OCULUS QUEST FOR COMMERCIAL APPRAISING

Oculus Quest for work? 

When you’re a commercial real estate appraiser specializing in massive scale projects for the Department of Transport, for instance, you might find yourself in need of covering quite extensive ground in order to appraise an entire property. Sometimes these properties can cover wild acreage on untraversable terrain. Then the appraiser simply isn’t able to physically access the area.

In any situation where an appraiser couldn’t physically get to the site because of ridges and 1000 acres of land to trespass, they could instead go virtually with Oculus Quest. They could look around on Google Earth at the actual area. In fact, just using Google Earth the way it is today, appraisers could do print screens of the virtual area to add to their reports. Or they could go onto Google Earth as a group and “visit” a site as a collective. This would have huge impacts for right-of-way projects. As we will see, there are countless possibilities of the way this technology could be applied to commercial appraising. All of them are actually really exciting. 

Oculus Quest: Augmenting the Appraisal Process

The idea of augmenting the appraisal process with VR technology isn’t a new one. National Mortgage News covered the story last year. They described how to save time on the appraisal process by utilizing VR. It’s exciting to think beyond Oculus Quest’s primary use for video games. We have imagined ways this tool could be applied to commercial real estate. Ultimately it could save time, money, as well as help keep the appraiser physically safe. Many job sites might contain hazardous health situations. See our articles on potentially lethal bee stings as well as our piece on risky natural environments.

The Oculus Quest could eliminate the need for an appraiser to physically cover the whole perimeter of a site. They could also have a wider perspective of the site in total. An appraiser might need to view a site that is widely spread out. Some assignments involve walking large industrial lots. Appraisers walk long distances to see all the square footage. In these situations, finding creative ways to apply new technology is helpful for the appraisers to use their time efficiently on the job. They could also get a different perspective that could ultimately improve their analysis. Since all appraising is by essence subjective, utilizing technology like the Oculus Quest would help appraisers understand the way a proposed bridge, yet to be built, would really affect and impact an area.

The Future of the Technology

This technology is still early but even now the possibilities are real and meaningful. On a collective assignment where appraisers couldn’t physically be in the same area, the team could meet virtually and see everyone’s avatars on the job site. In this capacity, it would be a great tool for retrospective reports or job training. The Oculus Quest could render the avatar to actually go down and look at where the road is going to be. Looking at the project as complete and seeing the elevation would help an appraiser determine what the impact will be for the ROW project.

There could be multiple other uses for the technology in the future that are unknown now. But we can assume that it will only get more sophisticated as it develops. The possibilities of Oculus Quest obviously go beyond just the commercial appraising world. And it is our belief that soon other industries and corporations will start harnessing the power of the VR technology beyond its initial purpose. In the appraisal world, the Oculus Quest could help appraisers produce retrospective reports where a building is completely gone. As well as tracking retrospective comps. Needless to say, the possibilities are pretty interesting. As the technology continues to develop, and more organizations start utilizing Oculus Quest and similar technologies, we can expect our jobs to be enhanced by the power of this tool.