The Real Deal New York

Brokers, how’s your grasp of (virtual) reality?

VR technology is becoming a regular investment for some developers
December 02, 2017 03:03PM

(Credit: Pexels, front; Pixabay, back)

Construction can be incomplete (or non-existent) for brokers to begin giving tours — and not a tour of a model apartment — thanks to virtual reality (VR), which some developers are beginning to invest in heavily. Developer K. Hovnanian Homes told the New York Post they have launched a dedicated team to develop VR tours for the majority of the projects across the U.S. “We have around 200 developments across the country right now, and I would say maybe 150 of them have [VR tours],” said the developer’s Alexander Hovnanian, son of CEO Ara Hovnanian. The use of the VR tours can be helpful for assuaging the worries of first-time buyers when the property is still under construction, or for sending a link to foreign buyers who aren’t able to travel to their property themselves. The technology costs, though. A VR tour could cost anywhere from $6,000 to six figures, according to the Post. [NYP] — E.K. Hudson