Virtual Reality the next Secret Weapon for Real Estate Developers in New York
As a Brooklyn based design studio specialized in 3D Rendering & Virtual Reality, we experience everyday new challenges as well improvements not only from the technological stand of point, but also from the consumer’s new demands and needs.
According to a recent study fromDigi-Capital, by 2021, the market for VR (Virtual Reality) & AR (Augmented Reality) tech is expected to reach the 108 billion dollars. To put that into a wider perspective, with this same amount we could bail out Greece, which currently has a debt of around $110 billion*.
And according to Goldman Sachs, VR alone will be an $80 billion dollar market by 2025 — with $2.6 billion of that coming directly from the Real Estate market.
The actual definition for virtual reality, according to the Virtual Reality Society: Virtual reality is the term used to describe a three-dimensional, computer generated environment which can be explored and interacted with by a person. That person becomes part of this virtual world or is immersed within this environment and whilst there, is able to manipulate objects or perform a series of actions. Even by simply reading the definition, it’s clear to see how helping a person become “immersed” within an environment without actually having to travel there physically could be a beautiful thing for Real Estate agents, so what are Real Estate Developers experts saying about it:
“Homes with photographs have higher perceived values, and I’d bet homes with 3D Renderings have even higher perceived values”. Jeff Harris, Vice President at VR Matter.
“Why look at a picture, when you can walk through a world?” Peter Alden, VP at Flooring.
So one thing is to read about it from experts in the field, but if you really try it on, it just makes sense. If the right photos can work wonders for a listing, now imagine the real power of 3D & VR for a specific listing. In fact, investors predict even more innovative disruption in the real estate VR and AR space. Matthew Hood of the Hood Real Estate Group at Sotheby’s International Realty said: “A number of young tech companies are exploring an entirely in-VR experience where you enter search criteria like price, location, and number of rooms and you’re presented a number of homes and you can virtually tour….Once that happens, you’ll look back and say, ‘How did we do this before?’”
Thanks to new technologies such as the ones we specializes here at 3D World renderings, Inc., all you have to do is put a VR headset on and get yourself immersed into another reality. All the perks of an open house without the need to attend one… That is the essence behind why Real estate companies see huge potential in the use of both VR and AR. While Virtual Reality can serve as an alternative to open house, Augmented Reality might help potential customers visualize an empty space, and fill it with your desired furniture, the same way we did it for our friends and clients at Ollie | All Inclusive Coliving in Manhattan, NY. Before the construction was done, and based on their design, we were able to recreate the entire space in 3D, so future tenants could explore all the amenities of the space, before it was finish. Check it out here: Real Estate Secret Weapon.
This is becoming our new reality as seen on the latest Blockbuster movie from Steven Spielberg, Ready Player One. Real estate investors in our opinion are always looking to add new tools to their tool set box. Virtual Reali
ts their rentals, conducting renovations, advertising, and communicating with tenants are just a few ways of how we believe VR will improve the lives of real estate investors. VR is going to be a game-changer for real estate investors and the industry as a whole.
If you are a Real Estate Developer, an Architect, Interior designer or a Contractor in New York City or abroad, don’t miss out on the future. This is the future. This is already happening as we speak. As an overall takeaway, you should always hire a Design studio that specializes in 3D Rendering or Virtual Reality and is trustworthy and established. If you don’t, you could wind up having to do a reshoot and they might not be open to refunds.
Knowing what to look for when hiring a 3D & VR Design studio is only the very beginning of the things you need to know so you don’t make a mistake that could cost you hundreds (or in some cases thousands) of dollars.