How the Next Phase of VR Will Impact San Diego Real Estate

As the real estate market grows, so does the amount of money being funneled into new technologies. In 2017, the industry saw upwards of $12 billion invested into proptech and there are no signs of slowing down.

These advancements in technology should improve upon existing processes to make everything more simple and less time-consuming. And a lot of the market’s current products are working toward doing this. Major companies like Redfin, Zillow, Opendoor, and others are all finding ways in which they can positively affect the processes of buying and selling a house.

With all of these new mobile applications, search platforms, and dashboards, one technology is ripe for adaptation: virtual reality.

Once thought of as only hardware for video game enthusiasts, virtual reality is changing the way that buyers are exploring new properties for sale. Here’s how virtual reality will empower you to find the best home in today’s growing market.

Better Use of Time

Traditionally, real estate has been stymied by complicated processes, multiple parties, and outdated technologies. That’s because the real estate industry has been slow to adopt with the times even though a growing number of consumers want realtors to use tech-savvy approaches.

It used to be that you needed to connect with an agent, discuss your preferences and price range, wait for the agent to return a list of homes, narrow down your list, and then finally visit the properties to see which one (if any) fits your needs.

Now there are a countless number of sites that grant access to active listings. Virtual reality is the next logical step between searching and viewing a home in person.

Virtual reality, along with other proptech tools, can help expedite the home buying process so that you’re not mired down. With virtual reality, you’re not giving up your weekends to drive around home shopping. You’re not overcome with disappointment when you enter a home and it’s not as good as the photos. And you’re not waiting for an agent to guide you around while rattling off home statistics you could have learned on your own. You can explore all of these things on your own with virtual reality.

This faster home search process means you’ll be more informed from the get-go. You can approach your agent with a better idea of the types of houses (and even specific properties) that suit your way of life.

Easily Accessible Home Tours

Virtual reality takes the pain out of working through a long, outdated process to find the homes that most closely fit your standards. Instead of driving from home to home across town, you can put on a virtual reality headset or open your laptop and get into a home in seconds.

Thanks to the affordability of consumer virtual reality, in addition to new photography techniques like 360-degree videos and immersive experiences, viewing a home is easier than ever. It offers you a new perspective when you’re deciding whether or not a home will complement your lifestyle.

But what if the properties on the market aren’t exactly what you’re looking for in a home? You can always consider new construction. Condominium complexes, town homes, and other new construction is on the rise. For example, in San Diego, 6,953 housing permits were issued in the first six months of 2018, which is a 64 percent increase from the same time last year. While these homes are exciting new prospects, how can you be sure that a property under construction is right for you?

That’s where virtual reality can step in and offer an inside look. Through virtual reality, you can safely tour new construction from the comfort of your home, even selecting certain design features to help you envision your new home. You can also save time by interacting with VR tours that rely on predictive analytics to deliver “like-properties” This is a great way to invest in a property early on, especially in an area where housing is in demand.

The Benefits of Virtual Staging

As a buyer, it’s hard to picture how all of your belongings will fit into a prospective home. However, virtual staging enables you to preview a layout before you move forward with a purchase or move in. VR will serve as yet another pre-due diligence tool for today's buyer. Viewing the layout of a property, whether in virtual reality or with boots on the ground, is a great way to feel out a home. Through a tour, you get a feel for the space and get to envision how you would set the tone for your new home. But without all of your “stuff” in the rooms, how can you be sure that everything will fit as you imagine?

As a seller, virtual staging allows you to present your home (or client’s home) without the time and costs associated with traditional staging. It also allows you to cater to different designs. With virtual reality, you can bring your own personal touch to a home. You don’t have to wish you could own the staging furniture (which comes with a hefty price tag) or remember the dimensions of your couch. You can virtually add furniture to the space and see how everything meshes.

Certain applications offer you a number of ways to personalize a space so you can truly see how your individual style will work. Some virtual reality apps (like roOomy) allow you to upload a photo, access their database of furniture, and then decorate a room how you want it. Other applications (like Transported) let you actually step into the room to experience the layout.

The advances in technology for the real estate market are helping to empower you in ways that weren’t previously possible. Now, you have access to a new set of tools to aid the home search and buying process. However, that’s not to say that you’ll be able to go out on your own: you’ll still need the experience and guidance of a real estate agent to help you navigate the home buying transaction process.

Their representation will be crucial in helping you negotiate for your new home. And while VR will be a great tool, nothing beats seeing a home in person. You may be willing to book a hotel room or Airbnb without physically touring the property, but you shouldn’t spend hundreds of thousands of dollars without viewing your home in person first.