The real estate industry is a multi billion industry and has been undergoing with the more development in the technology as this market involve transactions of huge amount and list of important documents. With the help of virtual reality buyers can improve their online experience and make it possible to view properties in three dimensions. Not only has this, more development in this technology result effective communication between the buyer and seller and virtual reality also help the buyer in viewing properties while sitting at home even unfurnished placed as it make possible to view properties in three dimensions. Moreover, virtual staging technology company, roOomy, provides every individual to visualize and decorate a virtual space. According to the report analysis, ‘REAL ESTATE INDUSTRY RESEARCH AND MARKET REPORT’ states that the virtual reality is an effective technology and that is becoming more popular among consumers and businesses which are offering to clients 3D virtual property “tours” right on their devices.
In the real estate industry the technology is changing rapidly and digital imprints are everywhere in this industry which make the market more attractive and lead to significant growth in the forecasted period with more innovations in the applications of virtual reality. The internet and digitalization has reshaped how real estate is delivered to the consumer. As in the recent trend the VR hotspot are installed in the smart devices which plays a significant role in the virtual reality (VR) such as with the hotspot any one spot the nearby places of the interested property. With the VR technology, there is no need to travel miles away from home to view their property and for sure they don’t need to wait till it is constructed to visualize it. This technology has created a boost in the market of real estate and drives the market sales up to the roof. According to the research it is observed that 40% of potential buyers make the decision of purchasing after experiencing the 360 video tours whereas, 360 video tours are a number of views that blend together to offer consumers an application view of the home that exactly looks like real-life. According to the report analysis, ‘MARKET RESEARCH REPORTS FOR REAL ESTATE’ suggests that with the more development in the technology of virtual reality the market of real estate is expanding more with more innovations in the applications.
With the technology of virtual reality, agents can save their time as now they don’t have to visit at the location and don’t have to deal with traffic. Most often this will naturally increase sales efficiency, as well as allow the ability to see more potential buyer. Whereas, in the region of North America, the usage of Virtual reality technology is growing rapidly followed by Europe and in the Asia-Pacific region the companies are working efficiently for dominating the huge market share and to make the market more profitable.
Google Inc., Sony Corportaion, HTC Corporation, Oculus VR, Marxent Labs LLC, EON Reality Inc., Cyber Glove System Inc., Vuzix Corporation, Cyberith GmbH, WorldViz and others are the leading players of the virtual reality technology in the real estate market whereas the US company Google Inc and Microsoft Corporation are dominating the huge market share and expected to grow even more. With the existence of numerous leading players in the market shows competitive landscape and welcoming the new investors which will further support the market financially. Therefore, it is expected that in the coming years the market of real estate will grow rapidly over the decades and with the more innovations in the applications of virtual reality.
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Ankur Gupta, Head Marketing & Communications