Virtual reality

VR is revolutionising real estate

Virtual reality has been around in some form since the 1950s, but it is only with the latest computer technology that VR has started to become mainstream and make in-roads into a variety of business sectors, notably real estate.

Facebook paid a whopping $3 billion back in 2014 for Occulus VR, and with that investment VR suddenly became a hot topic for investors, technology firms, and software developers. In 2015, Occulus had just three games to demo on its new platform, but just one year later that number had risen to 41, with other tech companies like Samsung joining the fray with their own VR Gear at a much lower price point.

VR technology is at an exciting cross-roads right now as developers find new ways to change our experiences, with leading entertainment companies now looking to with everyone’s favourite animation studio, Pixar, launching its first foray into the space with Coco VR later this month.

As consumer technology keep the pace of innovation speeding along, businesses are starting to implement VR as a way to show customers their products, services, or locations without the need to travel. And nowhere are these changes more apparent than in real estate.

Companies like Render 3D Quickly allow real estate developers, architects, and others in the building trade to clearly show customers how the new premises will look before they start the work. This means buyers and developers can discuss how they want a property to look down to the finest detail, so the job can be done right first time.

As the costs of the technology come down, it is no longer just huge multi-million pound property developments that are starting to benefit from VR tools. Now, some builders commissioned for a simple kitchen remodel are starting to use the vr real estate tools to give their clients an easy way to visualise and explore the changes before they finalise the paperwork.

Moore’s law about processor improvements is as true for VR tech as it has been for the home computer, and we are now just at the start. Pixar’s Coco will just be the first of a number of film studios creating more immersive movies and the line between film and game will continue to blur.

As the technology continues to improve at a rapid pace, businesses will find new ways to exploit the technology to improve productivity and change how the world works. If we think we live in a globalised world now, just wait until it is as good to be virtually present in a meeting as if you were actually there – then the world will really feel small.

Photograph by Pexels