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As headset
technology
continues
to improve, a number
of companies are
already exploring the
possibilities of VR/AR
for virtual property
tours and projections
of scale models, and
they see
even greater
marketing
opportunities
down the road.
The promises of virtual and augmented reality (VR/AR) have been described
plenty of times before: Fully immersive video games, sideline-quality views
of sporting events from the comfort of a living room, surgeons reviewing
a patient’s medical records and scans mid-procedure without leaving the
operating table and many other flights of fancy.
The problem has always been the limits of the technology. Processing speeds
in headsets have traditionally been too slow to keep up with the movements of
human eyes and limbs, and the headsets’ visual displays have lacked the high
definition necessary to resemble the real world (for VR) or integrate seamlessly
with real-world vision (for AR), leaving users frustrated.
That could soon change. According to a research report released last year by
Goldman Sachs, VR/AR hardware and software are finally beginning to catch
up with consumer expectations and are poised to disrupt a number of markets,
including real estate.
The report sees VR/AR becoming a $2.6 billion market in real estate by 2025
as headsets such as the Oculus Rift and the Microsoft Hololens improve over
the next few years. It’s essential to begin preparing for the expansion. In
addition to virtual walkthroughs of both finished and unfinished buildings and
virtual models projected onto desks and tables in the real world – innovations
which are already in ongoing development – companies see opportunities for
more game-changing developments a little farther down the road, once mass
adoption takes hold.
Virtual Reality the New
Reality for Real Estate
VR/AR COULD BECOME A $2.6B MARKET
IN REAL ESTATE BY 2025
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