We had the fortunate experience of tagging along while EX3 Labs demonstrated some of the current VR (virtual reality) and AR (augmented reality) technology in Real Estate. The event was hosted at 1871- Chicago and attracted real estate and design professionals from the City of Chicago and it’s surrounding suburbs.
Founder and UX Designer for EX3 Labs, simulated the Microsoft HoloLens and it’s capabilities relating to real estate, inspections, and design.
The Vive and Oculus were also demonstrated where professionals had an opportunity to wear, interact and experience a virtual tour through computer generated properties. Both providing the maneuverability and free range viewing as expected.
Google Cardboard, which is a fun, and affordable, way to experience virtual reality was also on display to view tours simply by inserting a cell phone into the viewer with the use of compatible apps that are currently available on the market.
VR (Virtual Reality) and AR (Augmented Reality) is still in it’s infancy, however it is rapidly developing through technology improvements. It is also gaining attention from consumers as more and more efforts to market the technology to the market has become more prevalent.
In real estate, “virtual reality” has become a buzz word. More and more real estate brokerages are pursuing VR, and branding themselves as the VR pioneers in the industry. However, the use of 3D and VR has been around, however not perfected. As consumers become more and more tech driven, this type of technology will eventually become mainstream.
Brokerages are eager to jump on the 3D bandwagon to take advantage of it’s marketing advantage, and using it as a promotional ploy. Effective? Potentially. Currently there is extreme value using tools such as Matterport, and other virtual tour technology, that has been around for quite some time. This has given consumers, and professionals, the opportunity to experience properties without stepping a foot in one. This provides value, however the industry has not caught up.
The “home-run” of virtual reality within the real estate market will be when it becomes mainstream. Once a majority of the listings on & off the market have virtual reality tours available, this will truly change the game. Are we close to that? Yes. And as an evolving technology, we are very excited to see where it goes.
Are you exited about VR?
RCG Advisors Inc.
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