Four innovative ways VR is driving the property industry
The Virtual Reality Real Estate space is exploding with innovation as property tech emerges through the second half of 2018 as one of the dominant industries leading the VR boom.
This growth is no more evident than it is in Virtual Reality Real Estate company eXp Realty. Entirely based within VR, the publicly traded brokerages have been one of the fastest growing in the industry with their stock price surging more than 300 percent in just seven months. Couple this growth with an expansion of their team of brokers from 6,500 to over 12,000 across the US and Canada.
The company is unique in that it exists entirely within a virtual world and while their entire team of employees, contractors and agents operate within VR, they still transact physical homes as would any other brokerage. It is through this virtual office and team that eXp Realty can expand without facing many of the constraints that a similar physical brokerage would be hindered by.
Curate by Sotheby’s International Realty
It’s not just the virtual world that is getting a taste of the real estate revolution, augmented reality (images which overlay our current reality viewed through a smartphone or AR headset) is rapidly becoming a crucial tool in how buyers interact with luxury listings when making a decision to purchase.
The Curate app by Sotheby’s International Realty uses digital images to replicate furniture placed within the home. This allows agents to demonstrate staging on a particular listing to style a home to an individual buyer’s taste before they make their purchase.
This means buyers are able to see furniture models directly from Viyet’s inventory and even purchase these pieces for their future home, getting their new home exactly how they want it before they have even signed the dotted line!
ERA Distinctive Properties Lifestyle Search Engine
Virtual staging isn’t unique to Sotheby’s either. Franchising leader, ERA has also taken to AR technology by allowing users to view active listings and virtually renovate the properties to their taste. This goes beyond just the furniture placed in the home. Users are able to renovate everything from the flooring, window treatments, swapping out countertops and even going as far as customising the landscaping, masonry and roofing materials!
There are over 10,000 individual options as well as 54 home and garden styles to choose from. 3D furniture is still available with the option for users to purchase those items if they decide to go through with the sale.
BBC’s Focus on VR Property
Even the BBC in the UK understands a growing trend when it emerges. The broadcasting company has ordered a show from Remarkable Television which will be a property series focused on virtual reality technology.
The show titled “Watch This Space” will be the first in the UK to use the technology, transforming pretty ordinary homes into masterpieces through VR. How it works is that couples will be in disagreements as to best design their homes with architects coming in to create models using VR to showcase the potential designs before any decision is made.
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