Virtual reality is the future

Real estate agents will increasingly rely on digital technology such as augmented reality, virtual reality and near-field communication to market and sell property.

For example, virtual reality (VR) systems will soon allow potential buyers to ‘walk through’ a property without having to visit it.

Bindi Norwell, CEO of the Real Estate Institute says agents will use digital technologies as selling tools as they become more readily available and affordable.

Last week the institute began a partnership with virtual reality provider iStaging to offer ‘virtual walk through’ open home tours; in a couple of months it is hoping to launch digital contract signing service allowing agents to accept electronic signatures on legally binding documents such as sale and purchase agreements, cutting down the amount of time required to finalise a sale.

Norwell says: “With programmes being developed specifically for the real estate sector to use these technologies, we can start to see the potential impact they will have on the sales process. An example is augmented reality, giving prospective buyers the ability to overlay their furniture into an open home, creating the illusion of their belongings in the space.”

Other technologies that can be applied to the real estate industry, says Norwell, include near-field communication (NFC), using digital ‘beacons’ to transmit information about each room of an open home directly to viewers’ phones as they walk through the building.

Information can include materials used, energy efficiency, flexibility of space or other features. NFC transmitters can also be placed on street sale signs and ping prospective buyers’ phones as they pass by.

The use of virtual 3D walkthroughs gives agents the ability to show multiple homes from one location if they are taking a prospective buyer through a number of properties – especially helpful if the locations are spread out geographically.

The creation of customer profiles, thanks to viewing habits on social media, will also allow sales agents to target buyers with homes that fit their search profile.

Norwell says: “There are some fantastic technologies making their way into the New Zealand market which open up some great opportunities for agents who are willing to take the lead.

“Those who do step forward and embrace these technologies will see the benefits in helping to draw in greater numbers of prospective buyers.”