Virtual reality is a type of technology that goes beyond simply higher entertainment purposes. All types of industries are using both VR and AR to adapt to the changing times and propel their businesses into the future. One major field that is benefitting from the virtual expansion is the world of real estate investment.
In the past, people who wanted to invest in an area needed to be there in-person. Not simply to evaluate the property directly, but to spread word-of-mouth about their firm as well. There are, however, a number of tools that exist in this day and age that can broaden an investor’s demographic pool, as well as their portfolio.
Zillow is a great resource for expanding a real estate portfolio. It is now possible to upload a full virtual tour of any property that can instantly be viewed by any potential investor from anywhere in the world. On the flip side, Zillow also provides market data on every region and neighborhood, such as comparing prices, schools in the area, and crime statistics.
While many people already enjoy the wonderful technology of Google street view, not everyone knows about the next iteration of virtual travel called Google Earth VR. With this technology and the right hardware, a person can practically walk the streets of any desired location around the globe.
For people who are just starting out, there is a way to ease into the world of virtual real estate investing by starting as a middleman. Virtual Wholesaling follows the same basic idea of acting as a traditional wholesaler, but instead of being confined to your local area, you have the freedom to pick any other market with the potential for stronger investor activity or less competition. Distance is no longer a factor in a virtual marketplace because you are representing yourself via smartphone and the internet, among other ways. References can be written and checked online, and printed materials can either be faxed or digitally signed.
With all of these tools, it is still just as crucial to do your own research about a market. There are a variety of websites that can provide house data and predictions about the growth of certain areas. Oftentimes, it helps to explore a more rural sector. Tax-delinquent properties and probate sales are also good opportunities to build up a portfolio, as are vacation rentals. If you have no interest or experience in the actual property management, it’s very simple to hire a company to handle the daily ins and outs.