Power Lunch

Power Lunch

Will Virtual reality change real estate?

VR the future of real estate?
VR the future of real estate?

Virtual reality is penetrating the gaming and entertainment industry, but could it change the real estate landscape?

VR Global, a New York based company, films apartments and turns them into a virtual walk-through, where potential buyers can experience a home from anywhere in the world. CNBC recently got inside a home where the firm was turning a listing into a virtual experience.

"Turning your head to Virtual reality for real estate is like turning to Zillow, StreetEasy and Realtor.com when they first became big," Ryan Serhant, of Nest Seekers International told CNBC's "Power Lunch."

"This is the future of technology and soon buyers will be able to look at properties in New York, while they're sitting at dinner in France," he said.

Virtual real estate?
Virtual real estate?

Sam DeBianchi, founder of DeBianchi Real Estate is more skeptical, however.

"I think it's a great tool, but that's where it stops," she said. "It's virtual, it's not reality."

DeBianchi doesn't think a headset will ever replace the purpose of real estate agents.

"Real estate is personal," she said. "Technology cannot get personal with a potential buyer or seller--it's impossible."

Both Serhant and DeBianchi are currently using Virtual reality in some capacity with their clients.

The cost to turn an apartment into a virtual listing doesn't come cheap, however.

Serhant said he has some Manhattan apartments completed for $3,000, while a recent 3-bedroom apartment in Manhattan that CNBC visited, costed $15,000 in total.