Virtual Reality and its Influence on the Real Estate Industry
In today’s world, virtual reality is more than just a science fiction daydream—it’s an actual reality. If you’re not familiar with virtual reality, it is essentially a computer-generated simulation of a picture or environment. For those experiencing virtual reality, the image or location depicted in the virtual reality device can be interactive.
What is Virtual Reality?
Virtual reality has all forms of uses in today’s modern age. Gaming has taken a whole new turn with the addition of the virtual reality spectrum, making entire video game worlds completely interactive and controllable. The medical field has seen new advances with virtual reality technology. Doctors are able to get complete structured views of multiple scans—allowing them to see a 3D, interactive rendering of the organ or area they are going to be operating on. For those in the real estate industry, virtual reality opens new doors with endless possibilities.
How is Virtual Reality Helping Realtors?
Realtors have a lot on their plate on any given day. They balance closings, openings, and showings with multiple clients and last minute complications. Busy schedules on their clients’ part can also add to the obstacles in finding the right location for the right client. A way to help alleviate some of the strain of scheduling multiple showings for clients is for realtors to utilize virtual reality.
Virtual reality gives realtors and clients an amazing opportunity—to visit more houses in less time without the hassle of traffic, scheduling appointments with homeowners, or lining up schedules. Virtual reality also allows for out-of-town investors to visit properties in the realtor’s area without having to hop on a plane for every showing. This, in turn, will help increase sales and move houses off the market faster.
There are three active methods realtors are currently using to profit from virtual reality.
The first is called Guided Virtual Visits. These are similar to a promotional video; however they are produced in a 360 degree rotation allowing clients to view the entire property from the comfort of their location. These can be used on existing properties and on properties that are under under-construction with the help of 3D renderings.
The second form of virtual reality aiding top realtors on the market is called Interactive Virtual Visit. These are similar to Guided Virtual Visits; however, it is interactive to the user’s movements.
The third form of virtual reality is called Virtual Commerce. Think of this as similar to the Interactive Virtual Visit but with the ability to make customized changes to the property being depicted.
Virtual reality allows out of town clients to do preliminary showings of homes without having to get on a plane. As many top investors have other projects or obligations, taking multiple days off to fly in for the first viewings is arduous. Utilizing virtual reality to narrow down the results of possible properties saves time, money, and miles. For clients who live in high-traffic areas, such as LA, it allows them to quickly view homes without fighting heavy traffic and peak periods, such as rush hours.
Currently, these virtual reality tours are only being used in higher-end homes starting at $300,000 and up. There are many companies offering these services to real estate agencies, such as VR Global, Transported, and Start VR—however, these services seem to be reserved for larger-scale real estate agencies like Sotheby’s International Realty. While virtual reality showings haven’t trickled down into the median-priced homes yet, it is believed that it will be in regular demand within the next five years.
Comments