Virtual Reality’s Role in Global Real Estate Market Expands Due to Coronavirus

As the global impact of the coronavirus expands, real estate agents are finding creative ways to continue connecting buyers and sellers. Guidelines for social distancing and mandatory closures have changed daily since the start of the coronavirus outbreak, with real estate agents adapting continuously to attempt to keep transactions moving. Virtual reality and virtual tours provide a way for buyers to continue their property search from their homes. “Real estate agents and brokerages are chameleons and entrepreneurial by nature, so we’re quick to adjust,” said Eddie Shapiro, CEO of Nest Seekers International. “In addition to virtual reality and virtual tours that are already available on many listings, we’re using Google meetings, YouTube Live and Facebook Live to orchestrate virtual open houses.” Conventional open houses, typically held for several hours on a weekend for anyone who wants to see a property, usually don’t meet the social distancing guidelines of keeping six feet from other people. Many jurisdictions have banned gatherings of more than 10 people at a time, which many open houses would violate. In addition, many people are voluntarily staying away from other people in general to prevent the spread of the coronavirus. Since other countries experienced the virus a little before the U.S., the assumption is that international buyers may come back to the real estate market sooner than domestic clients, said Rory Golod, New York regional president of Compass real estate brokerage.