Will Virtual Reality Change Real Estate?
With the rapid development of technology, all industry sectors have dramatically evolved, including real estate and construction. Virtual reality experiences have completely revolutionized real estate purchases and brought a fresh perspective to potential buyers. They allow them to experience every corner of a property first hand – without ever having to visit it.
Perhaps VR used to be reserved for those looking to purchase luxurious properties, but things have changed, and this technology is becoming accessible to everyone. So, what’s in it for buyers and realtors? And how is VR changing the real estate industry? Keep reading to find out.
First-Hand Experience of the Property
VR is an incredibly valuable tool for customers looking to purchase a residential or commercial real estate. It provides an innovative and new outlook on the property they wish to invest in, and thus plays a major role in making a purchase decision.
Let’s face it, 2D floor plans tend to be quite dull and limiting to non-experts. VR erases these limits and puts people IN the space, rather than in front of it. It allows the entire family or a company’s management board to have a virtual tour of the new property and experience their daily routine there. They can check out the property by literally walking through the house or business premises, opening garage doors or sitting in the garden.
A Huge Time Saver
One of the biggest advantages of VR is its potential to save time both for buyers and real estate agents. Once an initial contact between a realtor and a customer is made, customers don’t need to be taken to the property right away. They can first be taken on a virtual tour, and then, if genuine interest exists, they can visit the physical location of the property. This saves a lot of precious time for both parties.
What if a major overseas investor was interested in a project? Wouldn’t it be great if they could experience the property in real life? VR technology makes this possible and leads the way in the globalization of the real estate market. It can work the other way round as well, allowing investors to convey their ideas to architects and construction workers overseas vividly.
Current State of VR in the Real Estate Market
Despite its many benefits, VR implementation still seems to be a too costly investment for a lot of real estate businesses, especially smaller ones. In order to create a high quality and immersive VR experience, businesses are required to purchase expensive hardware and hire top-notch tech professionals. Luckily, these costs are probably going to drop in the near future as a consequence of rapid technological development.
Virtual reality has brought incredible flexibility to the real estate industry. Besides creating a better experience for buyers, it is erasing the limits of the construction world and allowing business owners to explore new markets. Currently, the price of implementation is the only factor holding this technology back but using smart technology in your business or home generally makes your life much easier. Once these circumstances change, we can expect it to take the real estate world by storm.