Broker Marketing: 3D Virtual Tours vs. Open Houses

In their cross-generational Real Estate in a Digital Age 2017 Report, the National Association of Realtors' research department revealed that home buyers are more comfortable than ever starting and continuing their home search online. In fact, almost half (44 percent) of home buyers launch their new home search online - and 95 percent of them continue their search online. It's little surprise that more than 90 percent of real estate firms have a website - primarily to post property listings. And more real estate agents rely heavily on their mobile devices to connect with clients via phone, email, or text.

With the increasing digital adoption, we see a commensurate decrease in real-world engagement. Consider these responses from the NAR study about what real estate marketing resources home buyers seek and appreciate as they make decisions:

• Photos - 89 percent
• Detailed information about the property - 85 percent
• Virtual tours - 50 percent
• Neighborhood information - 44 percent
• Interactive maps - 41 percent

Let's focus on virtual tours. They're becoming increasingly important - already, half of all prospective home buyers say they find virtual tours useful, and 50 percent of people attend open houses. So while it's clear that both have an important role in the decision-making process, the digital trend indicates that the reliance on virtual tours is likely to outpace traditional, in-person open houses.

Comparing Virtual Tours and Open Houses

Traditional open houses can be a hassle for buyers and agents. If they're crowded, it's hard for the agent and buyers to connect. That leads to time-consuming follow-up. If they're poorly attended, the open house is a waste of your agent's time and budget.

Luckily, your agents don't need to rely solely on traditional open houses to be successful and complete a sale. By combining virtual tours with the basic components of an open house, you can give buyers the flexibility they need with the immersive experience of visiting a home in person.

Let's review the differences between traditional open houses and virtual open houses powered by Matterport virtual reality technology:

At Matterport, we have clients all over the country who utilize our virtual tours for their brokerage. They use our technology as a selling point to attract top agents because virtual tours not only benefit the buyer but also give agents more flexibility and efficiency. Since buyers are starting their home search online, they can take your virtual tour within the first few steps of their search. A home buyer who has already been on a virtual tour is more knowledgeable and prepared to make a purchase decision when they contact your agents.

If you're still using traditional open houses, you may be missing out on half of the potential buying market. With such affordable and useful resources available to create and offer virtual tours, you can compete for more buyers more effectively than ever. The chances are great that those same prospective buyers will appreciate that you have accommodated their schedule and location. They'll have enjoyed a private tour experience and learned more details about the property. And they will have done so in a format they can share with others whose opinion matters as they're buying the place they're going to call home.

To view the original article, visit the Matterport blog.