ROI on Virtual Reality in Property Planning, Construction, and Marketing

The Property industry is among the sectors set to benefit most from the VR revolution. The sheer possibilities for improving ROI across the board are almost limitless. From planning and construction, through to property marketing and sales, there is scarcely one part of the Property industry that will not see significant beneficial changes through the adoption of VR and AR technologies. In short, the potential ROI on virtual reality in Property is huge.

We have written at length about the many ways that different areas of the Property industry will benefit from both virtual and augmented reality. But, for a cohesive rundown (with plenty of links to more in-depth articles for good measure), these are the five aspects of Property that will see substantial gains in ROI.

1. Architecture and Planning

Architects have been among the first to embrace the possibilities of virtual and augmented technology. This is because the technology not only aids the practical aspects of planning and designing buildings, it also gives them an opportunity for the extracurricular creative expression that got them into architecture in the first place.

3D design packages have been a fundamental part of the architect’s toolkit for many years now. As the design tools have evolved, integration between structure, services and surfaces have become more sophisticated.

Now, the CAD system significantly reduces potential error, by alerting the architect to how any changes they make might impact other areas of the build. CAD is already integrating with BIM systems, and as VR becomes integrated, too, so another valuable tool becomes a part of the architect’s arsenal.

Most CAD systems can already output VR-compatible files, which can then add a valuable aspect to presentations and project reviews. This is precisely the aspect of architecture that makes VR integral to the architecture and planning stage.

Virtual walkthroughs at this crucial stage make for an important opportunity for communication. Architects can effectively demonstrate to both planners and clients, their vision for the property. A completed building can be reviewed, altered as necessary, and signed off before the building process even begins. Significant time is saved, and with that, the journey towards completion of the project is hastened, with obvious cost-saving results.

2. Construction

On large-scale construction projects, where extensive planning can eliminate the potential for problems at later stages, VR and AR will be integral.

A detailed virtual model, integrated with BIM, of a building site as it moves through the stages of construction, will form an integral aspect of identifying errors, potential costs, access, and health and safety issues. Allowing all members of the construction team access to a three-dimensional, detailed model as they go along will assist with giving a thorough and meaningful understanding of the project in hand.

Above all, VR in construction is a tool for streamlining. Clients will benefit from the way VR allows them to assess and revise design throughout the process, which will allow any changes and revisions to be planned in advance. This, on its own, will save both time and money.

AR will also be a key visualisation tool in construction. Proposed design changes can be overlaid directly, often straight from a smartphone. 2D plans can be turned into 3D models on-screen, avoiding the need to consult drawings and paperwork for information on form and layout.

3. Marketing and Sales

Virtual and augmented reality technologies are a dream for property marketers.

First and foremost, VR negates the need for buyers and investors to visit every property in person. Considering the current average number of properties buyers view before putting down an offer is between 12 and 15, significant reduction in time spent on viewings will be a godsend to marketers. Focus can be turned to warmer leads, speeding up the route to sale, and optimising real estate agents’ time.

For agents marketing properties still in development, implementing VR in their marketing strategy will be absolutely crucial. It’s a well-known fact that buyers and investors have a hard time visualising what a finished build will look like from two-dimensional representations alone.

Where virtual walkthroughs of development properties are available, the potential ROI on virtual reality in Property is absolutely clear. It is highly likely that experiencing an immersive visualisation will shift development properties at a much faster rate than in the past.

We have discussed in some detail the applications of augmented reality in the showhome, too. This is an area ripe with potential, and another key ROI driver in speeding up sales, thus vastly impacting cost-effectiveness across the board.

We are far beyond the stage of speculation as to the ROI on virtual reality in property. Quite simply, it’s already happening, and it’s unstoppable. Augmented and virtual reality technologies are set to revolutionise the way we approach all aspects of property. It’s clear that monumental streamlining is on the cards, which will have a strong impact on cost-reduction, efficiency, and progress as adoption continues to grow.

Be sure to follow the hyperlinks throughout this article to find out more about the many impacts of VR and AR on the industry. Or, for an in-depth report, download our whitepaper.