3 ways VR is transforming real estate

VIRTUAL REALITY (VR) is becoming cooler by the day and adoption is soaring. Headsets are becoming also becoming more stable and affordable – and it’s transforming every industry, including real estate.

The industry, marked by its big deals and large ticket sizes, has been doing things the same way for years on end – but new-age citizens seem to want a change. And they’re driving it themselves.

Here are some ways in which VR is transforming real estate:

Discover and showcase real estate

With VR, real estate companies and agents can use digital imaging to capture a property in its entirety and showcase it to their clients.

Imagine wanting to buy a new home and being able to explore all the properties available to you, from the comfort of your own home or office.

Further, for buyers looking for property in another city, a town they grew up in, for example, making the purchase will be super easy, and they won’t even have to board a flight or a train.

Showcasing properties using VR isn’t something that companies are speculating about. It’s already here. Businesses like Matterport have made it a reality for realties like Sotheby’s.

Re-imagine renovation projects

VR can help architects and consultants solve one of their biggest challenges: making customers imagine what they have in mind.

Through a bit of design work, firms can show clients what they mean and how a certain set of choices will compare to other combinations – and how the final product will look.

Although not very popular, this is a solution that businesses are already exploring and testing with clients.

Software like Live Home 3D, for example, can help you get started almost immediately – and they even offer specific advice about how to go about building a 3D model of a renovation project all by yourself.

“Easy-to-use and affordable at the same time, Live Home 3D allows you to develop creative and advanced home and interior projects for your family or business,” claims their website.

Improved tenant communication using holoportation

If you’ve ever rented out a property, you know that managing the relationship won’t be an easy task unless your contract explicitly states that the lessee will take care of all expenses and issues – which is rarely the case.

Under ordinary circumstances, you’ll be navigating conversations about leaks, repairs, and liability on a monthly basis, and if your property is in another town or city, you’re bound to have a few headaches.

However, using VR, you can communicate with your tenant effortlessly – and you’ll not only be able to inspect the nature and extent of damages but also be able to see how repairs commissioned by you are carried out.

The technology, known as holoportation, is something that Microsoft is working on and will help you “teleport” yourself, in real-time.

While these technologies are available in the way they are today, the possibilities and use cases are only limited by your imagination.

For example, people might use VR technology to showcase more than just houses – it could be used to help companies showcase how furniture would look in a new office that the realtor is trying to sell, for example – opening up doors to new partnerships across the value chain.

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