As real estate agencies around the world increase their use of virtual visits to market properties, statistics reveal the benefits of this tool.
A Goldman Sachs study suggests that virtual reality in real estate will attain an industry worth $2.6 billion dollars with over 1.4 million brokers as potential users by 2025. This study was conducted on a limited number of markets, therefore the true value of these numbers could be much higher. You may ask why virtual reality is having such an impact in the real estate industry? The results of VRI’s collaboration with agencies in Monaco answer this clearly.
The traditional method
How many times have you physically visited properties and been disappointed once you arrived? You’re not alone, 75% of people are disappointed by the properties they visit. On average 30 visits are conducted online (through pictures, floor plans, or listings) and 10 visits are made in person before a homeowner buys a property. A long and lengthy process for both the client and the real estate agent. But virtual visits are efficient and time-saving.
Disrupting the process
Real estate marketing has evolved from photos, to floor plans, to expensive videos, to 360° panoramas and now virtual visits. The way a property is represented and marketed changes the interest generated. The three most common ways properties are represented:
- Solely property information (m2, location etc.) = 24% interest & engagement.
- Property information + photos (most common) = 37% interest & engagement.
- Property information + photos + virtual visit = DOUBLES interest & engagement to 48% in that specific property.
Today: 30,000 real estate agents in over 90 countries use virtual visits to provide their clients with online property tours.
Further statistics from online agencies prove why your real estate agency should use virtual visits:
Realestate.com.au : 200% increase of calls per broker, 600% increase in online engagement.
Apartments.com : Virtual visits attain + 50% more qualified buyers.
Realtor.com : More than 50% of users spend more than 2 minutes visiting a 3D model.
Se Loger : Properties with virtual visits reach 3 to 5 times more contacts.
Competition at an all-time high
Real estate giant Sotheby’s has started to use VR in their service offerings, and each day over 5 million virtual visits are conducted. That is considering that only 22% of agents currently use virtual visits in their service offerings. Competition between agents has never been so high. Such that 93% of brokers believe that virtual visits help them stand out from their competitors. Therefore, using virtual visits as part of your service is essential to taking advantage of the high demand for digital marketing as well as standing out from your competitor next door.
VRI’s main objectives
- Reduce properties time on market
- Increase your real estate’s ROI
- Help agencies expand their potential client list
By using virtual visits, traditional and digital marketing methods, VRI takes care of your agencies media strategies. Upgrading your storefront’s look using innovative property listing videos to increase your foot traffic is also one of our specialties.
Additionally, VRI keeps you up to date on quantifiable statistics of how many unique visitors have visited your 3D space. Ultimately, we boost your online presence to increase online sales and stand out from competition. Book your virtual tour and start benefiting from better media strategies !
Written by Lucas Brito