Is Virtual Reality in the Future of Property Management?

Not just in science fiction, virtual reality or “VR” is making a massive splash in modern day interactions. It reigns supreme in the video game industry, while architects, designers, and engineers have been using VR to showcase plans and entice potential buyers.

The capabilities of VR are limitless and extend into the property management market. Once in a while, we might see a real estate sign that says “take a virtual tour!”. VR steps it up several notches with putting on the headset to give viewers an accurate 360-degree view. The viewer then experiences every corner of the living space and can look up, down and behind them as they navigate through the house. And that’s only the beginning of VR potential when it comes to the property field.

Here are a few reasons why VR would be perfect for assisting and expanding the property management market:

Virtual Showings

The world is becoming smaller and smaller as we speak. Every day people are moving abroad to follow work opportunities or to be closer to family members. Due to this, there is an increasing demand for things like VR technology. Property managers and real estate agents create “virtual showings” so people can get the lay of the land, and potentially make an offer. Many people need residences before even stepping foot into the country, so VR helps them visualize the space with accurate precision.

Even when clients are within driving distance, VR also helps potential buyers in the area make viewing appointments. If they like what they see with the VR tour, they would be that much more intrigued to see it in person.

Tracking Progress

Getting some construction done on one of your properties? Instead of constantly having to visit the site in person, VR technology can allow you to take a virtual tour through the work site to see progress and make decisions. Also, if you’re witnessing things in real time, this gives you the opportunity to have flexible communication and understanding between you and the contractors.

Showing The Future

Jonathan Kaufman Iger, CEO at Sage Realty Corp. started using VR technology to create 3D renditions of his future commercial and residential spaces. He wanted to let viewers see what the plans are comprehensively and interactively.

VR is also useful for outfitting spaces with virtual furniture, especially if the house or apartment is empty and needs some design ideas to make the room look like a home. VR can also be incredibly cost and time effective, using the technology to fill up a space instead of renting furniture from a staging company.

There’s Augmented Reality, Too

While VR is totally immersive because of the goggles, AR (Augmented Reality) can help users interact with a living space. For instance, if you’re showing a potential buyer a home on your touch screen, they may have questions. For example, if they potentially want to install french doors, with several AR programs, you can add a door on your Ipad and visualize it a lot easier.

VR and applications similar to it can be an excellent tool for showing a property. It also can build up a brand presence for a real estate firm or property management company. Using VR puts you ahead of the competition, and lets you customize options to fit different needs of the spaces available and the potential clients who want to check them out, virtually and in real life.