Marketing & Sales

How Much Does a Virtual Reality Cost: Sales Solution for Real Estate

July 17, 2020
virtual-reality-park

The significant impact of virtual reality on real estate is undisrupted. Everyone wants to know, “how much does it cost?” 

Deciding whether to use VR for your business or not, the choice is clear. If you are in real estate or design business and don’t use such opportunities, you fall behind. Why do you need it? It allows real estate developers to push visualization boundaries, providing their customers with a new way to experience and “feel” the building or landscape before it becomes real. Imagine that your client can see a house design, walk around rooms, and visit their future garden without leaving the office. With VR, it’s possible.

A virtual reality real estate tour is the top trend of 2020 since it directly affects sales. It is the primary strategy to outperform your competitors and boost sales by attracting more customers. Top brands like Strutt & Parker, Halstead, Zephyr, 550 Vanderbilt, and others prefer VR solutions due to their effectiveness and functionality.  

According to Coldwell Banker, 62% of Americans are more likely to opt for a real estate agency that offers VR house tours, compared to companies that do not. 

  • 77% of homebuyers would like to visit their future houses virtually before seeing it personally.
  • Over 65% of people need the technology to understand how their current furniture will match their new home. 

Visual reality also guarantees that people who choose visual modeling of their houses, offices, plants, and others will be more satisfied with the final result. People want VR because it allows the investigation of all corners, furniture, decor, appliances, and even plants before actual construction. It immerses customers into an apartment, they can feel a house’s atmosphere and imagine their cold winter evenings in this comfortable place. Remember that you can’t deliver such experience with renders and booklets. Thinking what real estate company to choose — an ordinary one providing simple images of their offer or a dedicated agency with virtual reality tours — they will pick the second variant. Besides, if they don’t like something in their VR house or want to change any detail, it can be easily fixed before, for example, the walls are painted, and money is spent. 

VR solutions for real estate allow visualizing not only separated rooms or spaces; they create a dynamic 3D model of a location. For instance, top developers can let their customers walk around the streets of their future residence, pick the apartment building, and check the view from the balcony. In addition, virtual reality presentations are a must for conferences when you promote your future constructions, including houses, gasoline, malls, and amusement parks. On the other hand, it can perfectly present your real estate project to possible investors and impress them. Imagine that these people, significant for your business, can visit your supermarket or apartment before it exists. Such marketing campaigns will attract lots of followers due to the unusual approach and desire to check later how VR real estate will turn into a physical object. As a result, you can expect a considerable boom in sales compared to companies without such ads. Interested? 

Showcase even unbuilt properties with VR

Immersive virtual tours and customizable stagings for HUD, mobile & web

Deciding to make a VR house, you need a reliable partner with lots of experience in the industry. The OTR developers create dedicated solutions that allow clients to experience their future constructions and understand how everything is going to be. One of our top projects is a VR presentation for the new gas stations chain. The goal was to present the fresh design innovatively and amaze the expo audience, transporting people inside of the gas station. Following the design mock-up and expectations of clients, we showed how the station would look in different lighting conditions, showcased its location near a highway, pictured all infrastructure, including gas pump, shop, cafeteria, and more. We also made it possible for the expo visitors to interact with the station and experience the real gas up process, having added gamification elements. 

To create this stunning presentation, we used C++ and Unreal Engine 4 technologies. Our dedicated project team of 4 — designer, 3D illustrator, developer, and PM — finished the projects within just 3 weeks. Our partnership resulted in an increase in the solution’s interest by 90% among the expo visitors. OTR solution allowed the audience to realize how the chain of 120 gas stations will look like in 2020 and understand the brand concept. Check other our works here and visit the OTR YouTube channel to watch other VR for real estate videos.  

What is VR Pricing? 

Wondering how much virtual reality costs you need to consider several factors. VR pricing hangs on the content type. Since we speak about virtual reality real estate, you might think that the cost is fixed. Well, you are mistaken. Creating a visual model for your project, you need to keep in mind the following aspects:

  • Development tools, like Unity, Unreal Engine 4.
  • 360° video or VR-tour presentation visualization types. 

Before creating a VR apartment, you always think about the experience of your end-users. It is the deciding factor in the whole development process. Do you want them to be mobile or tablet and experience the presentation from anywhere using portable devices? You can also offer a more engaging experience that requires a top-notch computer or even a controller with headsets. They teleport you in a building, you can turn your head to see all details well. Working with other agencies, you will have to pick up target appliances. But here at OTR, we admire another approach. We follow the idea to cover all possible applications, including desktops, tablets, smartphones, and headsets.

Working with 360° videos and virtual tours for real estate, we usually prefer Unity and Unreal Engine 4 (UE4) technologies. They both are easy-to-use and have unlimited performance. Unreal and Unity usage gives us access to unlimited functionality and visual reality opportunities. The choice will depend on your project type, just rely on us. Our specialists will choose the perfect solution for you and develop a VR tour presentation or 360 degrees video according to your brand concept. 

What to Choose: 360° Video vs VR Real Estate Tour?

The choice between 360 video and VR tour depends on your target audience and the construction stage. Let’s discover in detail the difference between them. 

We recommend creating a 360° video if you have a ready-made building or residence and are willing to sell your apartments abroad. Why? There is an excellent chance that most of your customers — mainly if you target the global market — won’t be able to visit your building. A 360 video for real estate is the best way to advertise your buildings and show their best qualities maximally. We also can add tags to the video allowing you to monitor the viewing process. It means that you can note what its parts a prospective customer watches the most and plan your meeting. For example, a woman, watching the 360 video real estate, focused on a playroom. We can conclude that she has children and is interested in specific infrastructure. During the meeting, you can point out that your building is safe, has playgrounds, and kindergarten. OTR solution will highly increase your chances to win the customer. 

To watch our real estate 360 video, you can use any possible device, and you don’t even need a computer to run it on headsets. A video’s cost may vary according to the scope of work, deadlines, team, and required functionality. If you need this solution, you should be ready to allocate the budget from $3,000 to $20,000. 

Choose a real estate virtual tour when you have only a foundation pit. It provides an opportunity to show models which are 95% match the future buildings. What are the benefits? First of all, you don’t have an object at all, only a hole in the ground, but your customers can already visit it and explore the building. Using VR, you get a substantial competitive advantage. If your competitors have only video presentations, you will outperform them, allowing your customers to transport into the atmosphere of a future house. They can see public areas, exterior, and interior.

A good example of a tech-savvy VR tour is our solution for an international group of companies. Their main goals were to win a governmental project and buyers. We used Unreal Engine 4 and C++ technologies and came up with the project in 7 weeks. They wanted us to create a visualization of the residential building, infrastructure, streets, apartment interiors, and more. Their customers can investigate high-quality constructions and design materials, enjoy realistic graphics, lights, shadows. We also provide an opportunity to customize the interior during the simulation. Check the apartment VR-tour on the video below. 

Watching a VR real estate tour just like 360° videos, you can rely on tags and note what moments attract more attention. We can also add a function for custom emotional analysis to detect people’s reactions to the virtual tour real estate. What is more, our team can use drones to simulate a window view. It can boost your sales conversion since most customers choose apartments only if there is a beautiful landscape. Working with our VR solution, our clients noticed apartment sales growth by 76%, and sales conversion increase by 60%.

The pricing plan for virtual tours real estate starts from $15,000 and might reach $40,000. Besides, OTR provides several bonuses for its clients — you also get a promotional video to advertise your real estate.   

Need an experienced team for virtual reality in real estate? Working with OTR, you always know what to expect and get excellence. We are virtual reality gurus and can implement any project to amaze the audience. It is a new level of making presentations of your future constructions and design ideas. If you want to make a wow-effect on your customers, nothing will inspire the audience to buy your apartments or visit future buildings more than real estate virtual reality. It tricks our brains, and we think that our bodies are actually in the virtual world. We can see and hear, we have feelings of movement and need to balance, we can touch digital objects and move them. There is no more perfect solution to inspire customers than virtual reality. Hire the OTR team to boost your sales and drive the business to success. 

Need us to empower your brand? Contact OTR, and get a free consultation from our expert!  

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