According to a survey by the National Association of Realtors, 40% of homebuyers in the United States who purchased property in the last 12 months used virtual tours to assess the properties they were interested in.
3 Ways Virtual Reality Tours Can Boost Sales in the Luxury Real Estate Market
As the luxury real estate market continues to expand, developers and marketers are looking for new and innovative ways to stand out from the competition. Virtual reality tours are becoming increasingly popular as an effective way to differentiate luxury properties from the rest. Here are a few ways VR tours can help boost sales in the luxury real estate market.
1. Enhance the Buyer’s Experience
Nothing quite compares to the experience of walking through a luxury property in person. However, for buyers who can’t make it out to the property in person, a virtual reality tour is the next best thing. With an immersive, 360-degree tour, potential buyers can experience the property from the comfort of their own home. This immersive experience allows buyers to get a better sense of the property and makes them more likely to commit to a purchase.
Interface partnered with Hoffman Madison Waterfront to create a series of animations and VR tours to market this project designed by SHoP Architects.
2. Create a Sense of FOMO
VR tours can also create a sense of FOMO (fear of missing out) in potential buyers. By showcasing a property’s features and amenities in an immersive, 360-degree experience, buyers can get an idea of what it would be like to live in the property and can start to imagine themselves as the owner. This heightened sense of FOMO can motivate buyers to act quickly and commit to a purchase before someone else does. In addition to FOMO, some potential buyers simply can't make it to an in-person viewing, this is where VR tours become crucial. Virtual reality tours can also attract international buyers who may not be able to travel to view the property in person; thus, expanding the potential pool of buyers and increasing the chances of a sale.
670 Maine Avenue - Hoffman Madison Waterfront
3. Showcase the Property in a Professional Light
For luxury properties, and commercial properties, presentation is key. With a virtual reality tour, developers can showcase their properties in the best possible light. By using high-quality visuals and sound, developers can bring their properties to life and give buyers a more accurate representation of what the property looks like in person. This attention to detail can make all the difference when it comes to selling luxury properties. Additionally, virtual reality tours can be useful for persons who want to re-visit a property they may have liked later on. Virtual tours highlight the unique features of luxury properties, such as high-end finishes, breathtaking views, and state-of-the-art amenities. These details are important and giving buyers a tool to view and remember them is equally important. Our clients often request VR tools along with a variety of digital renderings and brand materials to tie everything together.
All in all, virtual reality tours are becoming increasingly popular among luxury real estate developers and marketers as an effective way to stand out from the competition and boost sales. With an immersive, 360-degree experience, buyers can experience the property from the comfort of their own home, creating a sense of FOMO and motivating them to commit to a purchase quickly. Additionally, VR tours allow developers to showcase their properties in a professional and realistic light, giving buyers an accurate representation of the property and making them more likely to commit to a purchase. While the benefits of VR in luxury real estate are undeniable, it is important to note that the tools are useful for buyers and sellers alike.