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Virtual reality is changing the property industry: here's how
HomeNewsVirtual reality is changing the property industry: here's how

Virtual reality is changing the property industry: here's how

Staff Writer
Staff Writer
January 31st, 2023
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When you look at today’s businesses and companies, you’ll struggle to find one that hasn’t been impacted by technology.

Print magazines are going digital, social media is a big part of any brand, and virtual reality is being used to help businesses grow. One industry which is starting to utilise virtual reality is the property industry, but just how is this tech trend being used to help property companies?

When it comes to property investment, a lot of companies offer off-plan, new build apartments. Off-plan means that the property hasn’t yet been completed, and is still in either the planning or construction stages.

These type of properties make for a solid investment in terms of capital growth potential, as the property could increase in value by the time it’s ready. Even with benefits like these, however, a lot of investors can be put off by the idea of not being able to see the finished property in person before they purchase. This is where virtual reality comes in, giving potential investors a chance to see how the property will look upon completion with realistic moving imagery.

Computer-generatedimagery has long been the only way for property companies to promote anoff-plan property. While this type of imagery can be an effective way toattract people’s attention and help paint a picture of how a finalised propertywill look, virtual reality helps companies stand out above the rest. UK basedcompany RW Invest have recently started utilising this trend toattract new investments. Those who show an interest in the off-plan propertiesavailable with this company are able totake a virtual tour of the apartment itself and the surrounding area. This not only helps investors get a better ideaof the property before going ahead with a sale, but it also makes the companyitself stand out against competition.

Virtualreality is certainly a step in the right direction, but property companiesshouldn’t stop there when making use of technology. There’s a range of othertech trends that can really help propertycompanies thrive. Drones are a great way to show potential investors thesurrounding area of a property. This isespecially useful for those investors who live in a different country to theproperty site, giving them an insight into the area of their potentialinvestment. Certain features and amenities are key when looking for a property investment. For instance, if you’reinvesting in a property that will appeal to young professional tenants, you’llwant to look for a property with good transport links and possibly some bars,restaurants or shops. Drone footage can be easily sent to a client and helpthem decide whether they like the look of thesurrounding area of a property before going ahead with the venture.

Anotheruseful tech trend that’s being used by a numberof property companies is laser imaging technology. This type of technology can be used to drawout detailed floor plans, create 3D models, and calculate the net area andvolume of a property, ridding the need to manually complete such tasks. Withtechnology constantly changing and evolving, it’s likely that more trends willemerge to accompany the surge in virtual reality being used in the industry.

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