As one contemplates hiring a virtual reality development company, there are crucial factors that one must consider; these aspects, unfortunately, aren't always apparent at first glance. In retrospect, having traversed the winding path of virtual reality development, there exist 12 key factors I wish I had comprehended prior to engaging a VR development company.

• Understanding the Technological Ecosystem: The world of virtual reality is a sprawling ecosystem of technologies, hardware, and software. The first step to being able to appreciate the services a VR development company offers is understanding the interplay between these components. For instance, Oculus Rift, HTC Vive, and PlayStation VR are some popular hardware platforms, while Unity and Unreal Engine are common software platforms used for VR development.
• Specialization Matters: Not every VR company is a master of all platforms. Some are specialized in creating applications for specific hardware or software platforms. A comprehensive understanding of your project requirements and the target audience can aid in selecting a company with the right expertise.
• Portfolio Examination: A company's portfolio offers not just a glimpse of their past work but acts as a testament to their skills, creativity, and their ability to deliver. Examining their portfolio will give you a solid idea of their competence.
• The Budget Conundrum: Virtual reality development can be a costly affair. However, the correlation between cost and quality is not always linear. It's crucial to understand the cost structure and ensure it aligns with the project's financial constraints without compromising the quality.
• Understand the Timeframe: VR development is not an overnight process. It requires meticulous planning, execution, and testing to ensure a seamless user experience. A good VR development company should provide a realistic timeline for your project.
• Communication is Key: Transparent and regular communication ensures that the project stays on track and any issues can be addressed promptly.
• User Experience: A VR application's success largely depends on the user experience it provides. The VR development company must have a clear understanding of user interface design and user experience principles.
• Post Development Support: Post development support is often overlooked but is of paramount importance. The company should provide adequate support for bug fixes, updates, and improvements.
• Intellectual Property: It's essential to clarify intellectual property rights before beginning the project. You would want to ensure that you retain all rights to the final product and its source code.
• Industry Specific Experience: VR applications are now widespread across numerous industries such as gaming, real estate, healthcare, and education. Companies with industry-specific experience may be better equipped to understand and cater to your needs.
• Scalability: The potential growth of your VR application should also be considered. The selected VR development company should be able to accommodate and support the growth of your application.
• Legal and Ethical Compliance: Ensure that the company follows all the necessary legal and ethical guidelines related to data privacy, intellectual property, and content regulations.

In conclusion, the decision to hire a VR development company is not one to be taken lightly. It plays a significant role in the success of your VR project. Understanding these 12 factors can significantly improve the likelihood of your project's success and ensure a beneficial relationship with the VR development company. While this might appear daunting, the rewards of a well-executed VR project are well worth the effort.