The Real Estate Market is rapidly moving away from the days of an estate agent tagging along with a customer, showing properties, and trying to make a hard sell.
This is the age of Virtual Reality (VR), and virtual property walkthroughs. VR 3D tours in the real estate market are set to emerge as the most powerful selling tools for property, off-site.
The benefits of a VR Tour are untold in the Real Estate Market. Imagine a situation where the customer can view several properties in a fraction of the time it previously took him, and the real estate agent can simultaneously take care of several customers on several virtual fronts: Makes for a happy equation, with sales and acquisitions closing way faster than in the past. As the customer gets more deeply immersed in the ambience and experience of the space, the benefits to the realtor are translated into:
Increased conversion rates, time and cost savings, resource savings, increased viewings, more referrals, and readily marketable international exposure- all ensuring that the deal will be struck faster, with more customer satisfaction.
Statistics from realtor.com show that listings with virtual tours get clicked on 40% more than listings without virtual tours. From a Mixpanel Analytics finding of May 2016, 60% buyers iterated that after viewing a virtual 3D real estate tour they would likely engage further with the agent via email, and 95% confirmed that viewings incorporating a Matterport 3D showcase would induce them to call.
The importance of VR tours can be judged from the fact that even traditionalists Sotheby’s have integrated them in their realty listings: John Passerini, global VP of Interactive Marketing there says, “Introducing 3D and VR Tours on sothebysrealty.com is just another example of how we are keeping the Sotheby’s International Realty brand on the cutting edge while creating an immersive experience for consumers”
How is the Virtual Tour an unsurpassed tool for the Real Estate sector?
• Virtual tours can help reduce the amount of the so called wasted viewings by 40%
• Visitors can walk through the entire property without an appointment 24×7
• Listings with virtual tours get clicked on 40% more than listings without virtual tours
• For realtors, this is truly beneficial, since previous limitations of location can be circumvented and induce prospects to become buyers with ease.
• 3D VR estate tours edge out the competition. They increase the company presence and brand.
A good example is the case study of Matterport. They have garnered more than 40 million views for their virtual spaces since they first implemented 3D virtual Realty viewing. Now, their online 3D tours are attracting about 1.2 million views a month.
The VR 3D Real Estate tour is progressively building a stable market for itself. It not only gives property purchasers an upper hand, it works well for renters as well. Instead of measuring sidewalks and drives, renters and leasers can now avail of these armchair tours and make a choice through side-by-side comparisons between rentals.
Real estate agents are already cashing in on this revolutionary phenomenon. In the words of Julie McEvoy of Curbed, “Virtual reality has been a big piece of early sales. Being able to see and experience the space is huge.”
The earlier a company invests in this virtual reality technology, the better business they will experience than those who do not. According to Goldman Sachs, ‘there is a potential user base of 1.4 million registered real estate agents, and an aggregate real estate commissions market of $107 billion. This is the market that VR is to disrupt.’