Virtual Reality has been the buzzword of the tech world in 2016. Chris Tan, very eloquently, stated the how, here, with compelling numbers. The numbers are an indication that Virtual Reality is an idea whose time has come! It is worth your time to read it.
How does VR help Real Estate sales?
Issues in front of Real Estate Developers/Builders in India*
- Selling happens mostly on weekends (typically the couples are working through the week)
- Real Estate Developers, typically, have multiple floor plans in their projects and the ability to create multiple mock-ups is limited and the costs are prohibitive.
- The Real Estate market is very competitive. Just look at the unsold inventory that exists in most big Indian cities and yet, more and more apartments and condominiums and villas are still being launched.
- Sales & Marketing costs are sky-rocketing. Most medium and large developers actually ferry customers from and to the site!
Problems for the Real Estate Buyer in India*
- Visiting sites in the traffic clogged cities in India is a pain.
- Couples get weekends together to spend with their family, instead spend time in traffic serarching for homes.
- Typically takes 6 months before a couple decides that they have found their “dream” home.
- Visualization of 2D floor plans are difficult!
- Videos look awesome?—?maybe too awesome and super slick!
- How can we get a sense of Scale, Size, Height & Depth?
How can Virtual Reality and more specifically Mobile Virtual Reality solve these problems?
- Mobile Virtual Reality application for the visualization of Architectural Design built “off” the actual plan
- Sell to the customer every day of the week
- Immersive Technology: takes the customer inside the apartment/villa that the customer wants
- Showcase every floor plan to the customer
- Technology that gives the customer a sense of Scale, Size, Height & Depth
- Send the property to the customer location
- No more waiting for weekends & no more wasting time in traffic
- Reduce the sales cycle
- Use your sales force everyday of the week
- Scalable solutions: Helping Architects, Real Estate Developers & Interior Designers
Why is this important for the Real Estate industry in India?
It has been forecasted by one report, that India requires 45 Million housing units by 2028 with the expected market size to be at $853 Billion at a CAGR of almost 13.9%!
Plus with the Real Estate Regulation Act (RERA) coming through in various states and the Housing for the economically weaker section now being declared an “Infrastructure” status, it behooves the Real Estate industry to start using state-of the-art proptech which has traditionally been slow to take off in India.
In India, the Real Estate is an industry that has been owned and run by veterans and has traditionally been predominantly proprietor driven. This is quickly changing. Children of this brick & mortar industry who have studied abroad, want to now change things by being open to proptech to see how significant efficiencies can be gained.
To ensure that you dont miss the Virtual Reality train and help you increase your sales efficacy, you can reach us here for your Mobile VR solutions.
* VirtualSpaces Market Research
Note: The Image used is Chris Tan's and VirtualSpaces is happy to credit him with it!
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