When COVID-19 shocked the world in 2020, many people made predictions about how the pandemic would change our future. For example, some people said it would fundamentally change the way we work and live and that higher cost-of-living places like Toronto would see prices drop as people left. That prediction didn't quite come true as housing prices soared there. However, one prediction that has come true is that reaching would-be homebuyers online is more important than ever. People are buying homes without stepping foot into them now, and real estate agents and homebuilders use advanced technologies to give buyers that flexibility. With COVID-19 hopefully subsiding in the coming years, here are three reasons sellers and builders should still promote VR!

It Will Be More Accessible

VR technology used to be inaccessible, and it required clunky equipment that people were unlikely to have in their homes. For a pre-construction build, this negated the benefit of VR in the first place. If someone had to come into the office to put on the VR set, they'd probably want to see a showhome anyways.

In the United States, there are already 57.4 million VR users, and that number is growing steadily! And, as old pre-COVID research has shown, in Canada, VR users are younger and more affluent, who also tend to be looking for homes!

And even if people don't own a VR or AR device, users can simulate the experience on their smartphones. If you've ever used Google Street View on your phone, you know how easy it is to "walk" around a city virtually - even though you don't have a VR headset.

Since it is more accessible, it's a great way to reach an increasing number of prospective homebuyers.

Broad Platform Support

There is broad platform support for VR/AR solutions. Browse Zolo or Viewpoint, and you will likely see many listings with virtual tours. Platforms like Zillow have unique tags that say "3D Tour" to make listings with virtual tours stand out. Of course, these are not just for resale homes, and builders can also take advantage of these features to make their listings stand out against the competition.

No home searching site plans to remove these features as COVID-19 begins to wane. If anything, the roadmap for these sites includes featuring VR technology more so that buyers from remote locations can quickly and easily tour a property. Prospective homebuyers are learning to enjoy the ability to view a property remotely, which is very helpful if you are looking at downsizing from Toronto to Halifax, for example.

Prospective Homebuyers Love It

Approximately 71% of millennials express positive feelings towards VR technology, and 95% of buyers use the internet to look for a new home. Taken together, it shows that prospective homebuyers love this technology which means that sellers and builders that include it will generate positive goodwill for their prospective customers and show that they understand what buyers want.

And, not including VR could soon be a disadvantage. After all, if most listings have VR and there's one listing that doesn't - people may start to skip over that listing in favour of the others!

Sellers and Builders Need to Meet Customers Where They Are

When it comes to VR solutions for real estate, builders and sellers need to meet customers where they are. Most builders would not think to try and sell a home via telemarketing. Instead, they would understand that the internet is where the buyers are. Similarly, where buyers are now is virtual reality.

At Nanuk Technologies, we have extensive experience in this domain! If you would like some VR solutions for your real estate project, please contact us!