How is VR Affecting Real Estate

Virtual reality is a booming section of the technology industry. With sales of virtual reality systems and tech expected to top $13 billion this year alone, virtual reality is quickly becoming a vital part of life and business in our modern culture. Industries like healthcare, construction, and real estate have seen benefits from utilizing virtual reality in their work. Here are some of the ways that real estate professionals have begun integrating this new tech into their line of work and adapting to the factors of VR Affecting Real Estate.

Simpler Tours

Virtual reality has made it possible for prospective buyers to tour properties without leaving their own home. With real-time viewings, virtual reality has increased accessibility and saved both buyers and sellers time and effort. This convenience has also generated an increase in buyer-offers than seen in traditional real estate marketing systems. Read on to find out whether VR Affecting Real Estate is good or bad.
According to Glen Henderson, a Realtor with Alliance Group Real Estate, “Not only have we seen an uptick in inquiries on our homes, we have also received offers based on a virtual walkthrough of the home.”

VR Affecting Real Estate Through Improved Advertising

virtual reality allows for more customization on new builds of planned homes. Developers and buyers alike have appreciated the ease of planning when they incorporated virtual reality into their planning process. When a buyer can see the model home, and by using augmented reality, see exactly what their desired customizations will look like, there is a much better chance of buyer satisfaction.

Better Fixes and Flips

virtual reality has also become useful to savvy investors, especially those who choose to focus on renovation and rehab-type projects. Investors love to have an idea about what their end product will look like, before they put the funds down; virtual reality technology allows the investor to keep in contact with everyone on their team. From developers to construction contractors, the vision of what the home can become will remain the same across the entire span of the team.

Improved Communication with Tenants

House for Sale Real EstateOnce the buyer has taken up residence in their home, there may be questions about the new technology or features built into their house. Instead of having to call their contractor or investor, a virtual reality video can show the new owner all of the features of the home, and how to use them.
Communication issues have been a leading issue in the past, between tenants and investors. Recent studies have shown that “87% of vacation rental managers said they want to improve their communication with guests. virtual reality can help facilitate better communication by showing visitors exactly how to do or find something in a vacation rental, or even where to go in your neighborhood and city.”
No matter how you want to use virtual reality, there is something for everyone. From the real estate agent to the buyer, and everyone in between, virtual reality is a game-changer; improved advertising and communication is only the tip of the iceberg. With such an innovative piece of technology, the limits of its use are only bound by the imagination of its users.