National Brokers Network

How Virtual Reality Could Impact Real Estate Buying in the future

Buying a new home is no quick decision. The significant investment cost requires prudent budgetary decision making, comparison of property listing, and actual property tripping. For a busy prospect, these are real challenges. Panoramic photos or 360-degree videos may not be sufficient to capture the interest of a potential home buyer. Fortunately, there is a better solution.

Imagine touring a prime unit on a sprawling residential community without leaving the comforts of your office chair. It may seem like a science fiction movie, but this is the future of how we will buy real estate. Virtual Reality (VR) is earning a lot of media attention these days and promising exponential growth. It will soon become the norm when selling real estate properties in the future.

According to Mr Tom Panos, a leading real estate industry coach, VR technology and social media are the channels that the current generation of buyers and sellers operate in and which the industry should embrace and lead. The new technology is beneficial and will not only help cut down the short list of buyers and save them hours of drive time, but also help make the industry become more accountable and trustworthy than ever before as  information becomes more accessible.

As reported by, Mr Panos said “prospective sellers already used social media to learn everything they could about a property or an agent before they even met and while that might be a scary prospect for some, overall it was a great thing for the industry.”

“This ‘Google stalking’ wasn’t just used in the real estate industry. People used it before making all sorts of decisions, such as what restaurant to go to and where to book a holiday. In the past when someone had a bad experience with someone they could really only tell their friends and family, but in 2016 they tell the world. You can’t hide and the reason why is every consumer now has a loud voice,” Panos remarked.

The latest smartphone models are now capable of rendering VR technology. As featured on, REA Group Chief Information Officer Nigel Dalton said: “Everyone now carries a phone, that phone has got a great camera and a good processor and a great screen.

Australia is now pretty well covered by 3G and 4G and that has enabled us to get those extra layers, those digital layers that are the augmented realities, able to be seen through a phone and that has not been doable until now. You have got to look at science fiction to see where this goes in the future.’’

“We are working on a Microsoft technology called Hololens. It is the first stand-alone pair of holographic glasses and you can still see where you are, you can still see the people around you and the room around you, but what it does is it drops into that world a hologram of things you can look at. What we are aiming to do with all of these technologies is manufacturer that one commodity that families and real estate agents are in short supply of and that is – time,’’ Dalton quipped.

With the unique ability of virtual reality to create emotional experiences with the environment, this may well be what property developers have been looking for to fill in their units.

If you are venturing to sell a business, consulting with business brokers Victoria can assure you of the best results and not excuses.

Since 1883, National Brokers Network has been one of the most trusted business and property experts in Australia. With hundreds of offices around the world, National Brokers Network is committed to providing you with exceptional service across the globe. Take advantage of National Brokers Network’s marketing power to get the best value for your business. Talk to us today at 03 9226 9222 or email us at

Image Credit :

Confidentiality Agreement

In Consideration of the Vendor of the subject business, or any other business introduced to the Proposed Purchaser and their agent National Brokers Network (“the agent”) providing information to the Prospective Purchaser, the Prospective Purchaser agrees:

1. To keep all information provided confidential in respect to the subject business and any other business introduced to the Prospective Purchaser by the Agent.
2. That no information is to be disclosed by the Prospective Purchaser to any third party without consent by the Agent;
3. That it will not use for themselves. Or for others benefit, such information other than to Purchase the subject business or other business introduced by the Agent;
4. That any agreement to purchase the whole or portion of the business shall be exclusively through the Agent;
5. To immediately return to the Agent all such information and other details in written form including any drawings and any copies made of written information, notes, summaries or extracts of any document therefor if any when requested by the Agent;
6. Under no circumstances will the Prospective Purchaser make direct contact with the vendor of the subject business or other introduced business without the prior written consent of the Agent;
7. If the Prospective Purchaser breaches this agreement or buys the business direct from the Vendor, the Prospective purchaser is liable to and indemnifies the Agent for any and all losses the agent may incur including economic loss and loss of income.v

Client Signature (Sign on the box below)