How Virtual Reality is Reshaping the Real Estate Process

The commercial real estate industry has always been a robust industry with plenty of competition. There’s no end in the pursuit of signing contracts and closing deals. Getting your hands on some of the latest tech trends could put you further ahead of the pack. 

Technology is often relied upon for its ability to consolidate multiple steps into one, speeding up the sales and leasing process. Some tech innovations are already in use, including drone and virtual reality (VR) technology, which is proving to change the real estate game. 

Investing in the Future of Virtual Reality in Commercial Real Estate

Virtual reality (VR) is quickly becoming adopted for many reasons. When you have a look at investment estimation, you will find a significant number of financial investments are being made into VR technology. The market could generate as much as 2.6 billion by 2025. Commercial real estate is implementing all types of technology to grow business, draw in more people, and provide better services.

Potential customers are more likely to engage with companies that offer no-contact processing either for tours or signatures. The more convenient and able you are to provide a comprehensive view of the property, the better. 

Virtual Reality is an Immersive Experience

Virtual reality in the commercial real estate space allows for a much more immersive experience and is used for dazzling comprehensive tours. It makes it easier to view each aspect of the property that might otherwise be overlooked. 

VR technology provides a seamless, real-life 3D experience for someone to feel as though they are in the actual, physical commercial property. This unique technique helps support a more immersive and true-to-life experience without the inconvenience and time commitment of physically going to see properties.

Besides using virtual reality for marketing purposes, VR is also highly useful for the following reasons:

  • Higher saving potential on long-term costs – While VR is far from cheap, its cost-saving benefits reach far into the future, making it a worthwhile investment for many. Using VR saves on marketing costs in other areas, accelerating the decision-making process and helping developers avoid costly mistakes. 
  • Increases real-time efficiency – VR models are a great way to facilitate meetings focused on economic development with real-time exposure and allow live changes made by stakeholders.
  • Showing more properties to potential buyers or tenants – VR has the potential to dramatically increase the number of prospective buyers or tenants who view properties and how many properties they view. It makes more sense to virtually take someone through 10 properties in a short period of time, allowing them to choose one or two standouts they would like to visit in person, rather than driving to each location, wasting time and money.

Virtual reality is proving to be a highly desired tool in the commercial real estate industry. There are plenty of reasons why it’s deemed a valuable commodity among other types of technology and why it will undoubtedly become a part of the norm.

Plaza Companies is the Premier Choice of Commercial Real Estate

Plaza Companies is a full-service real estate firm specializing in the leasing, management, construction, and development of some of the most innovative commercial real estate projects in Arizona. Plaza Companies is successfully competitive in the commercial real estate space while remaining compliant with all accessibility needs as a top priority along with all other legal obligations.  Our firm specializes in staying connected and conscientious of all emerging trends and laws.

Contact us today to learn more about leasing the right space or anything else we offer!

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Whether you are looking to us for management, leasing or development services, we can help you find the perfect space. With over 40 years of experience, you can trust Plaza Companies to assist you with your real estate needs.

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