Since 2010, with the launch of Oculus Rift, Virtual Reality (VR) has been making a real splash. Technology superstars like Google, Microsoft and Samsung quickly caught on to the potential of simulated environments and now VR has become so accessible that the real estate industry has leapt onto the VR bandwagon and changed everything about buying and selling property. In 2016, the idea caught on that a client could just put on a head-mounted VR unit in a real estate agent’s office and visit 50 open houses with 360-degree panoramas and decide which ones to look at in real-time.
How Much Has VR Changed the Real Estate Industry?
VR helps property developers(1) to showcase their services and connect with consumers in a whole new way, and while it is expensive, the new technology saves them more money on property staging and advertising. The application lets home hunters and renters go on guided virtual tours of different listings on Google’s mobile VR platform, Daydream. The inventor believes one of the advantages of VR in the industry is that it saves time and money for everybody, including house or rental-hunters, sellers, property managers and agents. Google(3) cites research from 2017, which found that agents using VR tours had 87 per cent more views than those who didn’t use the technology, or who used only still photographs.
Home VR Tours and Efficient Selling
All real estate agents know that it’s harder to sell an empty home than one that’s furnished(2). Without all the furniture and essential things that make a house into a home, buyers can’t get a good idea of what it would be like furnished, and so they can’t imagine themselves living there. One of the great positives of VR is the ability for investors to tour homes they are interested in buying, and also to determine whether they would be suitable as rentals to add to their portfolio. The new software means photographs and videos taken with special equipment can provide an interactive, 360-degree view of any space. Now, with VR, investors can inspect up to 40 homes before lunch, saving time and money. VR is also a powerful tool used to sell property developments off-the-plan.
VR For Renovation Projects
Trying to visualise how your renovation project might look and feel when it’s finished is hard, but using VR, you can quickly and easily get your ideas across to building contractors and renovation teams. Investors in rehabilitation projects can use VR to show the builders precisely what the project should be like at different stages of construction. You can superimpose painting and decorating ideas and furniture to see how they fit, and you can control the cost much more efficiently, especially if you’re using funds from a home renovation loan.
The VR Experience
When you put on a VR headset, you are immersed in 360 degrees interactive VR tours, so as a potential buyer or renter, you can do what would usually take hours: visiting as many homes as you please in no time at all. This way, you can sort out the properties you feel are worth a closer look in person. You move in VR around a property by staring at big blue dots in every space, and if you fix on the dot, the technology transports you to that section of the room. You can look up, down and around and gauge the scope and size of a room and carefully study cupboards, walls, floors, doors and ceilings.
Does VR Make You Dizzy?
The experience won’t faze anyone into gaming because they should be accustomed to dodging and weaving in VR games, but anyone else might feel a little woozy at first. It’s a good idea to sit down while taking the tour for the first time. There’s no dodging gangsters or monsters on a VR real estate inspection tour; instead, you can walk around at your leisure in a display home exploring all the features on offer.
HtAG is a property investment portal portal that prides itself on the accuracy of the information it provides to clients by employing mathematical modelling to help them make informed property investment choices. HtAG also guarantees that their services provisions are 100 per cent neutral by trawling the Internet and gathering real-time property statistics to offer customers. We don’t deal in data that is exaggerated or moulded to accommodate the latest fashion or the interests of the Big Corporation players. We use Data Science and Big Data to process large volumes of property statistics to classify the investment value of a particular geographical location.
Alex Morrison has a wealth of experience from working with a range of businesses and organisations and has gained a deep understanding of various industries, including managed IT services, IT services, home improvement, and health care. He is the owner of Integral Media and uses his knowledge and experience as part of his business to help a rapidly increasing number of clients to achieve their business goals.