We have seen virtual reality make an impact in the world of real estate. Although it remains to be seen if this is a viable strategy, there may be more to this concept than originally assumed. More specifically, it seems Millennials like buying their own homes sooner or later. Catering to this crowd will be challenging, but VR can of great help in this regard. An interesting turn of events, that much is certain.
Millennials Buying Homes Thanks to VR?
It is evident anything associated with Millennials will look and feel different from everything else. More specifically, they have different desires, aspirations, and dreams. Moreover, this generation is also more interest in technology than ever before, which opens up a lot of new opportunities. Especially in the world of virtual reality, Millennials may prove to be an interesting crowd when it comes to buying real estate. It is a very odd mix of technology and newer generations, but it may work out pretty well in the end.
More specifically, 80% of Millennials hope to buy a house in the coming years. Assuming that happens, they will have different opinions on how they prefer to check out possible locations. Rather than traveling from open house to open house, they may prefer a technology-driven approach. Using VR to showcase homes may be the right way to go for a lot of realtors. Since most people already use the internet to look for homes, using VR is only a logical step forward.
Several real estate entities already use virtual reality to their advantage. Sotheby’s is one of the companies successfully do so, although they only cater to the higher tier buyers. At the same time, there is no reason to think Millennials wouldn’t appreciate this technology as well. Whether or not this business model will trigger a wave of change in this industry, remains to be determined, though. It is evident there are some interesting options to pursue in this regard.
In fact, it seems home sales conducted over Facebook may embrace VR technology sooner rather than later. It may have been one of the reasons why Facebook purchased Oculus Rift in the first place. Assuming this is the case, a real estate transaction could even take place without any realtor or other third party involved. It would certainly help reduce the time associated with buying a home, which would be of great interest to Millennials as well. A lot of things may change in the near future, that much is rather evident.
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