The Future of Virtual Reality and Real Estate

Posted by Premier Commission on December 30, 2016 in Real Estate, Real Estate Agent

Few businesses stand to benefit from virtual reality the way the real estate industry will. The potential for virtual reality in real estate has already been explored a little, and the results have already proven how effective it is. Pictures and videos have had limited success in this area. Virtual reality for real estate is a solution that most real estate agents have known they wanted, but not known how to implement.

Virtual reality is most often thought of as something specific to gaming and learning, but it has a lot of applications in the real world, particularly real estate. Based on the initial implementation of virtual reality by real estate companies, it is helping to address issues that have plagued the industry for decades.

The Problem Virtual Reality Solves

One of the biggest problems with the industry is that most people are not willing to make the final purchase without seeing the property. Because that usually means traveling and dedicating a lot of time into the endeavor. Given so much time to consider their options, people are more likely to talk themselves out of something.

There is also the problem of customers being deeply disappointed by a place once they arrive. The more negative reactions they have to a property, the less inclined they will feel toward the next property. By using virtual reality, real estate agents can easily remove both of these problems.

Potential Buyers Build Viewing Around Their Schedule

Technology has made instant gratification more of an expectation than a work of science fiction. People like to be able to get an idea about a product or services without having to build their entire day around that. This has been impossible for real estate because they had to physically go to the address to get a feel for the place. Drawings and pictures just don’t convey the experience. Virtual reality for real estate gives them that experience.

Potential buyer swill be able to access the virtual reality version of the home. They can take a real virtual tour, checking the different places of the home and see just how big each of the rooms are. They can begin visualizing the changes they would want to make to carpet, wallpaper, and bathrooms. They could do all of this around their current schedule. Instead of setting aside an entire day, they would be able to work it into a short break.

Simplifying the Process of Elimination

Of course buyers will probably still want to see the property before making a purchase, but virtual reality will make it easier to eliminate properties that don’t quite meet their needs. This will mean that time with customers will be much more productive because their interest will already be higher for the properties they view.

The change will also free up more time for real estate agents, which could translate to being able to help more customers. You won’t need to schedule full days to take a would-be-buyer to six or seven homes. Instead, you will be able to focus on taking them to a couple of their top choices.

Looking to learn more about the future of virtual reality and real estate? Contact us at Premier Commission today!

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