Agents’ perceptions of the potential use of virtual reality in sales of residential real estate
Thomas, Paris; Wiejak-Roy, Grazyna
Authors
Paris Thomas
Mrs Grazyna Wiejak-Roy Grazyna.Wiejak-Roy@uwe.ac.uk
Senior Lecturer in Real Estate and Economics
Abstract
The residential real estate market is critical for the UK economy. Yet, transaction processes are overly complex. Emerging technologies such as virtual reality (VR) can help modernise this market whilst saving time and money for all parties involved. This study looks at the perceptions of residential real estate agents on VR to build a rich picture of the current and potential usage of this technology for the improvement of the transaction process. Primary qualitative data was collected through semi-structured interviews with seven active residential real estate agents. Interviews indicate that agents see VR largely as a useful tool that can help them remain competitive. However, the agents are clear that this technology cannot fully replace them due to the value of social interactions in the real estate industry. Whilst this study improves the knowledge surrounding agents’ opinions of VR, the results are not generalisable due to the narrow sample used. Further research is required to better understand barriers to the implementation of VR especially among more otherwise innovative agencies.
Deposit Date
Sep 18, 2024
Peer Reviewed
Peer Reviewed
Book Title
Applications of Immersive Technology in Architecture, Engineering and Construction
