Technology has always played a large part in the business of real estate. As one of the first businesses to utilize the internet for marketing and communications, real estate has also been a pioneer in wireless technologies, apps, and other technologies. And the business has begun to blaze the trail for another technologies business applications; virtual reality.
In the ultra-competitive real estate markets of New York City and Southern California, it is no longer enough to have pictures of a property on line, or even a 360 degree tour. Thanks to companies like ArX Solutions and Oculus VR, high end real estate properties are now utilizing virtual reality to market their properties.
With this technology, potential buyers can walk through a property, see it in almost life like proportions, and take their time examining all the unique aspects of a property from inside the property itself via virtual reality. This has the ability to revolutionize the real estate market, especially properties marketed to the high end of the price spectrum. Potential buyers who are pressed for time can browse properties from afar and have a real sense of them so that when they see it for the first time in person, they are comfortable with the property and their decision process can theoretically be sped up.
The technology is in its infancy for business applications, but the evolution has been very rapid and real estate is once again leading the way.