Virtual Reality and Real Estate

In today’s technologically saturated world, trends come and go faster than ever.

As customers continue to demand immersive experiences, it becomes more evident virtual reality (VR) is here to stay. With VR, possibilities seem to be endless: Facebook’s Mark Zuckerberg has already implemented 3D images in newsfeeds, and Facebook’s most recent launch of Facebook 360 incorporates 360-degree video into live streaming. Video sites like Vimeo and YouTube have also adopted 360 content for viewing.

The evolution of the web has been fast-paced and innovative. Web 1.0 featured images and text (think Yahoo, AOL), Web 2.0 had images, text, and videos (Social Media) and now we’re on the brink of Web 3.0 — a digital world with images, text, video, and 3D content.

Let’s take a look at some industries using VR.

Travel: Thinking of taking a vacation? Vet the experience with VR before booking your tickets. Hotel groups, like Marriott, have already experimented this with virtual travel destinations.

Non-profits: Imagine the potential success for non-profits if donors could virtually experience, say, life on a refugee camp. The education non-profit Pencils of Promise transported a room of its wealthiest donors to a schoolhouse in rural Ghana and were able to raise a whopping $2 million+ in one night.

Gaming: It’s no surprise the gaming industry was one of the first to adopt VR technology. Remember Pokémon Go, the AR/VR app that took the world by storm when it launched in the summer of 2016? The app grossed over $1 Billion in revenue within just 6 months of launching. Major gaming giants, like Sony and Samsung, have also jumped on the technology by launching VR hardware and headsets.

Fitness: There’s no need for a full-blown gym when you can virtually experience a workout with top trainers and athletes like in Lebron James’ Facebook 360 video, Striving for Greatness.

Entertainment: Whether it’s attending virtual reality concerts, riding a virtual roller coaster, being immersed in an action flick or sitting courtside at your favorite NBA game, VR opens up an array of revenue streams that the entertainment industry can greatly benefit from.

Where does VR stand in the real estate industry?

The average life of a 30-year mortgage is 5-7 years, which means consumers are not touring listings every day using VR. However, they’re increasingly faced with virtual technology in their day-to-day from a multitude of other directions, whether it be playing video games, vetting their upcoming vacation or being immersed in films.

As VR continues to be seep into industries across the board, clients will also be expecting and relying on virtual technology for their home buying and selling experiences. In other words, real estate pros should capitalize on the benefits of VR in their business by offering it as a value add. For this reason, immoviewer appeals to agents and brokers to meet this demand from home buyers and sellers for virtual experiences. Virtual reality is by no means a stand-alone solution when it comes to real estate, but partnered with the expertise of a real estate professional, it creates an optimal service experience.