The majority of consumers have experienced an enormous amount of shakeups with innovative technologies during the last decade. One technology which has an enormous potential of disrupting and transforming the real estate business is Virtual Reality.
The Concept of Virtual Reality
The VR (Virtual Reality) technology is generally associated with the entertainment and gaming industries and uses headsets and goggles synced with mobile devices or computers to give viewers, a fantastic perspective, which makes them experience like they are part of what they are watching.
Loaded with the right equipment, Virtual Reality for real estate agents set up the live stream to invite prospective clients around the world to get a view. It transforms the online presentation beyond the static photographs and provides consumers with a perfect property experience.
What are the Business Possibilities?
The market research shows that the VR is presently used minimum once per month by over 20 million people and it’s expected to reach over 50 million people by 2017 year end as well as 1 billion by the year 2023. So, this increased market dispersion will force the real estate companies to develop VR real estate mobile app as per audiences’ requirements.
It’s expected that Virtual Reality in real estate industry will create the market opportunities of about $2.6 billion by the year 2025 for VR real estate platforms, real estate VR app and VR real estate photography.
How the Virtual Reality Will Benefit the Real Estate Industry
- VR technology offers a highly shareable and collaborative experience between the devices. This can be effortlessly integrated with the obtainable mobile apps and platforms at a comparatively lower price.
- VR helps all the parties in setting up viewings additional properties in lesser time.
- VR decreases the barriers as well as helps taking important decisions quickly for creating a more proficient and smooth procedure.
- VR creates a customizable experience, which can be understood by all the parties.
Virtual Reality in real estate industry is still in the initial stage but it’s getting popular very quickly and will become a part of life in the near future.
Some Important Statistics
- Companies like Matterport has made it easier to capture the real-world places in 3D, whereas making them simply portable to the virtual reality using an app. They offer a virtual scanning machine which has reduced the costing of doing three-dimensional construction.
- Qualcomm Ventures has invested $30 million for the virtual reality and this vision has become a reality! Because of the earth-shattering technology of Matterport, VR has become a common place for the real estate business, providing realtors an edge over the competitors and helping them deliver the true value for the masses that might not get the opportunity or time to observe all the properties in line with their geographic locations or schedules.
- Virtual Reality has become widely reachable ever since March 2014 whilst Mark Zuckerberg, the CEO of Facebook had invested a substantial amount of funds in Oculus, a leading company of VR headsets. These devices are available in different budgets and styles as well as the software have become more and more sophisticated.
- According to Tech Analyst Gene Munster, the VR is presently getting used minimum once in a month by over 20 million people. It’s expected that this number may reach to $50 million by 2017 year end and $1 billion by the year 2023. So, there is an ever-increasing market saturation, which will force the technology companies in creating readily available devices which suit the wider audiences.
- Whereas the uptake is comparatively slower in real estate business up to now, Goldman Sachs expects that the Virtual Reality software for the real estate apps will have a market of $2.6 billion by the year 2025.
- According to Borrower Insights Survey of Renters and Homeowners 2017, 40% of the homeowners have preferred a quicker mortgage procedure with some delays. Since advances in the PropTech lead the consumers to take advantage from the enhanced Real Estate services, the organizations which fail to identify the advantages, risk being enduring.
Prepared with the best equipments, VR allows the agents in setting up live streams as well as invite the future clients from across the globe for the screening. It transforms the online viewings further than static photographs and offers consumers with the accurate property experience.
Virtual Reality is very much in its early years and a lot of realtors are not offering consumers the presentation in this layout. Considering the technology development rate and ever increasing of consumers for technology integration – especially from the generation next home shoppers, it’s easy to imagine the world where an entire home purchasing procedure: from the early viewing all the way through to give an offer, contract signing and closing the deal – is done in the virtual reality.