Statistic of the Day: 6.39% of USA Real Estate Listings Have a Virtual Tour17644
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 WGAN ForumFounder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| Video: EyeSpy360 Founder, Andrew Nicholls (@EyeSpy360) Previews Rise of Virtual Tours Report | Video courtesy of Online Marketplaces | 13 October 2022 Statistic of the Day --- Statistic of the Day: 6.39% of USA Real Estate Listings Have a Virtual Tour Hi All, 6.39% of USA Real Estate Listings Have a Virtual Tour, according to this online chart provided by @EyeSpy360 and Online Marketplaces Media on Wednesday, 12 October 2022. What is the percentage in your market? To receive free access to the entire study, click here. Best, Dan |
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 WGAN Fan Club Member Gilroy, California |
Dataventurer private msg quote post Address this user | |
| Hey, you don't need to be a multi-national service provider to get adoption stats for virtual tours, just access to your local MLS! (I am a licensed real estate agent with Coldwell Banker, and I got access!). I just used the local MLS to complete a review of the use of immersive media by properties in my local area, south of San Jose about 25 miles. Here's what I found: • I found 144 active residential listings on the MLS. • Of those 144 active listings, 93 or 65% did NOT include a 360 tour in their media collection. • 80% of those 144 active listings were over $1M, 115 homes. 67 or 58% did NOT include a 360 tour. And 23 of those over-$1M-listings, 20%, had only photos. No 360 tour, no video walkthrough, no aerial photos or video, no web page, no slideshow.  • Of the under-$1M properties, 29 out of 144 listings, only 10%, or 3, had a 360 tour. You might notice I placed an emphasis on the listings that did NOT have virtual tours. That's because these stats are part of my pitch deck to real estate agents. I'm not showcasing how effective immersive media is (I present that info in earlier slides in the deck). What I am pointing to is the WIDE OPEN opportunity in my market for agents to stand out from the crowd by using a full suite of immersive media to sell their listings for top prices, fast. The home prices in my area range from $700K to $2M+ (you saw my statistic that 80% of the listings were over $1M). Yet only 42% of the over-$1M listings had a virtual tour?!?!?!? Somebody ain't gettin' the message about the value of immersive media! And I'm in action to tell them!  |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
DanSmigrod private msg quote post Address this user | |
| @Dataventurer Thanks always for the detailed notes and "why" ... Still looks like a lot of upside to go. "Win more and bigger premium listings by including our 24/7 Open House Tour in your listing presentation." Dan |
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denlee private msg quote post Address this user | |
| This statistic may be misleading. I asked my wife who is a broker, to take a look at the highest-priced active residential listings in the San Antonio, Texas MLS, where I thought there would be plenty of 360/3D tours. There are 16 listings priced between 5 million and 20 million. The URL in the 'Virtual Tour' field revealed the following: Listing 1. A 3-minute professionally filmed and edited video hosted on Vimeo Listing 2. A 2-minute professionally filmed and edited video hosted on Vimeo Listing 3. Nothing Listing 4. A 2-minute professionally filmed and edited video hosted on youtube Listing 5. A Slideshow of the stills (no Ken Burns effects) hosted on the photographer’s domain Listing 6. A 4-minute professionally filmed and edited video hosted on the photographer’s domain Listing 7. A 2-minute professionally filmed and edited video hosted on Vimeo Listing 8. Nothing Listing 9. Nothing Listing 10. A Slideshow of stills (no Ken Burns effects) & 2-minute video hosted at the photographer’s domain Listing 11. Nothing Listing 12. A 5-minute professionally filmed and edited video hosted on Vimeo Listing 13. A 3-minute professionally filmed and edited video on Vimeo Listing 14. Nothing Listing 15. Nothing Listing 16. A Zillow 360° tour and floor plan The 'Virtual Tour' field is picked up by realtor.com and placed over the first picture of a listing as 'Virtual Tour', even though in most cases it is anything but. |
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WGAN Fan Club Member Gilroy, California |
Dataventurer private msg quote post Address this user | |
| @denlee Wow, nice work checking things in your local area! As you have documented, what gets placed in the "Virtual Tour" field on the MLS listing (from which most real estate sites scrape the data), is up to the real estate agent when they fill out the details on the property. On this forum there have been discussions about the definition of "virtual tour" but I think most will agree, it ain't a video or slideshow (even a Ken Burns style slideshow)!!! I spoke with the guys at my local MLS a while back to learn how the data gets picked up and copied to the real estate web sites. The local MLS sets the guidelines and they police what is entered in the media fields for a listing. It appears your local MLS is providing no oversight to uphold the definitions of the various kinds of media for which they provide fields. I am sure the compliance guidelines and compliance strictness vary from MLS provider (and there are hundreds of them across the country). One of the statistics I found from my recent research of the 144 listings in my area was that 25% of them had media that wasn't displayed properly on the MLS, Zillow, Redfin, or Realtor.com. Agents were paying for media that wasn't showing up on the major platforms! Yikes! I think that is an area where media providers could offer some valuable help. An example of the kind of intricacies here is that Realtor.com supports 360 tours from only a handful of 360 platforms on their site. If you created a tour that's hosted on a platform they don't support, your agent loses the opportunity to have their tour presented on Realtor.com. |
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