Are You Ready for Virtual Reality in the Real Estate Market?

Today, 20 million buyers are taking advantage of virtual reality (VR), and that number expected to reach 50 million by the end of this year and a whopping billion by 2023. Experts predict VR will change the industry the way the Internet and video use in real estate marketing did, so how long will it be before you market a home in VR?

The Timing is Right

With Facebook's Mark Zuckerberg 2014 investment in the industry, VR technology has rapidly matured, getting easier to use and coming down significantly in price. In fact, it's a foregone conclusion that VR will be a part of the industry, and companies like Matterport and Realvision are paving the way.

Get a Load of That!

In some cities, such as Minneapolis, VR has already joined aerially droned tours as standard fare for agents, allowing prospective buyers to shop without ever engaging in a physical showing. Used with goggles and headsets, and paired with a smartphone or computer, VR gives shoppers a viewing experience that makes them feel like a part of the image – not viewing it from the outside or single perspective, but providing a comprehensive look at every interior surface.

How's It Work?

Agents hire companies with high-tech software. Gamers have been using similar tech for years, with computer-generated imagery and environments. It stitches together photos, compiling them to create 360-degree room views that are impossible to beat with traditional slideshows and video fares.

The Good, the Bad, and the Ugly

While VR creates a strong emotional response that static images cannot, it allows buyers to get a true feel for spaces sometimes hundreds of miles away. VR tech also makes it more difficult to conceal problem features you wish buyers wouldn't see.

Video usage in real estate marketing is moving faster than you think. Don't fall behind and miss out on its amazing advantages.

To view the original article, visit the Properties Online blog.