Why Virtual Reality is About to Revolutionize the Real Estate Industry

Virtual reality (VR) will revolutionize the real estate industry. It may take a little time to become the norm, but for those that want to be leaders, there is no time to waste in embracing the latest technology.

Imagine walking through a property from your own home. This saves so much time and streamlines the property viewing process. We’ve somewhat been able to do this with virtual tours and Skype or Google Hangouts for several years. New VR tools are making this even more experiential. It’s the future of real estate marketing. Not just because it is cool, but because it will differentiate which real estate companies will resonate best with consumers and which will operate most profitably.

Viewing Properties From Afar

The most obvious use of this new technology is to allow investors to check out properties from a distance. Not only will this help to view properties, but it can also be a tool to suggest changes and view them in real time virtually. That is a game changer. Rehabbers can use this and so can buyers instructing their renovation contractors.

I do see this helping agents as opposed to replacing their jobs (hopefully). Instead of taking a buyer to view each home, you can have them walk it virtually. After they’ve narrowed their choices down, they can actually go see the ones they like. This applies to leasing agents as well. It saves them time on not having to show the unit to every prospect. That can also increase personal safety and minimize the dangers to employees.

Tapping into Profitable Markets

For investors, it increases the effectiveness of sourcing for deals and then allows for a more thorough due diligence without traveling to view each individual property. It also enables investors to tap into more profitable opportunities out of area or internationally.

Related: 5 Real Estate Jobs That Have Been Made Obsolete by Tech (& 4 That Haven’t)

Beyond the old virtual tour and video conferencing, we now have drone photography, interactive signage, 3D TV, and VR goggles. As Forbes points out, while the technology is out there, it is still on real estate professionals to embrace and use it. Sadly, many real estate agents and investors are incredibly resistant to new technology. Still, a survey of 17 real estate agents on what they would tell themselves back in their first year sees most saying that using more technology and internet marketing would have made the biggest difference.

Are you using VR yet?

Let me know your experiences with a comment!

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.