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Can VR Really Transform the Real Estate Business?

Written by Sumeet Manhas Posted On Saturday, 06 March 2021 21:02
Can VR Really Transform the Real Estate Business?

Virtual reality is, for all intents and purposes, proving itself to be one of those ‘see it to believe it’ phenomena, which loses something of its impact when discussed with people who have never experienced it for themselves. It has, unfortunately, gone down as something of a damp squib over the last ten years or so, with many companies anticipating that its release would live up to the excitement of the release of the Nintendo Wii, for instance, all those years ago. 

In the gaming world, for which it was first intended, it remains a niche into which only a relatively small handful of players decide to invest. As a result, choices of titles are slim – although Facebook is consistently working to change that fact, and bring VR to the audience it deserves. 

There have been plenty of rumours circulating around where it might end up in the future – with some hopefuls suggesting that its real value lies not in the gaming world, but in the world of real estate. Read more about this exciting prospect below. 

Why Hasn’t It Succeeded Yet?

Such was the anticipation first built around VR technology that, now it has well and truly flopped within its intended audience, there are vast, deeply thoughtful articles smattering the web trying to get to the bottom of the failure VR has so far seen. 

There were those who thought it might change the way we play games at home, and on the move. Some thought the Canadian online casino would embrace it, and that we would all be ‘transporting’ ourselves to the croupier’s table via the magic of VR. We looked forward to meeting our real-life friends in simulated reality, and experiencing the adrenalin rush of gravity-defying game mechanics in our living rooms. 

So far, however, many have found that the ‘traditional’ way of doing things is better, and that virtual reality needs to find its own purpose beyond the novelty of the device itself. 

VR in Realty 

Virtual reality is not only capable of creating new worlds – it is also the best resource we have for depicting the real world in an immersive, 3D experience. 

In 2019, it was reported that approximately 15% of all US house moves took buyers across state lines – and the chances are that this number is going to continue to climb. That coupled with our increasingly busy lifestyles means that traditional viewings are fast becoming a nuisance for many of the millions of households who uproot themselves each and every year.  

We can already see the impact this is having on the real estate business. A growing number of house searches begin online, from home or work as fewer people are able to spare the time or energy to visit their local realtor. 

Realtors, in turn, need to adapt – and adopting a technology which successfully immerses the prospective buyer within homes that interest them will ensure that those on either side of the fence are able to spare themselves time, and that buyers can take in the atmosphere of a home in a way that photography – and even video tours – never could before. Many of the frustrations of online leads can be circumvented, too, as buyers can be visually impressed before ever requiring more from you. 

Sumeet is a professional writer who loves to research unique topics and express his thoughts by content writing.
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