Virtual Reality And Real Estate: Hype Or Help?

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Virtual Reality And Real Estate: Hype Or Help?
December 12, 2016

Since the coming of Virtual Reality there have been many companies experimenting with VR content in a real estate environment. The possibility of exploring places, houses and full yet to be build properties showed a potential market that could give information to users like never before.

 

The early days

 

Like always there are those companies that ride the “hype wave” to give companies the possibility to show the new technology to their clients first. In the VR space, the first of these demo’s showed up in the real estate market as gadgets to demonstrate at trade shows. Fun to watch, but not giving any value in the long run. They were pretty, expensive and complicated. But for those who were willing to pay, they were perfect to give a glance in the future to potential buyers.

 

VR for Real estate is not made to show finished projects, it is made to enhance,personalize and inform potential buyers.

 

Disappointment

 

The first hype period is now behind us and looking at all the players that used the technology before we see a disappointment in what it has done for their business. It was fun, they took some press but sales did not improve, clients were not more content or more eager to buy. From many of them the answer to the question: “would you use VR again for one of your projects?” is a resolute NO.

So should we give up the VR market for real estate? No, absolutely not, there is and always will be a great opportunity for the technology in the market. It is needed, it is welcome and if it is applied correctly it is affordable.

 

The second wave

 

During the hype there are those who looked at the market much closer, took the time developing tools and did the research needed to ride a new wave, a wave of functionalityconnectivity and information. Companies and individuals who believe that we shouldn’t stop at showing a finished project, but try to give the tools to everyone that wants to see what they’re home, office or factory could look like without having to guess and fantasize.

 

2017 the year of ecosystems

 

2016 was the year that virtual reality grew up. The year hardware was developed and the first content was created. 2017 will be the year where people release the first ecosystems to create your own experiences. Allowing to build things that really matter in a way that gives meaning to the bright and new digital world.

 

Of one thing you can be certain: once the systems to experiment and build hit the market, real estate will never be the same again. And nobody will even remember the times where the link between VR and real estate only existed at trade shows.

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