The realization of Virtual Reality (VR) is set to have a big impact on real estate, offering buyers a revolutionary new way to view properties they're interested in.
As well as allowing buyers to view properties without leaving the real estate agent's office, or perhaps even from their own homes, buyers can also look at homes that don't yet exist. That's because an increasing number of real estate agents are using VR firms to create virtual renderings of homes based on architectural plans alone. Wearing a headset, buyers can literally 'walk' through the property, and such experiences will only become more realistic as the technology improves.
Although VR tech isn't so common yet, many real estate agents are already using it to gain a competitive edge, and that use is only set to increase. For brokers and agents, the benefits of VR are obvious, as evidenced by the fact that many are prepared to pay $1,000s to digital design companies that can render virtual spaces.
At present, VR is mostly used in the high-end real estate market, and in such markets it's not uncommon to see virtual renderings showcasing everything from artwork and fixtures to furniture and fittings. This allows buyers to almost 'feel' the property and helps them to really understand what living there would be like.
Some experts believe VR will eventually become the norm in the real estate industry, transforming the house-hunting process and making it more streamlined and efficient. Buyers will face less stress when moving to a new city, as they can select their new home before they even travel there. For developers, it should help them to sell more properties before they break ground, as buyers can get a taste for it before the walls go up.
VR isn't widely available just yet, but many agents already use video walk-throughs, and in some cases, 3D video walk-throughs, to showcase their properties. They've gone down extremely well with buyers, and are evidence enough for many that VR is set to revolutionize real estate in the very near future.