3D Virtual Tours NOT Really Effective?19583
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Shakoure private msg quote post Address this user | |
| Any thoughts on this Harvard U. study on the effectiveness of 3D virtual tours? On the face of it, I thought it sounded a bit non-intuitive, perhaps even backwards. Your thoughts? clickable text |
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 WGANStandard Member Los Angeles |
Home3D private msg quote post Address this user | |
| If this study is correct, then expect a minimum 1.1% bump with a tour. In LA, a “tear down” home in many neighborhoods seeks for $1M, so that “bump” represents $10k to the seller. The listing agent’s commission cut is $250 so a modest tour at that price comes to break even. I work mostly on luxury homes that have more reasons to do tours. Many are in gated communities so buyers cannot drive by. High end buyers are more likely to be from further away, even out of state so virtual tours deliver an impressive first look without need of a plane ride. And agents love that they save time by reducing appointments with ill-fitting buyers. But there is another reason completely overlooked by all this analysis. A savvy agent who commits to the creation of luxury marketing (photos, vtour, video) may win a listing over agents who pitch “photos are all you need”, regardless of the research. And to that winning agent who GETS the listing, that’s a huge financial gain. $1M sale at 2.5% is 25K. Even if the agent spends $2000 on the marketing, that’s still a gain of $23,000 over losing the listing. Penny wise, pound foolish, as they say. I have several clients that deliver “the works” for every home and win more listings as a result. They play the long game. |
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 WGAN StandardMember Birmingham, Alabama |
rko1 private msg quote post Address this user | |
| All is true. The big picture is, if you do a consistently great job, making changes (tweaks) to fit the personality of the property YOU will gain name recognition on a broader scale. Name recognition is much more important in the long run. While the FOCUS is on each property, as your portfolio grows, your body of work potentially reaches a much broader client base which is where your end GOAL should lie. It is not all about the client you have already sold, but all of the future clients you EXPECT to add based on the work that you continue to add. Do not always look at the small picture, look at your future and THE BIG PICTURE | ||
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 WGAN FanCLUB Member Coeur d'Alene, Idaho |
lilnitsch private msg quote post Address this user | |
Article written by someone with no Real Estate background ~ while an assumption I am also guessing that they are lumping anything in that "Virtual Tour" slot in the MLS like photo slide shows. I shoot some sort of VR on all properties that I shoot Zillow or 360 tours on everything & Matterport as an upgraded tour that offer more features like being able to take measurements and see the home in a dollhouse or floor plan view for a better idea of how the home lays out |
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Buster6070 private msg quote post Address this user | |
| Seems like they focus on final sales price on these properties, and the agent's tendency to price at a higher rate. They don't really focus on the benefit of these properties getting more views and exposure on Zillow or their days on market. If homes that use virtual tours get more views and subsequently sell faster this adds tremendous value, especially if the home is vacant or the seller has a contingent offer on their next property. If these properties sell faster, they're possibly saving the seller month(s) of mortgage, insurance, and utility payments while the home sits on the market. | ||
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Shakoure private msg quote post Address this user | |
| Thanks for the feedback, all of which pretty much echoed my own thoughts. Seems that just because something has Harvard Business attached to it, doesn't mean it's 100% quality research. I really would have loved to have a Q&A with the authors. Perhaps if they had interviewed some of us, they might have had more nuance and context. Here's the link to the actual research paper that was published and which the above article was based: clickable text |
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