
How Our Clients Have Benefitted from Personalised VR
We can talk about the advantages of VR all we want, but at the end of the day, it won't mean much without the work to show for it. The good thing is, at V-Estate, we have helped a lot of our clients integrate VR into their projects in a way that helped them elevate them to the next level.
Kalpataru One Worli - Build Your Own Dream Home
One of the biggest selling points of Kalpataru's One Worli was its unique columnless structure. What this does is it allows the owners to completely tear down internal walls and customize their layout. This is where the Build Your Own Dream Home (BYODH) module comes in.
BYODH is a high-fidelity, real-time architectural simulator running on Unreal Engine 5.4. It allowed clients to stand at a 55-inch touchscreen and physically drag walls, delete partitions, expand the master suite, or open up the kitchen.
The project was a success as it saw compressed sales cycles, which went to 3-5 months, while the standard is 6-9 months. The conversion rate was 18-22% while the standard for the ultra-luxury market is 8-12%. Finally, 85% of the clients who used BYODH returned for a second meeting with their personal architects.
Runwal Raaya - Life at Raaya
Runwal Realty debuted in the ultra-luxury segment with Runwal Raaya. Two of its biggest and unique selling points were its Facade, a unique bronze metal finish that changes character with the sun’s movement. The second, its structure being the two offset towers designed specifically to capture dual views: the Sea Link on one side and the Mahalaxmi Coastal Road on the other.
The VR walkthrough comes in here to solve their second concern and showcases the views around Runwal Raaya. It simulates how landscapes evolve every 20 steps. This project saw blockbuster inventory sales on launch day, while the module saw 100% adoption over traditional brochures.
Still not convinced that personalised VR technology is the future? Book a demo with us at V-Estate, and we will help you integrate VR or any other technology that best fits the needs of your projects.
