Is virtual reality going to rock the property world?

So there’s been a lot of talk around virtual reality recently with the likes of Zuckerburg and many large tech players investing heavily into it. So is it a fad like the mini disk or is it here to stay like the iPhone? And how could it affect the sharing economy and property investment? Here’s our take...

VR is likely to play a part in many people’s homes in 2017 and there’s been lots of speculation as to how. The technology obviously has many applications in the gaming industry, but there’s also been talk of ‘virtually’ going to concerts, travelling to exotic places and being in the films you watch - however we’re most excited about the ways it could impact the sharing economy and property investment.

When booking holiday accommodation potential guests could walk around the property they’re considering. If they’re sharing a flat with the host, imagine being able to have a chat with the host at the property itself. If you are a host, imagine being able to vet your guest in person, instead of via email. These things will help alleviate guests concerns about using holiday letting sites like Airbnb as well as ease concerns from hosts contemplating putting their home on these platforms.

For property investment, imagine being able to attend 20 initial viewings in an hour without even having to get into the car. Eventually you’ll still want to physically go to the property, but you could sort out the wheat from the chaff very quickly and from the comfort of your living room. As the world continually gets smaller with people increasingly living and investing their money further away from their town of birth, this could revolutionise the market opening up all sorts of exciting possibilities. I’ve got a property up North which is rented out and if I could have spent a few less rainy Saturdays in Salford, I would have! If estate agents added this functionality to their offering they could be far more efficient in many aspects of their business

So, ultimately we’re excited about the virtual reality revolution and we want to use it in our business as soon as possible -  we just need the likes of Airbnb and Homeaway to embrace it and we’ll make sure our properties are ready