Realtors consider investment in Virtual Reality for property viewing

April 2, 2020: Multiple real estate players have embraced technology in full gear to keep the sector afloat during slowdown. They are using technology for property views and walk-through, as the sector goes through absolute standstill amidst the nation-wide lockdown.

Even though the sector is experiencing very low demand, developers are trying to cash in on the trend of virtual reality (VR) and artificial intelligence (AI).

Most of them believe that this setback is a hidden opportunity to transform during the ongoing crisis. The real estate fraternity is looking to investing more money and effort in online platforms as they enable digital walk-throughs, innovative transaction potential, etc. that can facilitate site visit and even transaction that cuts down to some extent the hassle of physical site visits.

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In fact this crisis has necessitated the need for investing in online platforms as it massively cuts down on time. Also, it is a great way of shortlisting properties. Until now it felt that it would take some time for digital walkthroughs to become a big thing. But the current crisis has catapulted investors as well as realtors to jump on the boat.

While the stock market is bearish and the financial sector is undergoing a hard time, there could be a revival in interest for real estate as an asset class amongst the investors as prices are quite low.

Physical visitation of properties across the country have reduced substantially.

While inquiries have reduces, it might take some time to evaluate the long-term loss in the industry with certainty, triggered from the outbreak of COVID-19. While there is a class of buyers who are not avidly looking to buy, there is alongside a class of investors that is cashing in on low prices.

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