The Use of Virtual Reality in Real Estate

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Ben Williams

I’m sure many of us at some point have thought about the idea of purchasing or renting a property. It’s a long and tedious process that involves serious evaluation and comparison. Many struggle with the time it takes to undertake the process and others become fed up with a continuous let-down when a property doesn’t live up to expectations as pictures first reveal. However, with the development of virtual reality (VR) the way in which we look at property could change significantly (quite literally!!).

So what does this mean for buyers/ tenant and what does this mean for sellers/landlords?

Buyers/ Tenants:

The VR glasses illustrates how the property would seem, like it would if you were actually there and allows you to fully immerse yourself within the home. The frustration encountered is likely to be eradicated with the promotion of efficiency and the ability to view a house without needing to go there. This enables buyers to understand what the property truly looks like; the real life size (assisted by a birds eye view perspective or a 360 degree capture of the room), colour scheme, floor plan, the feel of the house (and the list goes on). This can all be assisted with the use of harmonized motion pictured, sounds, music, narration and text. On another level, customers also have the ability to envision what the property may look like if they decided to change the way it looks.  For example, if the buyer wanted to imagine what the property looked like painted a different colour, they have the ability with the click of a button to visualise this. This opportunity is likely to accelerate and promote the buying and renting process as customers feel more at ease able to better find the property that they desire.

Agents/Vendors/Landlords:

The use of the VR in real estate is also advantageous from the sellers and landlords point of view (if they undertake the expensive method). Overall, happy clients equal a happy business. If customers are engaged and enjoy the technology then is likely to result in business growth and create a favourable company image.  Additionally agents are not required to travel to and from the buyer and the potential property as often (or ever – if they live overseas). This then allows them to shoulder more clients, which has the potential for greater time efficiency.