Virtual Reality for Real Estate Grows. Coldwell Banker Shares How Developers Can Get Involved

Virtual Reality for Real Estate Grows. Coldwell Banker Shares How Developers Can Get Involved

Don Williams

Samsung Demonstrates Virtual Reality for Real Estate at Coldwell Banker “Generation Blue” Event

Last month, we partnered with Coldwell Banker Real Estate at their annual Realtor event “Generation Blue” in Miami to show the new Gear360 camera and provide demonstrations of Real Estate VR applications for attendees. At that event, over 2,500 agents from around the United States and the world to spend 3 days discussing market strategies, trends, tips for success, and participating in activities with fellow agents.

Coldwell-event-booth

Tori Keichinger, Brand Engagement Manager from Coldwell Banker gave a presentation specifically on VR for Real Estate. In that presentation she outlined some of the key advantages and uses of VR in the Real Estate market, and pointed out that VR for real estate is expected to grow to a $2.6 billion market 2025.

In partnership with Samsung, Coldwell Banker created a “Behind the Scenes” VR movie shot completely on the Gear360 of the Coldwell Banker production crew filming their next installment of “World’s Most Expensive Homes.” (This VR experience is now available on SamsungVR.) Tori Keichinger gave a short demonstration showing part of the movie on stage, and invited all of the guests to stop by the Samsung table for a VR experience.

“Our partnership with Samsung really enabled our Agents to expand their VR options,” said Tori Keichinger. “Now that Samsung can offer a complete package of a Gear360 camera, GearVR, and Smartphone for under $1000, it really opens up the VR market to the average home listing. Previously, our agents were using VR for only the higher end homes due to cost and complexity. Every time I walked by the Samsung table, it was packed with Agents trying the experience and discussing VR for their business. It was great to see!”

What’s Next for VR and Real Estate

At the event, Samsung demonstrated 2 Real Estate Virtual Reality tour applications from Real.Vision and Transported.io. With these applications, Agents can take images of their properties (in about 30 minutes using the Gear360) and upload them to the app database. VR users are then able to take a virtual tour of the property by accessing the app within GearVR. Samsung also showed the “Behind the Scenes” VR Experience for the World’s Most Expensive Homes, and a few non-Real Estate VR applications as well.

Coldwell-event-booth-2-in-headset

This technology allows buyers to virtually tour multiple locations, and view properties remotely (for buyers out of the area). The Agents are also able to use VR technology at the many events or locations where they’ve setup tables to promote their business.

While VR is not projected to replace the traditional MLS database searches and house visits, it does address a number of pain points and provides additional marketing and appeal in the industry. It is more of a supplement and tool in the Real Estate process. The main draw of VR is that it provides the viewer with a near-real look into the property, with perspectives that are just not possible from typical 2D photos. It is the next best thing to actually getting into a car and driving around to multiple properties.

We saw the future come quickly when Coldwell Banker agent Anthony Colantuono used Samsung VR equipment for Cleveland’s first VR broker’s open house.  Rather than having 30 agents tour his $1.65 million listing on the outskirts of Cleveland, Anthony had more than 80 agents join him at a restaurant 20 miles closer to the city’s real estate agent base.

“This is the future for real estate,” Colantuono said.  “It was amazing to see agents on the VR tour coming down the stairs and reach for the handrails.  I was able to get the property seen by nearly triple the amount I normally could have.  And they were the right agents.”

What does the Real Estate market need from developers?

As we continue to work with Coldwell Bank to bring VR to more Agents and offices, we are excited for new releases and wider availability of VR real estate apps.

Coldwell suggests developers who are interested in getting into the real estate market, consider these tips:

  • Work with Realtors to understand the needs and applications for VR.
  • Examine potential VR capture options and costs.
  • Develop solutions to the specific use cases of Real Estate.

Join the Discussion

You need to to your Samsung Developer Program Account to post comments.
Don’t have an account? Sign Up here.