Article originally written for www.techestate.today

WHY VIRTUAL REALITY IS THE NEXT PLATFORM FOR REAL ESTATE TRANSACTIONS

Real Estate has seen a few platforms that allowed agents to advertise their listings and to capture leads in order to close deals faster. Along those a few technologies came along to help agents improve the quality of their marketing materials and reach out to a larger market.

The purpose of all of these was to create the most beautiful and realistic representation of the property as possible at that given period of time.

Printing

Allowed agents to create flyers and listings books.

At the beginning they only featured text and drawings in black and white of course. Photography was picked as the next logical step in bringing more realistic visuals than drawings could deliver.

As photography technologies developed so did the ones in printing. These 2 came to be close allies in Real Estate Marketing, one of the biggest turning points here was the introduction of Color in both photography and printing.

This really helped to recreate visuals of homes as close as we saw the with a naked eye.

Online

The internet created a revolution. The access to information that was suddenly available from anywhere in the world helped real estate agents reach a market that was impossible to reach with local newspapers or by mailing flyers or posting ads on TV.

Many believe that the web is responsible for the creation of Real Estate Photography as business model.

The Internet gave birth to Single Property Websites, Virtual Tours, Real Estate Videos, Big Data used for lead generation, analytics in demographics and geo location of potential buyers, etc.

Mobile

Then came mobile, and the internet exploded. All of a sudden we could carry the World’s Information in our pockets.

This was big for Real Estate as well, allowing people to share listings and even rent properties online, from their car or drinking a coffee in a park.

While we might have reached a point where Photos and Videos can provide beautiful visuals of a property and deliver it to any corner of the world, there is still one thing missing — those mediums won’t let you experience being that place.

Virtual Reality and Mixed Reality

Is technology that will revolutionize almost every aspect of our day to day life: social interactions, work environments, entertainment, travel, etc.

Virtual Reality will allow anyone to immerse themselves into a digital world real-life or a completely fictional environment, we will feel like we are there we will be able to interact with that environment.

So what does this mean for Real Estate?

The first thought is simple. We will be able to walk any property from anywhere in the world and have the same experience as if we are physically there.

Facebook, Google, Microsoft, Nvidia, Intel, Apple and others are working on technologies that will allow us not to only walk around virtual, life-like representations of homes and apartments, but will also multiple people the opportunity to log into virtual properties at the same time.

Here is a scenario that will most likely be true in 5–10 years from now.

You are a Real Estate Agent from San Francisco. Your property for sale in Sicily. There are 2 interested buyers for the property: one lives in Sydney, the other in Tokyo.

Both buyers have already walked the property several times and now they are ready to do it with the Agent.

You schedule a virtual open house. At the given date and time you and both potential buyers log into a virtual representation of the space and you take them on a tour, through every single room, outside on the patio, around the swimming pool, basement and an overview of the neighborhood. You can show and tell them everything they need to know to decide to make a purchase.

One of them is interested and makes an offer right away. You accept it, the buyer hits the “Purchase” button and the deal is closed.

This scenario is one of the few that will become a reality with the help of Virtual and Mixed Reality.

While there are still many challenges to solve on both software and hardware sides to bring this to consumer devices, VR will change the Real Estate game for everyone, for the better.