Will Virtual Reality Change Real Estate? Here’s the Quick Answer. It Already Has!

It’s not a mystery that virtual reality (also known as VR) has been knocking at the door of many industries including real estate. The fact that people can experience another reality while sitting at home or at the office provides a level of excitement and opportunity that the real estate industry has never seen before.

Often times before a buyer can make a decision about a property they have to schedule a time to visit. Then they have to get in their car, spend money on gas, and navigate through traffic in order to see the home. Agents also have to spend time driving to the home (which is not a incoming producing activity), rush to beat the buyer there, then show the home for ten minutes to a half an hour, and if the buyer likes it, prepare the offer. VR could streamline this process without losing the benefits of being engaged with the consumer and pointing out the important parts of the home.

Imagine a buyer who lives in California but wants to relocate to Raleigh, North Carolina and they come across a home online but won’t be able to see the property in time before offers are submitted. The only information the buyer has to make a decision are pictures and MLS data. This is never enough. It doesn’t show the buyer what the backyard looks like up close, or if the crawlspace has water, or the small details within the home that can be a helpful aid in the buyer determining what they should offer. VR could give the buyer the ability to not only pan the rooms by 360 degrees but they can also use the tool to focus on specific spaces on the inside and outside of the home and capture a detailed view.

Another benefit with VR is that marketers now get to story tell and sell to consumers like never before. Instead of waiting for buyers to decide if they want to paint the home gray, or furnish their home with a certain kind of furniture, VR would allow for buyers to see a whole new representation of the home by using an e-commerce option to view different paint colors on the wall, or receive recommendations on what their living room could look like if they chose “Option #1.” Marketers will be able to get in front of consumers early and show buyers how they could best serve them right inside the home they’re looking to buy.

Make no mistake about it real estate is evolving at a rapid pace and VR is the next big wave that will dramatically change the way we view, show, and sell homes.

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