Part III in the VR for Real Estate and Mortgage Series
I talked about this concept in general and in this installment will go into more details on how the virtual reality experience is obtained and works. This process is pretty simple and the virtual rooms can be constructed by providing some basic room dimensions, many of which can be obtained using free room measuring apps readily available. The design is not required to be perfect, but an accurate portrayal of the possibility of the room. If the buyer puts in an offer and also goes forward with a renovation loan, the renovation professional that is going to do the work will design the room to the exact dimensions. The virtual room can be detailed and accurate if dimensions are provided that are very specific. As with most items, the more specific the data, the more accurate the design and rendering.
Once the real estate professional identifies the room or rooms that need updating, the process can begin. Let’s use the example of a kitchen which is very dated and due to it being dated, the home will not sell easily or quickly. If the real estate professional can show the home with the kitchen already updated, it will open up the opportunity for the home to sell quicker and to more potential buyers. It may not pay for the seller to do the work as updating the kitchen to their taste may limit the pool of potential buyers. While the virtual room could also limit what a buyer may like, the room isn’t actually done, so they can still change it and use some or all of the ideas they see in the virtual room. This gives the seller a much larger pool of potential buyers. The virtual room provides the buyer with a vision of the potential of the room, without the work needing to be done, so the buyer can customize the room as they would like to see it completed.
All that is needed is for the real estate professional to get dimensions of the room. Getting all the dimensions of the room, by room size, door/window location and size, and general layout, can be completed with a tape measuring app or physically measuring the room and taking photos of the room. Free applications like MagicPlan allows the user to measure the room using the camera on their cell phone. These types of apps can help determine the dimensions of the room and by taking pictures with the camera on the phone, the character of the home is captured. This information can be sent to a remodeling company that can provide the virtual room design and graphic.
The design company will create a new, updated kitchen design, and create the link that allows the user to see the virtual room. This link is emailed to the real estate professional to share with potential buyers. This gives potential buyers the ability to see beyond the current condition of the property and what the home can truly become with the renovation. Pairing this with the use of a renovation loan if a powerful tool to sell the home.
The second piece of information needed to offer this service is to purchase a viewer in which the phone is placed to view the virtual room. These viewers are available at various outlets, including Amazon. Viewers like Google Cardboard or the Destek V2 Virtually Reality viewer are available for between $12 and $30.
Once the user receives the link on their phone, they simply go to the link and place their cell phone in the viewer. The link provides the view in a format required to obtain the virtual image. The client places the viewer to their eyes and immediately are standing in the virtual kitchen. Depending on the viewer, the client may need to hold it up to their eyes, kind of like the old View Master toy viewers many of us used as children. Other viewers will strap over the user’s head, so they are completely hands-free to turn their head and view the entire room!
Either way, this will place the user in the virtual room. They can turn in any direction and see whatever is in the room, in that direction! This will give the user the experience of what the room can be, once improved. The buyers is no longer buying a home with a dated kitchen, but purchasing a home with the kitchen of their dreams, once renovated! Combining this process with the use of a renovation loan, allows the buyer to obtain the funds to do the renovation work, as well as to purchase the home. It becomes an incredibly powerful tool to selling a home and will help sell homes much faster, especially those with issues that normally are harder to sell.
There may be local companies that can provide the virtual room designs. The remodeling company I own with my family can provide the virtual image as noted above to anyone throughout the nation. Email me at Insights@RenovationRealm.com and I can provide you with details on how to order your virtual design from Kepner Kitchens, LLC. It is important to merge this process with a renovation loan to really take full advantage of this opportunity.
As noted in my first post, I am also a national account manager for Freedom Mortgage Correspondent, Renovation Lending. In addition to providing the imaging for realtor estate professionals through my remodeling company, Freedom Mortgage can provide information to lenders who desire to offer renovation lending or refer real estate professionals to mortgage companies throughout the nation that specialize in renovation loans.
A sample of the virtual room design is included in this post. Viewing over a computer doesn’t present the room with the same impact as viewing with virtual reality goggles, but it does show the concept. Virtual reality will become a larger piece of all our lives and real estate professionals that engage early in this process will reap the greatest benefits. If you are a real estate professional interested in this concept, please contact me at Insights@RenovationRealm.com. Until the next post, stay passionate about your business and keep investigating ways to deliver your product in a new and inventive way.