The Applications Of Virtual And Augmented Reality In Real Estate

Like with many industries, the internet has made developing, marketing, and selling property easier than it has ever been. With VR technology being used by the realtors that can afford it, a new revolution of AR technology seems to be on the horizon too.

Here we have a rundown of the many ways that VR and AR can be used in this industry, including examples from the present and speculation about the future.

Existing Applications

As we said, VR isn’t a new technology and it certainly isn’t new to real estate. While your free agents might not use it, some higher-end realtors use the software to deliver VR tours. This is particularly common with high-end properties that attract international clients, who cannot see it in person.

Virtualized environments and assets are everywhere already, just not in VR/AR formats yet. They’re most abundant in entertainment, particularly in games where players need to interact with elements on-screen. iGaming has quite a few examples of this, such as digital spinning wheels that award one free spin each day and up to 50 free spins for newcomers. These kinds of games can and will be available in VR/AR in the future.

VR/AR is already used in real estate to an extent, like where clients can browse a home that has been scanned so they get a full view of each room. They can also facilitate virtual tours, which again aren’t anything new. There are many ways that one person can interact with a much larger audience and lead them through a product or a game, best seen with infomercials or livestreams. This same dynamic can apply to real estate, making open house events easier and clearing one-to-one calls from the calendar.

These are the most obvious applications of interactive video technology that makes the vetting process convenient for all parties involved. Photo scanning for a video tour has even been used to allow users to experience a spacewalk.

Gamifying Development

On the design and development side, a VR space is perfect for crafting the perfect property. Architects can use software to see their designs in full 3D. A more sophisticated platform can even let users manipulate the environment at will. This means that a designer, or a homeowner greenlighting changes to the home, can load up a VR copy of their home and use a drag and drop feature to move things around.

This form of gamified architecture makes design easy, efficient, and much more satisfying for those doing it. It allows users to transform fixtures, change colors at will, and alter other things around the home. This effect could also be achieved through high-tech wearables, though moving items digitally in this environment is more confusing as it would just make a pixelated duplicate for you to manipulate.

Future Applications Of VR/AR

As for the future of real estate using VR and AR, it’s looking bright. Smart home technology and augmented reality can and should expand, synergizing to make in-person home tours even better. Imagine using an AR looking glass device that, when pointed at an appliance or home feature, communicates with the home and gives measurements and other vital buyer information. It would allow realtors’ properties to market themselves.

Taking virtual reality to an extreme, a few people have already made money from selling digital real estate that doesn’t even exist in the real world. They did this through metaverses, animated simulations that often have their own social media and economy features. Naturally, so-called digital property has safeguards that make each place unique and valuable, typically through the same cryptographic methods that assets like cryptocurrencies use. With many big companies working on bringing the metaverse to the mainstream, adoption of this technology could create a fledgling career of digital estate agents who buy and sell land.

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