The Reign of Virtual Reality in the Realm of Real Estate – the top 3 things you need to know!
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Aug 9, 2017

The Reign of Virtual Reality in the Realm of Real Estate – the top 3 things you need to know!

From the birth of its vision till the journey to its realization, virtual reality is no longer a dream but a testament of its name – it is finally here to stay. A few years ago, when technopreneurs were engaged in exploring the possibilities that this new technology holds, not many people were able to fully gauge the extent to which VR could be capitalized upon. Of course, the obvious choices, in this case, were linked with the gaming industry to provide users with a more realistic and engaging experience – questions still existed about the extent to which the majesty of VR could expand into other industries and sectors.

Fast forward to 2017, and VR has definitely moved past its love affair with the gaming industry and is no longer a product or experience that the innovators falling under the law of diffusion of innovation stand by. In fact, the penetration of VR has reached to an extent where it has even moved past the stage of early adopters and moving towards acquiring the minds, hearts and wallets of the early majority.

As is the case with any product which reaches its stage of growth and eventually maturity, the present experimentation in the field of VR is no longer occurring with the technology itself, but with its possible uses. The place where VR has quite surprisingly or unsurprisingly taken flight is real estate.

Yes, you read that right! The next big thing in real estate is virtual realities and technology enthusiasts could not be happier about it – here is a list of top 3 things you need to watch out for to understand where the future of retail is headed through the integration of VR:

  • 1.VR puts you in the middle of the action

In a fast paced world, where the traditional 9 to 5 job extends to late night sittings in the office and work over the weekend, who even has the time to go for house hunting? Gone are the days when you could hop in your car and endlessly scour for houses, talk to the pestering real estate agent and finally get into the process of negotiation. It is no longer possible to give away entire months of your life to find the perfect house.

This is where VR steps in. House hunting is all about the experience, you cannot expect to find the perfect abode without stepping foot into the building and feeling like ‘this is it’. With the hundreds of classified websites that have popped up in recent years, prospective home owners and tenants have resorted to checking out images of places and closing the deal online which unfortunately leads to dissatisfying results later. VR however, puts you in the centre of the action. Just pop up a pair of the latest gear and in the blink of an eye, you will be witnessing the place you may call home in the future.

  • 2.VR customizes the house hunting experience for ‘YOU’

Have you ever visited a house, liked it enough but wondered how the teal walls would look against your deco paint furniture or the only couch that Grandma left you in her will? Or perhaps you think that the current paint in the living room is too loud or too mellow for your tastes and you’d rather spike it up with a shade of maroon, or black?

Well, these questions often remain figments of our imaginations that are left in the back of our heads simply because how could this even be made possible?

Lo and behold! VR steps into this game once again, in the services industry, the customer is king and the one thing which is held nearly and dearly is the immense value of customer experience. A customizable view of a property which seemed impossible to achieve previously has become within reach through the integration of VR properties.

The arrival of virtual staging technology enables users to add their personal taste and flavours to each and every property they visit. This is a revolution in the industry, to say the least – even the smallest unique and personal touch can spark up a place like no other. Who knows, a piece of furniture or new lighting can change customer decision in a jiffy and that too in your favour!

  • 3.VR is here to stay

VR is the disruptive innovation which has already taken the real estate industry by storm. The production of a house hunting experience, coupled with the ability to customize and control each and every bit of this element is not to be taken lightly if you’re a part of the real estate industry but are yet to plan your move into the arena.

If house hunters and prospective tenants continue to make their final deals based on the virtual representation of their heavenly abode, then they need to plan out traditional open-house visits will vanish before you know it!

What does it mean for the industry?

As prospective home owners continue to have a sparking demand for inspecting properties through VR, they need to physically inspect the house, at least during the initial stages will become less and less popular. As a realtor, you may have to think out of the box to attract clients and make them agree to come out and check out the property if they’re hooked onto the VR experience of exploring real estate.

While it still holds true that virtual reality is after all ‘virtual’, don’t we all wish to have a way to eliminate properties that don’t spark our interests in the first glimpse rather than be fooled by edited pictures posted online or clever ways where the seepage on the walls is hidden by a fake painting of Van Gogh?

An untapped potential of VR with respect to the industry is also present in relation to unbuilt spaces – a future where you will build your virtual dream house and see it become a reality is not too far away.

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