Millennials excited by real estate's VR options

November 20, 2018

It should be no surprise that young adults love engaging with technology in more aspects of their everyday lives. As such, the fact that virtual reality has practical applications in real estate provides agents with great opportunities.

Many large brokerages - the kinds of name-brand national companies most people are familiar with even if they're not in real estate - already use VR to sell homes, according to entrepreneur Andrew Arnold, writing for Forbes. However, that practice is only likely to become more common as millennials come of age, as 71 percent say they like VR in general, and more companies both within and outside the industry are now pouring money into the tech.

A shifting landscape
While open houses are still the mainstay, virtual tours of homes for sale can be a great tool for those who can't make it to such an event, whether it's due to other engagements or that they can be hundreds or even thousands of miles away, but looking to move to a new area. As the technology improves, so too will the prominence of VR in selling homes.

Getting out in front
Industry data suggests homes with virtual tours available online are 40 percent more likely to be clicked on than traditional listings, according to House in Motion Colorado. Furthermore, buyers may be more willing to make an offer with an in-person visit, and 95 percent more likely to at least call an agent for additional information about the home.

Right now, VR still provides a bit of a "wow" factor, so agents would be wise to invest sooner than later.