How Does Virtual Reality Change State-Driven Relocation Incentives?

The dynamic interplay between Virtual Reality (VR) technology and state and local-backed relocation incentives is revolutionizing the real estate landscape. Nationwide, companies in multi-family housing, leasing and real estate industries are leveraging VR services provided by specialized industry firms to elevate the experience of property exploration. Businesses have learned how to simplify the property tour experience in a vastly remote world, and manufacturers of VR technology have jumped in to support this need.

As states saw this trend develop, they introduced relocation programs to draw in both real estate businesses and individuals looking to relocate. This overarching trend now plays a key role in the economic development and growth of different states. This offers real estate and construction companies the chance to benefit from new and unique incentives, especially as a value-add when working with customers and business partners considering relocation/expansion of their physical presence or workforce. Further, this allows real estate and construction companies the chance to broaden their potential customer base when working in areas that offer incentives. What’s this mean for the future of the industry?

Virtual Reality in Real Estate

VR technology offers immersive and realistic property exploration experiences in real estate, allowing prospective buyers and renters to virtually tour homes, explore neighborhoods, and engage with properties from the comfort of their current residences.

Simultaneously, states have developed and implemented relocation incentives to attract talent, particularly in response to the rise in remote work. These diverse programs offer financial incentives, tax breaks and unique local perks to individuals willing to move to their state. As a result, real estate and construction companies are drawing in more business in select areas. An example of this targeted program includes Indiana’s relocation incentive program: exemplified by initiatives like MakeMyMove, this program provides a combination of financial support and unique local offerings to individuals seeking a change in scenery. The state’s commitment, highlighted by legislative support and funding from entities like the Indiana Economic Development Corporation (IEDC), showcases a forward-thinking approach to talent attraction and economic development.

While individuals are organically drawn to these areas by states’ incentives, businesses in many industries are finding benefit from relocating and expanding due to the state and local offerings, as well. For example, Mississippi’s “Grow MS” program delivers grants and tax breaks to businesses that relocate to the state. And Ohio’s “Choose Ohio” provides grants and relocation assistance to businesses moving to certain areas in the state.

How Your Business Can Benefit from These Incentives

State-driven relocation incentives signify a progressive approach to talent recruitment and real estate. Property owners can now leverage virtual reality to provide prospective residents with a remote, immersive preview of potential living spaces and, at the same time, tack onto state’s individual incentives for relocation to attract residents to their properties. This exponentially broadens the reach of property listings to a global audience.

As the trend of VR in real estate and state-driven relocation incentives gains traction, the future landscape of property exploration and talent relocation appears dynamic and promising. The convergence of technology and progressive policies is creating a new standard for the industry, where individuals can make informed decisions about their living spaces and states can more actively work to attract diverse talent for economic growth.

These technologies and incentives provide real estate and construction companies a unique opportunity to offer additional value to their business partners through knowledge of these programs and including these technologies into their process. Incorporating virtual reality can better serve anyone exploring state-driven relocation incentives. As technology continues to evolve, and states adopt innovative programs to attract talent, the real estate landscape is evolving into a dynamic and interconnected ecosystem. To learn more about taking advantage of state and local business incentives, please contact our site selection team.