Virtual reality has been making waves since 2010 when the first prototype of the pioneering Oculus Rift was introduced. Since then, technology giants like Google, Samsung and Microsoft have recognised the potential of simulated environments and have jumped onto the VR bandwagon.
In fact, virtual reality has become so accessible that it’s on track to becoming a $29.7 billion dollar industry in 2020 and is already transforming the real estate industry.
Michael Pachter, analyst at Wedbush Securities told Fortune that he believes Facebook purchased Oculus VR for $2 billion in 2014 for “VR’s real estate potential”.
“You could do real estate open houses with 360-degree views and have a client come to your office and check out 50 homes through a head-mounted display and then pick the top ones to visit in person,” said Pachter.
However, it wasn’t until 2016 that virtual reality really gained momentum in the real estate industry. Let’s take a closer look at some virtual reality real estate technologies and how they’re transforming the industry: