The Top 5 Ways The Oculus Rift and Virtual Reality Could Change Real Estate

The Top 5 Ways The Oculus Rift and Virtual Reality Could Change Real Estate
Oculus Rift - Technology - Realtors - Virtual Reality - The Modern Agent

The highly-anticipated arrival of the Oculus Rift is upon us, and with it a new age in virtual reality technology. What does virtual reality mean for the future of the real estate market? Here are 5 very real possibilities for realtors and real estate.

#1 True Virtual Real Estate Tours

Virtual tours just got real. Instead of lazily scrolling through pictures online, jump straight into a home from the convenience of your living room and see exactly how it looks in real life. Imagine sitting down, putting on a pair of virtual reality goggles, and being instantly transported into the foyer of your dream home.

For realtors, you’ll have specialized tours that hit on all of the important points, which means you have a perfect presentation every time you show the home. No matter the weather, time of day, or even your mood, the virtual tour remains as pristine as ever, forever, or at least until it’s off the market.

We haven’t even gotten into the possibilities of virtual neighborhood tours. In NAR’s 2013 Community Preference Survey, 78 percent of home buyers said that neighborhood quality trumped the size of the home. If the quality of the neighborhood is that important, how do you best showcase it?

Drone tours, anyone?

Imagine descending down from the clouds into your new neighborhood, flying along the streets all the way up to your front door. It’s a completely new way to frame the property, and is only limited by the scope of your imagination.

#2 Hello, Automated Realtor!

Picture this: an army of you’s, able to be anywhere, at anytime, to show properties to just about anyone in the world. No longer are you beholden to the laws of time and space. You have become an omnipotent realtor able to transcend the laws of physics. If that sounds too good to be true, sit down and buckle-up because these days are right around the corner.

You’ll be able to create a presentation that has the look and feel to the buyer that you are actually walking around the property with them, which means that you can show the home in exactly the way that you want, every time. Since you are no longer a slave to the clock, you can focus your time on the most important details of your business. When your clients are primed to buy, you are ready to step in and close the deal.

Since there are more of you, your earning power has just increased ten-fold. The time that you would normally spend traveling and showing properties has been cut down close to the bare-minimum.

It may take some time before real estate gets to this point, but you can be sure virtual reality is going to save you plenty of time down the road. You’ve got more time for you to work, play, or do whatever else you wish you had more time for.

#3 A “Faster” Real Estate Marketplace

Buyers will have a better idea of the house they want, faster than ever before. After going through dozens of virtual tours in a matter of hours instead of days, the buyer will have a better idea of the kind of house they are looking for, as well as the type of neighborhood and surrounding area. Suddenly you’ve minimized the number of steps it takes to get to closing the deal, and just like that people are buying and selling real estate faster than ever before.

It goes beyond even buying and selling. Imagine having the ability to view construction in real time, just like if you were standing there seeing it with your own two eyes. The virtual medium takes any sense of distance out of the equation, and everything therefore becomes sudden and instantaneous.

#4 Say Hello To The “Sight-Unseen” Buyer

Virtual reality opens the doors to an entirely new market of home buyers and sellers. Think of the couple moving across the country, or the military family shipping overseas: these buyers now have the opportunity to tour and buy without ever setting foot in the home before move-in day.

What happens when suddenly everyone in the world becomes a potential client? Obscure communities are now only a few button clicks and a virtual tour away, regardless of physical travel. Utilizing the virtual environment, the buyer and realtor will have a chance to sit down in a more personal setting than what a video conference or phone call can offer.

#5 The Realtor As A Digital Personality

The role of the realtor is going to change, but not so much that you’ll become irrelevant. The big picture is that there will be more focus on presentation than ever before.

The better you are able to transfer yourself into the possibilities of virtual reality, the better you’ll sell. You’re taking the same skills that you’ve honed over your entire career, and modifying them to best fit the confines of virtual reality.

Now, not every buyer is going to be comfortable forgoing all face to face interaction before purchasing a home. We may never get to the point. Realtors will always be valued because they bring that personal touch that guides homebuyers to the right decision.

Virtual reality could completely shake up the real estate market, but one thing is for sure: realtors will always have a place in real estate.

Posted & written by Colin Gillespie on January 11th 2016
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