Real estate and virtual reality


Virtual reality technology has made a huge leap forward over the last few months. The Oculus Rift, now owned by Facebook, the HTC Vive, Samsung Gear and Sony Play Station VR are all vying to be the virtual reality leader. It’s a technology that lends itself perfectly to real estate and REALTOR® groups are wasting no time in jumping aboard.

Sotheby’s International is using Samsung’s VR kit to allow shoppers to view multi-million dollar homes in LA, the Hamptons and New York City.

They’ve reserved the technology for higher-priced properties as the cost of scanning a home for VR ranges from $300 – $700. The process involves setting up multiple cameras to capture a 360-degree view. This gives the buyer has the same intimate view as buyers shopping in person. The realtor can not only lead the VR tour remotely and also see where the client is looking, so if the client is admiring a back-splash, the realtor can comment on that feature.

Virtual reality is also ideal for touring pre-construction properties. Clients can gain a better sense of the layout, inspect finishes and understand the dimensions more fully.

The developer, Lifestyle Custom Homes has already incorporated a virtual tour into the sales presentation for its Toronto development, One6Nine Jones.

VR is particularly handy in cities with high volume traffic where getting around to multiple properties is difficult. Clients can visit a realtor office, view a range of houses, and decide which to see in person.

There are likely a myriad of ways to use VR. As use becomes more widespread the costs will come down and more real estate groups will be able to access the technology.

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