Real estate has forever been a world of change. From residential and office market conditions to cap rates and development, change has been the only constant factor given the proliferation of so many technologies over the past few decades. While the majority of change has only impacted the surface level of real estate, virtual reality (VR), is where some of the most glaring transformations have taken place. So what is the impact of VR and how the hell do we use it?
VR is a Mobile Reality
The glowing charm of VR is real...it's very real! It is not a marketing gimmick or a fad. Some of the most impactful tools in real estate have come from products that have been consumer tested, including VR and gaming. From Google's Cardboard VR to the Samsung Oculus Gear VR, the accessibility of mobile powered virtual blueprint brought to life allows brokers, renters, designers, developers, general contractors, retailers, and principles to visualize the built environment prior to the launch of a project.
Real Estate Development gets Flexible
Flexibility has never been an option for real estate developers and their teams. Once a project breaks ground, it's nearly impossible to make alterations to a project with out it having an impact on budget. VR has made it possible for owners, developers, and designers to "walk through and around" an apartment, office, retail store, and even buildings and make alterations prior to breaking ground, saving both time and capital.
Real estate is not a blind faith industry. Whether you're representing a buyer, renter, or working with a lending institution, chances are your client or lender wants to see the property and renderings at some point. From a marketing perspective, VR enables buyers, renters, and lenders to picture property beyond floor plans and renderings.