Updated: March 16, 2021
In 2017, an estimated 15 million visitors spent more than 2.7 million hours online in search of a home, according to the real estate firm, Lamudi.
This is not surprising, given that there are over 67 million internet users in the Philippines alone. However, a slice of technology in the industry has yet to fully savor.
Today, innovations like artificial intelligence, mobile payments, virtual reality, and other software systems are waiting to fully emerge in the world of real estate.
Here’s how virtual reality is revolutionizing the way Filipinos buy real estate.
Virtual home marketing
One challenge that most developers face when attracting potential buyers is presenting an effective layout of the house. Traditionally, developers will use brochures with detailed floor plans.
However, this will not cut it for digital homebuyers. With all the rage of Virtual Reality in video games, technology has also found its way to the real estate industry.
Today’s citizens want more than just photos, and with virtual technology, buyers can experience their potential homes in a 360 degree environment within seconds.
Virtual reality enables developers to create a digital rendering of the property that is multi-dimensional and immersive.
With this tech, buyers will get a sense of the actual property, including the design, layout, space, and if it is still under construction.
Social media as a property search tool
Since 2017, the use of social media for property buy and sell is expected to rise as experts claim that most prospective homebuyers rely on the internet to aid in their search.
In fact, almost 80% of property buyers say they use social media as a starting point to help them decide when and where they should look.
Not to mention, property sellers have also taken notice of their potential to increase sales through social media.
Aerial drones for the perfect shot
Famously used in weddings, travel, and now – the way we shop for property. Drone photography provides aerial shots of the property in all angles from an elevated point of view.
This helps capture the local neighborhood to raise its appeal. While drones are not easy to handle, they would cost a fraction of renting a helicopter to give you the best views of the potential property.
Laser scanning technology
Laser technology is making great process in the property buy/sell market as new laser equipment allows for easy and quick scanning.
This kind of technology provides accurate and detailed floor plans as well as the advantage of being friendly to the environment. In fact, this technology can collect up to 43,000 points of data to create a 2D or 3D plan.
Consider the time it takes to find a home, view the location, make a bid, then wait for the approval.
As we see more of this revolutionary upgrade in real estate buying, new technology will continue to shift the way buyers search for property.
Soon enough, buyers will be able to purchase online – making it as simple as investing in the stock market.
This article was written and submitted by Jackie Edwards, a freelancer writer on property management and real estate.