Nathan Cool's perspective on the Matterport acquisition by CoStar19769
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 WGAN Fan Club Member Gilroy, California |
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He mentioned his opinion that 360 tours were waning in popularity and that video use was surging. I wrote a long comment to the video that disappeared this morning when I visited the page. So, not to waste my commenting efforts, I post it here to accompany Nathan's video. How are you seeing video orders in your area??? ================== Thank you, Nathan, for staying on top of the pertinent developments in the greater real estate media scene. It's thought-provoking to hear your observations. I want to respond to your claim that video is gaining traction for promoting residential properties. I'm not seeing that happening. I am persuaded that the top real estate search sites are where prospective buyers are going to find homes. Based upon the kind of traffic data that you presented in your video post, home buyers intentionally visit Zillow, Realtor.com, Redfin, etc. to search for homes. That's the arena that I focus on for data. I have a California realtor's license with a major brokerage and also offer full digital media services and consulting to my fellow agents. From my vantage point rubbing shoulders with realtors in my area (south Bay Area in northern California), a very small percentage of them are actively (and effectively) promoting their listings on social media. Even my most tech savvy realtor clients have not discussed, asked for, or indicated an interest in digital media formatted for social media platforms. Maybe there is a portion of realtors who are using social media (and therefore video) to promote their listings. I'm just not seeing it in my area. I just did a search on all the homes, condo, and townhomes listed for sale in the MLS area around me. There are 135 properties. 81 of those listings show ONLY photos to showcase their listings. That means only 41% of the properties use additional media. I just looked through all the medial links for the 54 listings that have additional media and found 22 that used a video. That represents just over 16% of the active listing out of 135 that chose to use video. On the one hand, you could say, rightfully so, that there is a huge opportunity to sell videos here. So why don't agents utilize video in their marketing efforts? I think there are two main reasons. First, is the cost of a video that must be paid for BEFORE agents make any commission (and there's a lot to be said about that!). The second reason is that the three leading search sites that I mentioned don't make much of an effort to feature and present videos. Especially Zillow! The link to off-site media is buried in the Zillow Facts and Features section. Realtor.com will only post an icon in the hero photo for videos hosted on YouTube and Vimeo. Same with Redfin. So home shoppers need to be really motivated to look for videos to find them. Bottom line for me is that I have statistical data collected from my own listings watching the viewing stats for Zillow page views, Zillow Home Tours, property pages, and videos. The videos are showing lower (far lower) views than the 360 tours and a one-digit fraction of the views compared to Zillow page views. I would expect other real estate photographers in other markets see different trends. But where I'm at, video isn't being used much by agents to showcase their listings. |
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Morristown, New Jersey |
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| I commented as well and it also disappeared. | ||
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 WGAN ForumFounder & WGAN-TV Podcast Host Atlanta, Georgia |
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| Video: MAJOR News To Affect RE Services, in a GOOD way | Video courtesy of Nathan Cool Photo YouTube Channel | 25 April 2024 From the WGAN Forum discussion: Question of the Day: Your thoughts about Matterport being acquired? Quote: Originally Posted by @ScanYourSpace ---- Quote: Originally Posted by @foxwrth13 ---- Quote: Originally Posted by ScanYourSpace |
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| Any official or insider reason WHY Costar bought out Matterport? | ||
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
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Quote:Originally Posted by Shakoure This is likely helpful: ✓ Matterport Highlights from the CoStar Group 1Q2024 Earnings Call ✓ Matterport Statistics from the CoStar Group 1Q2024 Earnings Call Enjoy your weekend, Dan |
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| Glad I watched the video. Also glad I read the comments. I've been doing real estate photography/3D tours for going on 4 years now. It's been a struggle. I'm in Texas between Dallas and Ft. Worth. Alot of the realtors utilize the Photo Mill services and it's difficult to get your foot in the door unless you know someone within and even then, sometimes hard to connect. I've learned a lot from Nathan and using his "Flambient" technique and it's definitely upped my photography game. I've noticed a lot of request for Matterport in my area has dropped off. It was never great to begin with. I think a lot of it has to do with where the tours are displayed on MLS, Realtor.com, Zillow, etc. But that has nothing to do with Matterport but the sites themselves. Another thing that isn't touched upon is the amount of nickel and diming realtors do to photographers. The photo mills do not help that scenario. Which is unfortunate. I was asked by a builder last year if I would consider upgrading to the Matterport pro3. I weighed the investment as I was receiving a lot of work from them. I mentioned that they would have to upgrade their subscription to accommodate the pro3 digital twins. Their solution was to make them a partner on my plan and host their model homes and quick move ins. As of January 30th, i've not had any work from them and have been ghosted by my contact. A cautionary tale for sure. After listening to Nathan's video, i was all set to sell my Pro3. Glad I hung in there and thanks to the poster of the comments that got me off that ledge. |
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 WGANStandard Member Osaka, Japan |
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| clickable text My comment on my webpage (Japanese) with the google translation below: Matterport management agrees to acquisition proposal of real estate search giant “CoStar inc.” BY MEIDANSHA April 23, 2024 Virtual Tour Business, Matterport Walkthrough Agreement for “Matterport” to be acquired by CoStar inc. This post is not a special image or virtual tour introduction. Here is some upcoming news about the company that uses the 3D generation software we use. On April 22nd, Matterport's management announced that it would accept an acquisition proposal from another American company, CoStar inc., and announced that they had entered into an agreement to acquire the company. Acquired at a premium of 220% of Matterport stock price The stock price had been depressed for a long time before the acquisition was announced. The day before the announcement, the stock price was in the $1.70 range, which was a pitiful situation compared to February 2021, when it was in the $12 range at the time of the IPO. Still, CoStar is being bought at a whopping 220% premium, offering $5.50 in cash and stock exchange. The agreement is pending approval by Matterport's shareholder meeting and the US SEC, but given Matterport's recent stock price, I think it will probably be approved smoothly. What is CoStar inc.? CoStar is a company that operates an online market for real estate for sale, lease, and rental properties in the United States and Europe. Over the past 10 years, we have used Matterport to deliver 300,000 virtual tours. According to CoStar, statistics show that properties with Matterport virtual tours are viewed 20% longer than those without virtual tours. This is why I want to buy Matterport even if I pay a high price. Below is a portion of CoStar's press release from May 22, translated by Google. “[b]CoStar Group operates the world's most effective and widely recognized real estate information solutions and online real estate marketplaces, including apartments.com, LoopNet, CoStar, and Homes.com, all powered by Matterport's 3D virtual CoStar Group was one of the first companies to adopt Matterport's technology, with approximately 300,000 CoStar digital twins currently available in CoStar's information products and online real estate marketplace. Advertisers on the Group Marketplace clearly see the value of Matterport virtual tours, with over 7.4 million views of Matterport 3D tours on Apartments.com in March 2024, when Matterport was available. CoStar Group similarly leverages Matterport on Homes.com to create the most comprehensive agent-, seller-, and buyer-friendly housing portal on the market. We plan to strengthen it further.” In this way, virtual tours, not just Matterport, are considered an indispensable means of advertising for people who want to see buildings, and they even pay a premium for the major virtual tour software companies. [/i] Matterport: Utilize real estate marketing weapons from the United States in real estate sales in Japan! By the way, before establishing Meidansha in February 2018, the founder started the business under his personal trade name "Virtual Real Estate." I have been using Matterport in Japan since 2018. We thought there was little demand for 3D virtual tours of real estate properties in Japan, so we changed the company name to ``Meidansha'' at the time of establishment, but we would like you to consider the weapons we offer to the real estate industry. For real estate agents, 3D virtual tours have many benefits, such as saving time by viewing remote properties online, increasing the number of buyers by allowing more prospects to see the property, and increasing commission fees as a value-added service for sellers. Yes. Please take a look at the web page below to learn more about how the much-talked-about virtual tour can contribute to your company's advertising strategy. https://meidansha-co.com/home/services/matterport_3d_photographic_service/ |
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WGAN Standard Member Osaka, Japan |
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| Google translate reversed some of the things I wrote. Like CoStar being bought should be “being bought by CoStar” | ||
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| @DanSmigrod ...Thanks Dan. I checked out the original quarterly call which has a bit more insight and detail. They seem quite insistent that 3D tours are the future and are heavily invested. I'm really curious to see to what extent this will impact the market. | ||
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 WGAN FanClub Member Buffalo, New York |
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| So think about this. Right now we have a situation where real estate agents are in an awkward situation having to get a home buyer to sign an agreement or seller. That's just to tour a home. We're all making 3D virtual tours. Why does anyone need an agreement to go visit a 3D tour of a house they're interested in. We're sitting on the biggest opportunities of our life. We just got to figure out how to make this happen. |
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