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

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

Virtual reality is certainly a step in the right direction, but property companies shouldn’t stop there when making use of technology. There’s a range of other tech trends that can really help property companies thrive. Drones are a great way to show potential investors the surrounding area of a property. This is especially useful for those investors who live in a different country to the property site, giving them an insight into the area of their potential investment. Certain features and amenities are key when looking for a property investment. For instance, if you’re investing in a property that will appeal to young professional tenants, you’ll want 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 help them decide whether they like the look of the surrounding area of a property before going ahead with the venture.

Another useful tech trend that’s being used by a number of property companies is laser imaging technology. This type of technology can be used to draw out detailed floor plans, create 3D models, and calculate the net area and volume of a property, ridding the need to manually complete such tasks. With technology constantly changing and evolving, it’s likely that more trends will emerge to accompany the surge in virtual reality being used in the industry.

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