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Oct

Roles and Benefits of Technology in Virtual Property Industry

If technology reduces cost and increases the productivity of a business, there is no power on earth that dares to conspire against its acceptance, celebration, and assimilation.
The advent of virtual reality has not been any less than an achievement in the domain of technology, given the number of conveniences it brought for both the consumer and the producer. Grateful to the height internet touched to enable such technologies to work. If anything, VR is magic. It shows you what you cannot see, inside the box of reality. It brings people and places closer despite the constraints of time and space.

Organizations and agencies running real estate businesses understand the cost of arranging and scheduling meetings with clients/customers. Not only does it require time, but significant investment, from setting up physical offices to creating a virtual presence on the internet for the sake of branding. Given how much effort it takes to make this whole idea possible, the fruit it bears does not necessarily reflect the struggle. Why? Because it lacks the most efficient techniques designed to carve ore into diamond, figuratively speaking. In nonfigurative terms, a reliable internet connection, the latest equipment/tools, and sufficient expertise are the three main ingredients required for successful execution of such a technologically advanced plan.

Taking into account the U.S. housing market, through statistical analysis, we can tell it is gradually cooling down. Despite the Great Recession and the subsequent recovery, America’s largest metropolises experienced a growing influx of residents quite recently. Some of the large cities like San Francisco and New York City were the first to rebound from the downturn. Many new residents were lured to the big cities in the hope of finding better career opportunities and living conditions. However, in the coming years, there is an expected 1-2% increase in the number of residents in the center of America; states like Georgia, Austin, Nevada, Florida et cetera are expecting the same growth. Speaking of which, Canada is fostering new residents despite the latest challenges faced by developers, investors and property owners. To date, big cities like Toronto and Vancouver are facing affordability concerns with respect to rising interest rates and tougher mortgage stress levels on single-family housing, despite the general positive prospects for the newcomers.

Quite recently, Ontario and British Columbia imposed speculation taxes that influenced sales and prices; and in return, the two provinces experienced gradual rebounds. When it comes to rental properties, the rates have struck new heights w.r.t tightened mortgage rules, causing more difficulty in purchasing properties whilst encouraging renting. Hence, the real estate market in Canada and in most of North America is fluctuating.

Now, here comes the valid question. How will virtual property fairs benefit the real estate agencies in cutting down costs with the existing cutthroat competition?

Economical and Timesaving

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Of course, virtual real estate fairs will cut down costs that regular tours bear. One can showcase their services without putting time and money at stake. Let’s admit, not all customers turn into consumers, and wasting energy on non-serious candidates only exhausts the agent as much as their enterprise. However, virtual property fairs that display their products and services around the clock, costs them nothing but an intelligent effort. In fact, they display your services on a larger scale where a multitude of an audience can interact, engage with the offered services to make an informed decision. Now the question is, can any of it be possible without a trustable internet connection? The kind of work and effort you are about to invest requires professional help and heavy equipment. We suggest you initiate the effort by taking AT&T on board. You can take their directv packages with internet or any other deal of your choice – the fact that it will always entertain your requirements is guaranteed. On top of that, it is economical.   

Interactive by Design

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Interactive technology possesses the ability to create a personal bond with the client by virtue of one-on-one interactions. Virtual tours through online video streaming and/or VR integration give clients the opportunity to look around, investigate and explore the realistic digital set-up to the minutest of details as per their liking. Given this liberty, the clients are more likely to feel invested via virtual tours which consequently results in driving more traffic toward the actual step of purchasing.

Attracts Qualified Leads

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Virtual tours are reported to decrease on-site viewing of properties by 40%. It’s the 360o tour that attracts the technologically cultured users of the internet. With added features like video vault carrying a host of product videos, application forms, discount coupons, and photographs, you have promised a wholesome virtual experience to your clients. In reward, you achieve an increased number of visitors, searches, views and online engagement. Having said that, a realistic virtual experience immensely supports the viewer in trusting the agents’ offering. It unites a diverse array of audiences across countries to participate in property investment opportunities.

Develops Sense of Ownership

With unlimited access to the virtual fair, the clients/visitors enjoy the full liberty to explore the properties as long as they like. The more time they engage with the property, the more they develop the sense of owning it.

Exercises Unlimited Marketing tools

The exhibitors on virtual fairs have the option to engage the clients through webinars, online chat tools, and other exercises. At the end of the day, the property agent can extract their virtual fair’s ROI and other detailed metrics so they can learn about the traffic, chatroom interactions and the number of downloads/content-views from the agent’s virtual booth.

Secure and Protected

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The advantage of virtually dealing with the vendors or customers is having the ability to reserve the time and space for a thorough investigation on both ends. Being the real estate agency on a virtual property expo, you can cash the opportunity of building a trustworthy and meaningful relationship with your visitors by highlighting the best of you and your services.   

Conclusion

The most significant challenge faced by virtual property exhibitions is the scarcity of such fairs in the online market. Mostly the problems boil down to limited equipment and unreliable services. A good internet connection, however, constitutes the ability to fix these hurdles. Given the benefits and future prospects, added a reliable internet connection, VR in real estate is bound to bring revolution in the lives of its investors. All it brings is prosperity in the field of real estate, progression in the race of technology, and remarkable benefits to the experience of a regular visitor. However, once it picks up pace, it will leap onto better VR and AI tools, such as integration of VR systems and machine learning, in an attempt to bring more convenience to the clients whilst maximizing reach for the agencies.

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