Virtual Reality has been around for quite some time now. But its application in the real estate industry is still in its early days. Even then, in the short time that it has been around, VR has completely revolutionized the way that real estate transactions take place.
So, what role has VR played in the Real Estate market? And how does it compare to the traditional approach? Is VR the future of Real Estate? In this blog post, I’ll explore these questions and more.
History Of VR In Real Estate
Did you know that the first VR headset was developed back in 1968 by Ivan Sutherland? But it was too complex to use and it wasn’t until the 1990s that VR started to gain some traction.
It was in 1992 that VR made its debut in the real estate industry. In that year, a company called Virtuality Group created VR pods, which allowed users to explore virtual environments. These VR pods found popularity in shopping malls and trade shows. Soon people began to see its application for 3D Home Tours which would transform the real estate market.
While VR did see some success in the early 1990s, it wasn’t until the 2010s that VR started to gain some real traction. This was largely due to the release of the Oculus Rift in 2012. Oculus Rift allowed users to experience VR in a more immersive way than was previously possible. Today, VR is becoming the new standard in providing the best possible experience for people looking to buy and sell property.
How Does VR Work In Real Estate?
There are a few different ways in which VR is used for real estate. The most common way VR is used is through VR headsets, which allow users to explore virtual environments. Here are some more:
1) Viewing floor plans
VR headsets can view floor plans from a bird’s eye point of view. This gives users a better understanding of the layout of the property.
2) Touring properties
VR can also be used to tour properties irrespective of where they are. Someone in the US can easily check out interesting properties in Japan or UK without having to travel all the way there. Instead of the buyer going to the house, the house comes to the buyer!
3) Checking out amenities
If you want to check out the amenities of a property such as the pool, gym, or spa, VR can help you do that. For example, if you’re considering buying an apartment, you can use VR to see if the view from the balcony is nice.
4) Meeting with agents and brokers
Long gone are the days of scheduling meetings and setting aside dates for open houses. With VR, you can now meet with agents and brokers from wherever you are. VR allows you to have a face-to-face meeting without even having to be in the same room!
These are just a few of the many ways in which VR has its application in real estate. As the technology develops, VR will be used in the most imaginative and innovative ways to improve the real estate experience for everyone involved.
Advantages Of VR Over Traditional Methods
When it comes to VR and the traditional method in real estate, there are a few key areas in which VR has an advantage:
- Time Efficiency – VR allows you to tour properties without having to leave your home. This is especially beneficial for people who live far away from the property they’re interested in or for those who don’t have the time to visit the property in person.
- Money Efficiency – VR also allows you to save money on travel costs. For example, if you’re interested in a property that’s located in a different country, VR would be a more cost-effective option than traveling there yourself.
- Convenience – VR offers a high level of convenience and is accessible from anywhere in the world.
- Faster Turnaround Time – VR allows for a faster turnaround time. This is because there is no need to wait for the property to be available for view. You can access the VR Tour of the property 24/7 and explore to your heart’s content.
- More Satisfaction – VR provides a more immersive and realistic experience than traditional methods, which leads to more satisfaction for buyers and sellers.
Is VR The Future Of Real Estate?
The short answer is yes. VR has already transformed the real estate industry and it’s only going to become more popular in the years to come. VR offers several advantages over traditional methods, and it would be unwise not to see the potential that VR has.
Many countries like USA, China, and the UK are already seeing the potential of VR and are investing in VR infrastructure. For example, China has plans to build a VR theme park that’s three times the size of Disneyland!
According to recent data, VR is going to be a $300 billion industry by 2024. That’s a lot of money! VR is no longer just an emerging technology, it has already established itself as a key player in the real estate market.
I hope after reading this post, you have a fair idea of the meteoric rise that VR has had in real estate. If you’re someone who’s interested in real estate, VR is definitely something you should be keeping an eye on! If you want more information, get in touch with us and we’ll be more than happy to help.