Technological innovation in the virtual sphere has skyrocketed in recent years, impacting a wide range of industries. Not least, virtual technologies are transforming the way we buy and sell houses, signalling the next generation of real estate.
Virtual Home Buying Services
Traditionally, houses would be valued by an agent physically looking at the property. Then, buyers would visit the location before putting in an offer. However, virtual home buying services eliminate the need for anyone to be in the home before the offer is made, as everything is done online.
For example, say you’re looking to sell your house fast in Liverpool, Birmingham, Manchester, London, and other major cities where the housing market can become incredibly saturated. Home buying services like We Buy Any Home allow you to fill out an online form before providing you with a free, no-obligation cash offer within minutes. Rather than having to spend time to make it competitive in such a saturated urban market, you get a guaranteed sale at a time that suits you.
Surveyors and valuers will only assess the property in person once the offer is accepted. This is because they use tailored valuation software that uses data collection and analysis to provide them with efficient market insights, which are used to inform the offer.
Virtual Real Estate Tours
Virtual reality (VR) has been quite a buzzword in recent years. Whilst it is primarily used in the entertainment and training sectors, VR is seeing a rise in real estate, too. Put simply, this requires the production of 360-degree footage, which is pieced together to create an interactive 3D virtual environment.
Now, this is not particularly a new concept, as it has been used in places like Hong Kong since at least 2022. However, this technology has only recently started making waves elsewhere in the world, thanks to the continual development of VR software and the increased accessibility of VR hardware.
VR real estate tours can be interacted with using most devices, including, but not limited to, VR headsets and accessories. This allows potential buyers to view houses from the comfort of their home, but still get an authentic and immersive view of the property.
Virtual Trading and Transactions
Virtual trading is essentially the process of selling a house using a Non-Fungible Token (NFT). Legal and regulatory issues surrounding the concept of virtual real estate trading are still being ironed out since the first transaction in South Carolina a couple of years ago, but the general consensus is that these transactions could become increasingly popular in the near future.
This is because the transactions use digital cryptocurrency, which can alleviate stressors with international transactions, enable liquidity, and reduce the risk of delays from traditional bank transfers.
The NFT represents the physical property and is simply traded on a blockchain platform to someone with a valid KYC form. The NFT holder would then enter into a legal agreement with the property holder to transfer ownership.
As you can see, technologies like virtual platforms, valuation software, cameras, tours, transfers, and trading platforms are taking real estate into a new, virtual era. With virtual technology continually developing, the next generation of real estate could be driven by further digital innovations.
