Eight Ways Virtual And Augmented Reality Are Changing The Real Estate Industry

The real estate industry is changing fast, with technology and enhanced inter-connectivity already making a massive impact in the sector in terms of how customers find a property and how they view it. The internet remains one of the most popular resources for home buyers, with 95% of customers searching for real estate online, and a record 51% actually finding their ideal home that way, according to National Association of Realtors research.

Virtual reality (VR) and augmented reality (AR) in particular are becoming increasingly popular technologies in the industry, as they allow real estate professionals to offer a unique experience and perspective to potential buyers by digitally touring properties from anywhere in the world. Helping both agents and customers save time, and considerably speeding up the buying process, this technology is only expected to grow further, as indicated by a recent Goldman Sachs report. The research predicts that the VR and AR market in real estate will reach at least $80 billion by 2025.

Below, eight real estate experts with Forbes Real Estate Council discuss the many different ways in which virtual and augmented reality technology is leaving its mark on the industry.

1. It Will Save Real Estate Agents And Clients Time

One change that real estate agents welcome is making the home showing process easier and more seamless for their clients. Ask any agent about the time suck involved in showing clients houses. VR/AR is going to change the game here and allow potential buyers to “experience a home” at another level and better filter out homes they do/don’t like, saving agents time. – John Mazur, Homesnap

2. VR/AR Tours Will Put The “Real” In Real Estate

This technology will be highly proficient in unlocking the international investment potential within the world’s real estate markets. VR/AR will reach buyers on a global basis and create an increase in foreign investments. This is the future of technology and soon buyers will be able to look at properties in New York while they’re sitting at dinner in China. – Alex Chieng, A & L Real Estate Team

3. It Adds Reality To What Seems Otherwise Intangible

As a developer, it’s often hard to have a prospective buyer visualize the end product. This causes longer sales times, reduces the ability to pre-sell projects, leaves funds stuck in projects longer and delays the cycle. With VR/AR, you can now show prospective buyers what the end product will be, adding a concrete level of tangibility and increasing the ability to pre-sell projects. – Ridaa Murad, BREAKFORM | RE

4. Buyers Will Narrow Their Options With Fewer Showings

Prospective buyers will be able to get a much better feel for a home without going inside and looking. This will allow buyers to narrow the pool to a smaller group of winners without going inside the home. We are a long way off from VR or AR removing the showing process completely as it’s difficult to sense natural light, smells, sloping or spongy floors, exterior sound and other issues. – Max Coursey, Tiger Prop

Source: forbes.com