Development of Virtual Reality Technology: Home Tour for Real Estate Purchase Decision Making

Abstract

Virtual reality (VR) is a technology; derived with various potential benefits for many aspects of rehabilitation assessment, treatment, and research. The emphasis of VR is computational rather than experiential. To preview Quill Residences houses, a buyer had to go to the showroom that was only located at two places in Kuala Lumpur. The showroom houses often lack depth and a sense of reality and take quite a bit of imagination to realize what the effect will look like in the real environment. There is a less interactive virtual reality walkthrough application from a local company for real estate marketing purposes. Therefore, this research aims to evaluate the effectiveness of interactive virtual reality walkthrough applications in home interior design for the real estate purchase decision. This research focuses on the interior design of Quill Residences and helps the real estate's buyer to identify the home interior design criteria for the purchase decision. The current study has employed the ADDIE (Analysis, Design, Development, Implementation, Evaluation) model representing a home tour immersive framework (HTIF) in creating practical resources to support VR application development. Results have shown that 90% of respondents believe that interactive virtual reality walkthrough application is effective in assisting the real estate's purchase decision. Hence, this study will contribute to the effectiveness of interactive virtual reality walkthrough applications for real estate purchase decisions.

The Adoption of Virtual Reality Technology in Real Estate Marketing: A Review

“…Additionally, as reported by Kamil et al, [9], a significant 73% of realtors utilise Facebook for their professional activities. The four guiding concepts of community, content, discussion, and transparency made it simple for the majority of users to get information and specifics about the homes offered by the agent online.…”

“…Low et al, [8] assert that the future trend of marketing will revolve around smart and sustainable digital technology, considering millennials' familiarity with such innovations. According to Kamil et al, [9], while VR technology itself is not new, it has become a novel approach in the luxury real estate market, enabling potential buyers to virtually tour properties without the need for physical visits. It could also be used for a luxury property that is still under construction.…”

“…Third, sensory stimulation involves stimulating multiple senses, such as vision and hearing, to enhance the realism and immersion of the experience. Kamil and co-researchers [9] are taken from a previous study assert that virtual reality serves as a pedagogical tool in an interior design foundation course.…”

Augmented and virtual reality in financial services: A review of emerging applications

“…This application of VR in financial education can prepare individuals to make informed financial decisions by simulating the consequences of their choices in a controlled environment. Kamil et al (2021) discuss the development of VR technology for real estate purchase decision-making, illustrating how immersive simulations can aid consumers in making significant financial decisions. By offering a realistic preview of real estate investments, VR helps individuals assess their options more effectively, highlighting the technology's potential in various financial decision-making contexts.…”

Eksplorasi Potensi Metaverse sebagai Alternatif House Tour: Pengembangan Prototipe Aplikasi House Tour Interaktif di Metaverse

“…Hal ini membantu calon pembeli dalam menvisualisasikan kebutuhan ruang yang dibutuhkan. Dengan bantuan teknologi Virtual Reality, dapat meningkatkan proses house tour dalam membantu calon pembeli untuk memutuskan pembelian rumah [7].…”