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The Future Impact of Virtual Reality on the Rental Industry

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Marina Shlomov - Tuesday, April 14, 2020

Technology is always changing. It doesn’t matter what industry you are in, a change in technology will affect it at some point. Whether it is upgraded security, more functional software, or a better way to exceed your customer satisfaction, technology will change the way you do business. 

Virtual reality is one piece of the technological pie. And, it is here to affect all sorts of industries – especially the rental industry. 

What is Virtual Reality?

Virtual Reality – also referred to as VR – is a way to bridge the gap between the physical and the digital world. By putting on a special VR headset, you are able to see the world around you as if you were there – except, well, you never even left your living room! 

VR technology is used heavily in video games. Imagine seeing something come flying toward you and then hearing it hit the wall behind you. You genuinely feel as though you have been lifted into another place. 

Can you see how this is going to be so beneficial to the rental industry? 

How Can it Help the Rental Industry?

Many moons ago, to find a place to rent, one had to find a newspaper and scan the classified ads. Then came the digital ads, classified websites such as Craigslist, and now social media. But in all of that, what still has to occur? 

A physical trip to the rental location. 

Sure, those far away may be pacified with some photos. But, more often than not, potential tenants want to physically see what they’d be renting before they will rent! Using VR technology, these individuals can view a rental property as if they are there – without ever physically visiting the property. They can walk around and view the rooms, the bathroom, the kitchen, the backyard, etc. 

Can you imagine it? 

Property managers, real estate agents, or investors with multiple properties are able to use the technology to show a greater number of properties in a shorter period of time. No need to drive 20 minutes to visit a property the potential tenants don’t fancy. 

Streamlining at its Finest

Streamlining is an important term in business these days. Everyone wants to make sure they are running in the most efficient manner while getting the most out of their resources. While many property managers already strive to have a streamlined business in place, adding virtual reality capabilities can take it to the next level. 

Bring the potential tenants in, show them all their options through a VR headset, and get the ball rolling. 

If you currently use virtual reality in your day-to-day business, congratulations. You are knee-deep in the world of advanced technology. For everyone else, get ready – virtual reality technology is coming and it is going to rock the rental industry. (In a good way, of course 😁)

 Marina Shlomov, a managing partner at ALH|Podland Realty and Atlanta Rental Homes Property Management is the author of many articles on Landlording, Real Estate, Rental Property Management, Atlanta Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her Atlanta property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTubeBiggerPockets and REI CLub and LinkedIn.


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