The newly introduced, commercial technology of virtual reality is starting to spread into other markets. Specifically, real estate is beginning to utilize virtual reality to its advantage. Real estate groups are now using virtual reality to help potential buyers find a home without even visiting the property.
What Will Change?
VR is expected to change the real estate game that can be used in various ways. Whether it be a viewing a pre-3D design of a space or having a VR camera inside a new commercial space, the ability to experience a space without stepping into the space is a huge change in the market. Real estate agents can now show a listing to a client without them traveling a long distance. As well, clients and agents will be able to view homes without wasting time travel to property to property.
Another shift in the industry will be a clearer internal communication between building designers, investors and project managers. Designers can now create a VR design of a property before the process of construction will even begin. Architects and engineers can now have VR created designs of a building internally and externally. Investors will be able to have a clearer understanding of the property they will be investing in. This technology will create effective relationships different aspects of the real estate market.
The Impact
Buyers will now have a stronger relationship with their agents. As well, customer satisfaction will drastically improve as well. Online engagement alone is expected to be boosted by 300% will adoption of VR. As well, the use of VR in property sales is valued at a $1 billion industry globally by Goldman Sachs.
The major selling points of VR in real estate is that it is personal, interactive, and will not waste buyer’s time. This will then create a stronger relationship between an agent and a client because it shows the value of the client’s time.
VR is going to add another element to the property buying experience. Of course, touring a property will definitely be an ideal scenario for most sellers or buyers but this new option can definitely open more financially beneficial opportunities. Time and distance are usual problems in the business of real estate but those two factors can now be alleviated by the advancement of VR.