With investors locked away in their homes due to government ‘social-distancing’ policies and the COVID-19 coronavirus global pandemic, the viewing process is something that has suffered in the property investment industry, as prospective investors looking to secure their next promising asset will no longer be able to set foot into apartment/home properties for the foreseeable future.
It’s not all bad news, however, as developments in the Fintech sector (and more specifically the proptech sector when discussing the property investment field specifically) have brought about a unique offering in these challenging times for businesses – A virtual reality alternative to the normal viewing.
Offered by forward thinking property investment companies as a way of bypassing the face to face consultation, these ‘virtual viewing’ packages are at worst an immersive ‘next best thing’ for investors that are dipping their proverbial toes in the water to find a new investment strategy, and at best a comprehensive package that can give an investor all the peace of mind they need to get going. Here’s some more information.
The virtual viewing process
Interested in finding out how the virtual viewing process works? Property investment company RWinvest offer a comprehensive package. Here are some of its components:
- The VR component – with an immersive, fully 3D look at a prospective property offering, investors are able to get a feel for a property, what it looks like from the inside and outside, and how it fits into the surrounding city contextually. While they might not be able to feel the breeze from the balcony, it’s as immersive as you’re going to get, and if investors don’t have a makeshift VR headset available, they can download the file to their phone and have a look at it that way, instead.
- Accompanying literature, guides and videos – As well as ongoing communication between the client and the investment advisor, supporting documentation is also provided to give a well-rounded idea of what to expect. This can include anything and everything from overarching drone footage of the area, to guides on the building’s surrounding points of interest.
Despite being a heavily relied-upon piece of equipment for aiding the investment process, virtual reality had its origins in the gaming sector, something that some would regard as a little more trivial. While it’s true that immersive gaming experiences might not be as important as some integral aspects of business or industry, they have allowed the technology to develop, which has had a positive knock-on effect on how it’s used generally.
Again, in these concerning and uncertain times, VR is also being used to connect families and friends together socially, too. People can meet up online in the stead of meeting up for real, and play games together and chat.
Another one of the many benefits to VR investment is that investors can not only observe properties that they can’t access, but also properties that don’t necessarily exist yet. Off-plan investment is one of the most popular strategies, and so sometimes investors look at VR mock-ups in order to again get a feel for what it’s like. This is a great way of removing some of the trepidation associated with off-plan, as it makes it easier for those unsure to visualise what they’re putting their money into.