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Augmented And Virtual Reality For Real Estate


Virtual Reality (VR) is a technology that has been around for a while, albeit not mainstream. With technology giants entering the market, Facebook purchasing virtual reality maker Oculus in 2014, there is a lot of activity in this space.

Augmented Reality (AR) is another technology that has the ability to alter the world around us. Microsoft recently showcased its Halo Lens and with Google purchasing Magic Leap, the stage is set for an exciting future.

Ralph Osterhout, known for night vision goggles amongst others, has developed R-7 Smart Glassesthat look as normal as a pair of sunglasses. Appearing on Australian ABC television show Lateline, he discusses his inspiration and how this technology will change the world around us.

“It’s just going to happen worldwide as a phenomenon that can’t be stopped,” he told ABC Australia Lateline.

Looking like a pair of sunglasses from the 1980’s, they consist of a set of transparent lenses that overlay items from your smartphone, displaying on the lens of the glasses.

So what can this technology do for real estate? How will real estate technology change and what will it mean for the real estate agent/broker/office.

In a recent article written by AR Pandora on Bisnow, discusses their use of this new technology concerning the real estate industry. Here is an extract of the article from www.bisnow.com.

With the dawn of virtual reality (VR) and augmented reality (AR), the future of real estate is now. From the comfort of your office chair in New York or Chicago, you can walk through a Phoenix condo or explore the ins and outs of your multifamily property in the Midwest. .. AR Pandora are creating applications that can show the intricate construction of properties using only your iPad.

In summary, the technology has a lot of possibilities for real estate. The industry is relatively new and lots of room for progress. Technology in general moves fast, this space has a lot of funding from some of the big tech giants, so expect to see more in the near future.

What will it mean for real estate? Probably a lot. We will have to wait and see, stay tuned and watch this space.

Below is the Halo Lens home of Microsoft.


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