Everything You Need to Know About Virtual Reality in CRE
Virtual reality has exploded onto the pop culture scene thanks to the expanding metaverse, virtual real estate, and new experiences available to consumers (like these AR shopping apps). 3D floorplans and video tours predate the virtual reality boom, but in the post Covid-19 world of commercial real estate, virtual tours have never been more important.
Whether consumers are quarantining due to illness, making deals from far-off locations, or don’t have time for a trip across town—you can offer prospective tenants and investors a full look at your portfolio at their convenience by utilizing virtual or augmented reality tools. This guide shares the best ways to leverage virtual experiences to grow your portfolio and provide the optimal experience for your tenants.
What Exactly are Virtual Experiences?
What’s the difference between a video tour and a virtual tour? Online shopping vs. augmented reality shopping? Let’s break down the experiences you can provide your customers in the metaverse:
Virtual Reality
In VR, you are fully immersed in a digital world. To properly experience virtual reality, you need a headset, VR controllers, and enough physical space to move around safely in your environment. Headsets function by blocking out your physical surroundings, using multiple cameras and sensors to allow you to control your actions in the metaverse.
Augmented Reality
In augmented reality, you see mainly real-world elements overlaid with digital aspects. Designed to remove barriers between the real world and the metaverse, AR can create filters in many popular photo apps, project images of new furniture in our homes, or let you virtually try on a new pair of glasses. You don’t need special equipment to experience augmented reality—many applications can be viewed using a modern cell phone camera.
Mixed Reality
The newest addition to the extended reality scene, mixed reality (MR) combines virtual reality with real life to allow both worlds to interact. While similar to augmented reality in its functionality, MR requires a headset or viewing tools like mixed reality glasses for the full experience. One of the advantages of MR over AR is the ability to move and interact with virtual objects in your physical space.
Read more about the extended reality spectrum.
How to Leverage Virtual Experiences in Commercial Real Estate
We’ve covered the basic types of virtual experiences available. Here are a few ways you can employ extended reality tech to bolster your business:
Virtual Tours
Virtual reality real estate tours reached peak demand during Covid-related lockdowns, but in the changing world of remote and hybrid lifestyles, customers have come to expect them as a standard option. Many companies relied on video tours at the beginning of the pandemic, but as VR technology becomes more available and affordable, virtual touring capabilities are expanding Using the latest in extended reality tech to create an interactive 360 virtual tour, real estate agents provide views of your properties and guide prospective tenants and investors in a live VR space.
Bonus fact: 62% of Americans report they would be more likely to choose realty services that offer 3D virtual tours from real estate agents.
3D Floorplans
Beyond the virtual tour, real estate clients are looking for fresh ways to experience prospective locations. If your client doesn’t have time for a full virtual tour or can’t squeeze in an appointment for a live VR walkthrough, it’s a good idea to have 3D floorplans available. While potential buyers and tenants would be able to view these floorplans on any device, you can also upload them to the metaverse to offer a more immersive experience. Tools like Room Sketcher allow you to create 3D floorplans using a simple blueprint and store them on your website, in the cloud, or upload to a VR space.
VR Videos
Even without 3D or interactive floorplans available, you can still provide your customers with a virtual experience by allowing them to view video tours and other information through VR. Equipped with a fully immersive VR headset, customers can view your content in a distraction-free environment and focus on your product.
AR Design Suites
Augmented reality design is one of the most beneficial VR tools for prospective tenants. AR shopping and design apps allow users to virtually bring new items and design elements into any space. Now, they don’t have to imagine what their business would look like if they rented from you. They can actually see that luxury furniture in the corner office, design their company cafeteria, and watch their logo materialize on the front door. From choosing a paint color to visualizing whole construction plans and layouts, the most useful augmented reality apps let you do it all.
Why Choose VR?
Extended reality offers new avenues for expanding and maintaining your portfolio, from real estate virtual tours to 3D floorplans and room design. Meet your clients’ evolving needs, build trust as you move into the metaverse, and bolster your tool belt with new, more accessible options when you add digital experiences to your offerings.