It’s easy to see how virtual reality has affected industries such as entertainment and gaming, but the new technology has also had a surprising influence on commercial real estate. Industry analysts from Goldman Sachs and other investment firms estimate that VR will create a $60 billion market in the next ten years. This outlook includes rosy estimates for how the technology with reshape many businesses. If early adoption is any indicator, it looks like they might be right when it comes to the real estate industry.
How Do Commercial Real Estate Firms Use Virtual Reality?
Businesses film property from multiple perspectives and angles, then plug the video footage into a VR software program. The program pieces the videos together to make a 360-degree rendering of the space. This produces an interactive media experience that aims to recreate the feeling of walking through the property.
The technology is changing the way that property owners do business. Here is a list of just a few benefits of using VR to rent or sell real estate:
- Businesses can show the same property with multiple designs to give customers a sense for their options.
- Multiple buyers can tour the same property at once.
- Buyers can see the space without committing to an in-person tour.
- Prospective renters or buyers in other cities can view the property.
- It saves cost on setting up in-person tours.
- Buyers with disabilities can access every area of the property, even if accommodations aren’t yet completed.
How Will This Change the Commercial Real Estate Business?
While virtual reality is unlikely to ever replace in-person tours, that does not mean that it won’t have a significant impact on the way that businesses market and engage with their customers. The rapid adoption rate sparks the question of what else virtual reality can do to disrupt the real estate business. Is this as far as it goes, or are we going to see VR a whole lot more in the coming years? What do you think?