Virtual Tours: How Estate Agencies Can Benefit from This Innovative Marketing Tool

Virtual tours have been gaining popularity in the real estate industry in recent years, and for good reason. They offer numerous benefits for both the agent and the buyer. In this article, we will discuss how estate agencies can benefit from this innovative marketing tool.

Improved Accessibility

Virtual tours provide a level of accessibility that traditional property viewings cannot match. With a virtual tour, potential buyers can view the property from the comfort of their own homes at any time of the day, regardless of their location. This is particularly useful for buyers who live far away and cannot easily visit the property in person. According to [3], estate agents can use virtual tours to reach a wider audience and increase their chances of making a sale.

Increased Convenience

Virtual tours also offer increased convenience for both the agent and the buyer. Agents can save time and money by eliminating the need for physical viewings until a potential buyer has shown genuine interest in the property. Buyers, on the other hand, can save time by not having to visit multiple properties that may not be suitable for them. As [1] notes, virtual tours can pre-qualify buyers and eliminate time-wasters, reducing the inconvenience and time spent on arranging physical viewings and minimizing the disturbance caused to vendors.

Enhanced Marketing

Virtual tours provide an innovative and interactive way to showcase a property, which can give estate agents a competitive edge in the market. According to [3], virtual tours can increase engagement with potential buyers and improve the chances of making a sale. In fact, properties listed with virtual tours can generate up to four times the number of enquiries and 49% more leads than those without, as per [2]. Furthermore, estate agencies providing virtual tours for their customers were able to charge an average of 9% more in commission than their competitors, according to [5].

Increased Competition

With the increasing popularity of virtual tours in the real estate industry, it is important for estate agencies to stay competitive by offering this innovative marketing tool to potential buyers. As [3] notes, virtual tours can set estate agents apart from their competitors and give them an advantage in the market.

More Sales

Ultimately, the goal of any estate agency is to make sales, and virtual tours can help achieve this goal. Virtual tours can provide a comprehensive and immersive viewing experience for potential buyers, which can help them visualize themselves living in the property. This can lead to increased interest and a higher likelihood of making a sale. As [3] notes, virtual tours can result in more sales for estate agencies.

In Conclusion

Overall, virtual tours have become an increasingly valuable tool for estate agencies in the highly competitive real estate market. With its ability to provide a comprehensive and immersive experience for buyers, virtual tours have transformed the way properties are marketed and sold. As technology continues to advance, the potential for virtual tours to become an even more integral part of the real estate industry is immense. Therefore, estate agencies who have not yet adopted this innovative marketing tool should seriously consider its benefits and make virtual tours a part of their marketing strategy.

Some Statistics

• The global VR market size is projected to reach $57.55 billion by 2027, growing at a CAGR of 30.2% from 2020 to 2027. [1]
• In 2020, 52.1 million people in the US used VR technology at least once per month, marking a 20.9% increase from 2019. [2]
• The global AR VR in Real Estate Market Ecosystem was valued at $298.6 million in 2018 and is expected to reach $1,151.9 million in 2023, expanding at a CAGR of 31.2% during the forecast period. [3]
• According to a survey by the National Association of Realtors, 77% of respondents said they found VR useful in helping them understand and visualize the property. [4]
• In a study by Coldwell Banker, 84% of home buyers said they wanted to see photos of the property and 83% said they wanted a virtual tour. [5]
• A report by Goldman Sachs predicted that the real estate industry could be the largest market for VR content by 2025, with a potential value of $2.6 billion. [6]
• The use of VR in real estate can increase property inquiries by up to 40%, according to a report by Virtual Xperience. [7]
• According to a survey by Sotheby’s International Realty, 64% of buyers prefer working with an agent who uses VR technology. [8]
• A study by Zillow found that homes with 3D tours and virtual walk-throughs sold 10% faster than homes without them. [9]
• According to a report by Trulia, homes with immersive 3D tours receive 28% more views than homes with only still photos. [10]
• The use of VR in real estate can save agents up to 90% of their time spent on property visits, according to a report by Real Estate Weekly. [11]
• A survey by Realtor.com found that 40% of buyers would buy a property sight-unseen if they had access to a VR tour. [12]
• The market size of global VR in real estate is expected to reach $1.4 billion by 2025 with a CAGR of 35.2% from 2020 to 2025. [1]
• 71% of real estate professionals expect that virtual reality will become a common tool in the industry in the next two years. [3]
• In 2019, real estate companies invested $8.4 billion in technology, including VR and AR. [3]
• The use of VR in real estate can save up to 10 hours of time per client by eliminating the need for physical property visits. [3]
• 77% of consumers who purchased a home in the past year said they would like to take a VR house tour before visiting a property in person. [3]
• By 2025, the AR and VR market is projected to generate $209.2 billion in revenue. [1]
• In 2021, the global virtual reality market was valued at $7.7 billion. [1]