Virtual Reality is Transforming the Way We View Real Estate

virtual reality in real estate

3D Renderings are revolutionizing the way we buy and visit properties. Investors and home buyers alike are now buying properties, sight unseen, with the help of virtual reality.

How would you like to meet with your realtor, tour a dozen properties, and then make a few offers in just a couple of hours? Now, imagine doing all of this without leaving the comfort of your home or real estate agent’s office. The days of lengthy in-person tours and all day house hunting activities are coming to an end. Virtual reality is quickly changing the way we tour and view houses with beautiful 3D renderings and 360-degree views. Developers, investors, and home buyers are all benefiting from virtual reality as it’s saving them time, money and the hassle of viewing undesirable properties. Below are a few ways real estate is on the verge of a virtual reality breakthrough.

Agents and Buyers Save Time Simultaneously

Showing prospective buyers and investors properties all day can be a huge time sink. Agents are now starting to offer virtual reality tours as a way of standing out from the competition. The hassle of running around to different properties all day is eliminated while simultaneously creating a larger pool of potential buyers. Imagine being able to show dozens of properties in the comfort of a clients home or real estate agent’s office. Companies like Matterport and Perspective 3-D are leading the way in creating highly immersive virtual tours for single-family, multi-family and even commercial real estate properties. Big realty auctions such as Sotheby’s are starting to adopt the Virtual Reality trend by offering virtual tours, as well.

Prospects Can Buy Remotely, With Confidence

Out of state and overseas buyers can now immerse themselves in a property and confidently make offers without ever physically setting foot on a property. Builders and property developers are also jumping on the bandwagon as they can piece together tours of an unfinished property and sell it to buyers and investors while it’s still under construction. Traditionally developers have had to designate a model home with staged furniture to sell to potential buyers. Now, companies like Virtual Experience are helping them create beautiful tours with 3D furniture and appliances to help sell properties.

Lower Vacancy Rates for Landlords

Virtual reality is not only for home buyers and investors. Landlords can now utilize VR to give virtual tours of their rental properties. They no longer have to coordinate between busy tenant schedules and no-show candidates to get a property rented. This is resulting in lower vacancy rates and a larger pool of qualified candidates for each rental property. VR is also of benefit to the renting population as it’s saving them time and money. The younger millennial generation tends to be more transient, often accepting jobs and opportunities in other cities on a whim. VR now helps them tour prospective rental properties in a different city or state without having to take a weekend trip.

Whether you’re a first-time homebuyer, seasoned investor, or real estate agent VR is quickly changing the landscape of the Real Estate Industry. It’s now easier than ever to find your dream home or next investment property without physically touring the property.

Implications for Investors and Owners of Large Commercial and Multi-tenant Properties

The benefits of 3D and virtual reality imaging also scale beyond the consumer. Imagine not just looking at a photo or a spreadsheet, but an interactive map of a large multi-unit complex or commercial property. The ability to see assets and create notes gives the power of visualization to executive and operational teams, not just at the property level, but also at a nationwide portfolio level.

Touring properties virtually can considerably reduce travel expenses for large property inspection teams, by creating a high-resolution interactive property walk-through – all from the comfort of an office or home. Teams are now able to see the type of HVAC, plumbing, electrical or other types of assets without physically being at a property. With virtual reality, future possibilities for optimizing expenditure and tracking property assets are many, with lots of practical applications.

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