The diverse benefits of virtual reality (VR) technology in real estate marketing and in-depth analysis of how it is revolutionizing marketing and sales dynamics in the sector.
VR property walkthroughs have changed the face of marketing and sales in the real estate market. Over the past decade, immersive tech has been adopted at an increasing rate by real estate developers across the globe. This white paper will elucidate why, when, and how VR makes sense for property walkthroughs and provide details on how companies can greatly benefit by implementing VR property walkthroughs as a sales tool.
Sales And Marketing Landscape In Real Estate Today
According to a 2016 Goldman Sachs report on AR/VR, immersive tech is poised to enjoy an 80 billion dollar market share ($35 billion in software and $45 billion in hardware) by 2025. The report also estimates the AR/VR market for real estate uses to reach approximately 2.6 billion dollars by 2025. According to Statista, this is approximately a 325% increase from 2020. The Goldman Sachs report also suggests that technology has the power to substantially alter real estate business with 1.4 million registered real estate agents using VR for prospective clients in 2016 itself with those numbers rising at an exponential rate over the past few years.
As we move further into the 21st century, the consumer market is increasingly becoming populated with the millennial generation who are fast becoming the high-income demographic around global markets. As they attain higher spending power, real estate markets have already begun to show how traditional sales and marketing are fast becoming outdated. .