Goldman Sachs predicts the real estate virtual reality (VR) industry will be worth $2.6 billion by 2025. One of its most popular formats is the 360 interactive virtual tour, a simulated hyper realistic environment that enables users to experience any space as if they were in it.
As you might imagine, the technology has several advantages and applications in real estate. Hence, many real estate professionals are considering using it or are already leveraging interactive virtual tours.
How do you stand to benefit? And how can you incorporate it in your day-to-day work in the real estate industry? Find out with architectural visualization firm Plus Render.
A Closer Look at Virtual Tours
A virtual tour is a series of still images or videos, flawlessly stitched together to produce immersive, life-like visuals. Viewers can explore the location at their own pace and from the comfort of their homes.
Time constraints and geographical barriers? They don’t stand a chance!
Integrating them into your marketing strategy brings great benefits to your business. It can improve your visibility while boosting your social media reputation and credibility.
Popular Types of Interactive Virtual Tours
Here’s a look at the major types of virtual tours:
3D Virtual Tour
A step up from architectural walkthroughs, a 3D virtual tour captures the depth, detail, and dimension of a property, giving investors the confidence to buy real estate sight unseen—no open house showings or staging required.
Beyond engaging clients, interactive 3D virtual tours streamline collaboration among stakeholders. From the texture and lighting to inconsistencies in design, it is a way to showcase and sell structures more quickly and easily.
Google Street View Tour
The search engine giant allows you to explore panoramic images of locations anywhere in the world. You can “walk” as you would in real life, and enjoy a true-to-life experience. This technology is still in its infancy.
360 Virtual Tour
A 360-degree virtual tour is probably the most sophisticated of the lot.
It offers an interactive, immersive experience that puts you at the center of things. You can walk through the space, look left and right, up and down, and zoom in and zoom out to appreciate the finer details. You can even click on objects to access more information.
With complete 360-degree views of the location, these depictions capture every detail, making them perfect tools for real estate marketing.
How To Choose the Right Virtual Tour for You
The global virtual reality market is expected to grow at a compound annual growth rate (CAGR) of 19.1% between 2024 and 2029. So, you’re bound to have several options when it comes to simulating listings with new levels of realism and detail.
But how do you pick the right one? Here are some strategies that can help:
Define Your Goals
What do you want to achieve through technology?
Are you marketing an innovative project? Hire a renderer who can combine stunning imagery with interactive elements, information overlays, and digital staging. A virtual reality tour is a wonderfully surprising way to offer more context.
Meanwhile, those looking to establish their brand might consider a Google Tour. The innovation provides 360-degree views to show your business in the best light.
And it can also help build your visibility on search engine results pages (SERP)!
Think About Your Audience
Who is your ideal buyer/investor? Developing a buyer persona is extra work but it beats coming up with random tours that don’t specifically target anyone.
Assessing your potential clients will help you respond to their pain points, meet their expectations, and cultivate an emotional connection through your virtual tour.
For example, let’s say you want to sell homes for families. To appeal to them, go beyond the home and consider their needs. Your tour should be designed so it highlights a residential neighborhood, the available facilities, and safety. This can be achieved by asking Plus Render to overlay information or commissioning graphics that include exterior and aerial views.
Give Yourself a Budget
How much are you willing to spend on a virtual tour? A basic virtual tour can cost anywhere between $300 to $1,000.
If you want to highlight specific features, keep in mind that prices can increase rapidly based on the complexity of the render. Always start with a ballpark figure and talk about how much you’re willing to spend during the first consultation.
Other Uses of 360 Interactive Virtual Tours
Virtual reality has applications beyond real estate.
Here’s a look at other applications where it informs, educates, and excites:
Automotive
The immersive capabilities of 360-degree virtual tours are revving the automotive industry towards significant growth.
Car enthusiasts can pick a vehicle from the digital line-up, take it on a virtual test drive, get a bird’s eye view into the craftsmanship and materials used, and gauge how it rides in different terrains and weather conditions.
The features can also be highly customized.
Construction
360-degree videos allow prospective investors to explore a property remotely and from every angle. It provides a unique perspective on the proposed project, increasing trust and confidence in the architect’s vision.
Viewers can see every detail, down to the tightest corners.
You can also track the construction progress to ensure things progress according to the timeline. This is a nifty feature because 77% of clients experience delays.
Event Planning
Event planning is stressful but 360-degree panoramic views take fear out of the equation.
They allow you to visit venues virtually. You can check out the ambiance, layout, accessibility, and tech, among other things. This will enable hosts, stakeholders, and sponsors to sign off without visiting the venue in person.
Cultural Exhibits
This groundbreaking technology brings the world to you.
True-to-life 360 virtual tours of museums and historical artifacts offer awe-striking experiences, accessible from the comfort of one’s home. They often include detailed descriptions of their background to enhance learning.
Discover the British Museum, the Louvre, the Rijksmuseum, and Vatican Museums online, and satiate the culture- and art-loving wanderlust in you.
Retail
In online retail, a 360-degree virtual tour can be very beneficial for cultivating interest in your business.
Shoppers can explore the store online, immersing themselves in the space as if they’re physically there. They can browse the aisles to discover unique offerings, check out the store from different angles, and hit buy to purchase. Some apparel brands also allow you to visualize items on your body.
Foodservice
Seventy-seven percent of US residents visit a restaurant’s website before deciding to physically go there. A virtual tour allows them to look at the space, the signature dishes, and the corner booth that’s always occupied. It creates a solid first impression, giving businesses an edge in a saturated industry.
Travel and Hospitality
Virtual tours with 360-degree views capture all-around views of any location. Travelers can walk through the property, checking out the amenities and facilities to decide whether it’s worth the cost.
Education
Schools, colleges, universities, and other educational institutions use virtual tours to improve how people learn. They could be used to replace field trips, learn laboratory processes, and even complement distance learning.
Interactive 360-degree virtual tours are also used to showcase the campus, classrooms, labs, libraries, and game courts to increase enrollment rates.
Healthcare
Patients often have to consider invasive procedures, hospital stays, and medical consultations without knowing much about a healthcare facility.
An interactive 360-degree virtual tour can reduce anxiety by managing their expectations. Beyond improving patient satisfaction, a virtual tour can also encourage remote consultations and facilitate health education.
Plus Render: Realistic and Attractive 360 Interactive Virtual Tours
With 360 interactive virtual tours, you can enhance your client experience. Whether you’re looking to sell your vision or want to draw attention to your listings, this cutting-edge technology can do it all—and then some. Contact Plus Render today and discover how we can help.
