What Is the Future of Virtual Reality in Real Estate?

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Home Stager with Caprice Weston's Home Staging

A prospective home buyer uses a Virtual Reality headset with a tablet.

 

Credit: andranik.h90 via Freepik

 

The virtual tour has already become a new standard in real estate, allowing prospective buyers to get a more in-depth look at listings with higher quality, 360-degree photography and video tours, but there’s further for the industry to go.

The rapid evolution of virtual reality technology and falling hardware prices presents an opportunity to further enhance the experience of prospective buyers before they have to book a viewing.

The future of VR in real estate is a bright one, and industry players can expect to see high consumer demand for new features and experiences like these.

1) Remote VR Viewing

The virtual tour has been a game-changer in the real estate industry. During the pandemic, they became essential for real estate agents, and the demand for them hasn’t gone away. Consumers love the convenience of them, while real estate agents can cut down their time commitments considerably.

The job of real estate agents is changing considerably. They’re increasingly offering services such as designing interactive 3D tours, and that’s poised to evolve into VR at the higher end of the industry. 

According to industry thought leader Regan McGee of Nobul, it’s on agents to justify their fees as more consumers seek them out on the Nobul marketplace. According to McGee,

“The job has completely changed, but the fee structure has stayed the same. With our competitive marketplace, agents that want to charge 5 percent can if they justify their 5 percent through their reviews and their service proposition. If they’re doing something that’s more like a 3 percent job, then that will come out as well. It’s really about consumer choice.”

VR is a critical component in delivering that value to consumers.

2) Pre-Construction Home Tours

One of the biggest applications of virtual reality in the future will be immersive home tours of pre-construction homes. Pre-construction sales are an essential part of the industry, but many consumers are rightfully wary of them.

Virtual reality tours can allow sellers to turn blueprints into an immersive experience that will help buyers get a much more accurate feel for the property.

3) VR Helping Architects and Designers

Not only can VR and AR (Augmented Reality) let buyers see new homes and condos before they’re finished, but VR/AR can also help them direct architects and designers when they’re building custom homes, renovating, or choosing custom upgrades.

Using VR technology, architects and designers will be able to project a number of major changes, including:

  • Removing walls
  • Choosing custom fixtures, flooring, lighting, tiles, etc.
  • Incorporating furniture into floor plans before they’re built

It should speed up the process and reduce costs, as decisions can be made earlier in the process, and features can be tested earlier without having to build first.

Architects and designers can also use VR to make sure clients can visualize what’s being proposed. It can be complex to communicate what certain decisions will mean, and VR will make difficult design decisions immediately clear.

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