Interest in Using VR for Real Estate is High, Usage Held Back by Lack of Understanding
The results are in for Pix and CREtech’s inaugural State of the Market Survey for Virtual Reality in Real Estate. The nearly 200 respondents of commercial and residential brokers, investors, developers, architects, consultants and investors represent a significant cross-section of the industry.
The results provide instructive insight into who is using VR, how they are using it and what obstacles are hindering greater adoption. These results also enable market participants to better assess the competitive landscape and understand how this cutting-edge technology is changing the manner in which business is being conducted.
The prevailing conclusion from the survey suggests that, while adoption and regular usage of VR remains low, most firms are actively evaluating its use. Approximately two-thirds of the respondents indicated that they are currently using or plan to use VR in the near future. Not surprisingly, architecture and engineering firms are the most active users, while 68% of investors are inclined to seek opportunities to employ the technology. Interestingly, the survey results were generally consistent between small/midsized firms and large firms.
The survey results also make clear that the industry is still at the front of the learning curve. Many still do not understand how VR can be used or its benefits. Education is still needed about cost, use cases and benefits of VR for real estate. However, nearly all (89%) recognize the potential of VR as a valuable sales and marketing tool.
The market has expressed a clear preference to be able to deliver models over the internet and on mobile devices. Only a few years ago the Oculus Rift and HTC Vive head-mounted displays were the center of VR discussions. Like other segments, real estate seems to have shifted its preference from HMDs, with less than half seeing this as a preferred delivery method.
In short, the state of the market for VR in real estate is early stage with high interest. While different segments of the industry have different levels of experience with VR, most are paying close attention to the technology and evaluating means of implementing it. Many are looking for opportunities to employ VR now. However, the rate of usage will undoubtedly increase as more people understand that the current technology is neither complicated nor costly and delivers a great value proposition. For more insights and details on the usage of VR, access the full survey results here.
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