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CathieRasch private msg quote post Address this user
I was on one of my real estate Facebook groups tonight and saw the following post in regards to a Matterport scan:
'I spent $350.00 for a 4696 sq ft home (remember that this is finished square footage not including unfinished spaces like garage and attic) and I had 9k views just on Facebook in the first 24 hrs...VERY worth it. If you don't keep up, you will be left behind.'

For the Matterport service provider that did a scan on a 4,696 sq ft home for only $350.00 would you please let me know how you are calculating your cost/value of providing the service?

For everyone else, good real estate agents are discovering the value of the Matterport platform. Please carefully analyze the value of the service that you provide. Help the agents with ideas on how to use the Matterport scan to market their listings. Don't undervalue your service to generate busy work, find ways to bring value to the agents that are willing to pay you a reasonable fee.

Rant over. Disclaimer, I am a real estate agent using Matterport to market my listings, my husband is providing the service to other agents in my market.
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DigitalImageries private msg quote post Address this user
Thanks Cathie, I needed that rant!
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DigitalImageries private msg quote post Address this user
What would your husband quote for the same size house?
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Jamie private msg quote post Address this user
That's a little more than we charge here.
It's generally 9.5c per Sq ft (USD 6.5c)
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CathieRasch private msg quote post Address this user
The last scan that my husband did was for a regional builder that has promised future work. He did the scan for $.15/sq ft with options for additional videos such as neighborhood video and/or a video walk through of the house (converting the Matterport scan to video for those prospects that struggle with the technology to do the walk through, we work in a retirement market). We do provide suggestions for marketing the scan and using it to engage consumers.

I can tell you that any real estate agent would drool at the idea of engaging 9k prospects for only $350.00. Many real estate agents are paying Zillow, Trulia and realtor.com over $40.00 per lead.
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JRMaddox private msg quote post Address this user
But its got to be different from state to state and country to country.
I charge almost .15¢ a sq foot for my regular DSLR photos. So I cant believe that would be the same for the Matterport pricing.
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RealEstateReadines private msg quote post Address this user
One scan going viral is not the key to assigning value. I had a listing receive national publication (still photos, but there was a link that had a MP scan on the page). The MP scan is not what went viral, it was the still photo and the right publication picked it up on social media. People commented on the MP scan and thought it was cool, but most wanted to know more about stats on the home. It felt good and my sellers were happy their home was noticed by so many people. However, most of the metrics showed the views were not in our area. The publicity is great, but it doesn't help sell the home to active buyers.
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CathieRasch private msg quote post Address this user
I'm sure that it's different from state to state and country to country, as is the average price of real estate and cost of living.

Here's how I look at it, estimated travel time 1/2 hour to and from, scan time approximately 40 minutes per 1000 sq ft, processing time approximately 1 hour, time to clean the scan/upload/email links etc approximately 1/2-1 hr. Fixed time, 2 1/2 hrs, variable time (scan time) 40 minutes per 100 sq ft. How little is your time worth?

In my opinion this is a factor of showing the agents how we can bring them value and help them sell homes. We either need to make the Matterport a standard, in which case the public will demand it, or bring additional value by helping the agents to market their homes with Matterport (which is cheaper than cutting the cost of the service because the time to post the link all over the internet is less than the time to do the scan).

Any ideas are welcome.
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RealEstateReadines private msg quote post Address this user
We are in a housing shortage here in the Twin Cities right now. A Realtor in my office listed a home 12/31 hoping to get a few views online with people off on New Year's Day. There intent was to get a jump on views and hope to have a few showings setup the following week. They had multiple showings on New Year's Day and multiple offers by the end of it. Realtor's know they do not need to invest heavily to sell a home when buyers are fighting over them. Until buyers are demanding MP tours on homes, Realtors won't invest in them. In our market, buyers are just demanding a few good photos and home priced right.

I don't mean to be a Debbie Downer, I just want to share what I am seeing and hearing. I am a Realtor and I own my own MP. I think this tool is the greatest thing to hit the industry since color photos. It truly gives the buyer full knowledge of what they are looking at.
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Jamie private msg quote post Address this user
Same here. Such a stock shortage, most properties don't get a week before it's sold, and lots tens or hundred of thousands over asking.
It's hard to convince the agent to spend 3 times what they would for just photos.
You really need to have the home owner demanding the service if the agent wants their business
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CathieRasch private msg quote post Address this user
My market is not that hot, although active. Have you seen the photos that are being posted by agents on MLS? Have you seen the virtual tours being posted? Can you articulate how you can bring more value and help the agents get more listings/sales?

Are you sure that you guys are not just talking to the best agents in your market and/or focusing on the fastest selling listings? Have you formed a cooperative arrangement with a GOOD agent in your market that can provide you with market statistics?

I can tell you that homes in the $200,000-$400,000 here are in a highly desirable price range but that sales in the higher price ranges had better be appropriately priced and well marketed. I can also tell you that there are plenty of homes that are not selling in 30 days on market.

If you would like to talk about how to add value I am interested in ideas on that discussion (we already have a list but I'm sure that it could be expanded), if you would like to talk about market segments, that is different in every market, but I can talk about what to look for, if you would like to talk about how to make Matterport a standard, I'm up for that too.
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HarlanHambright private msg quote post Address this user
Nobody ever answers the question what they're charging for scans. The square footage metric is a little weird I think. I'm charging about $500/listing. It's based more on time than size, though the 2 are coincidently linked usually but not necessarily. Some jobs are more, some a little less. I'm in a pretty rarified/upscale market. The company that lists cottage rentals has convinced the owners to cough up the $500. Some folks advertise $1.00/sq.ft. but there is no real estate agent I know, even in my high-end market, that would even consider that for a minute.
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CathieRasch private msg quote post Address this user
Harlan, can we come visit you? You're not too far from us. We do charge by foot because the sq ftg is related to the time. If your charge a flat fee than your smaller homes are compensating your larger homes.

As an agent I personally am including the cost of the scan in my business expenses but I own my camera and my husband does my scans. The truth of the matter is that I would not ask my sellers to pay for a print ad or an open house ad so why would I ask them to pay for my MP scan?

I would love to get together and brainstorm marketing. Is there a good seafood restaurant in your area where we could meet?
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Chankane private msg quote post Address this user
I'm in the Hawaii market. Ive seen some sloppy scans. I don't know how much they charge, but realtors don't seem to know or care about scan quality. If I were to perform sloppy scans, I may be able to eliminate 1/3 of scans and time. Then there are those mirrored hallways that'll take you 40mins to move 6ft...
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HarlanHambright private msg quote post Address this user
In my post I stated some are more, some are less. It's a range. I frankly haven't done many smaller listings. I am not in the real estate biz, but if you can get an owner to chip in for marketing expenses, why not? The rental market is pretty competitive here and owners are willing to increase their exposure. But that's between the agent and the owner, I don't care who sends me a check. We have good restaurants out the ying-yang by the way. @CathieRasch: you say you're charging by the foot, but don't say how much, then say you don't charge as its a business expense. Please clarify.
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CathieRasch private msg quote post Address this user
I did say in an earlier post, maybe you missed it, Tim charged $.15/Sq ft for his most recent scan. We would love to learn about marketing to the rental market, let's do lunch?
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CathieRasch private msg quote post Address this user
I do not charge my listing clients for an MP scan, I consider it a business expense (remember, I'm the real estate agent side of the business). My husband does charge for the scans when he offers them to other real estate agents, they choose whether to charge their clients or not. I choose not to charge my listing clients because I use the scans for internet marketing in place of print marketing which I consider to be obsolete. Any agent that thinks that they can offer to market a home at no expense to themselves is short sighted, in my opinion, they're going to have a hard time competing with an agent like me.
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immersiveprop private msg quote post Address this user
I have been adding value to my scans rather than cut the price to get more jobs. One thing that is working well is adding still photos to the scan package. I market that so the agents only have to get the home seller to leave the house once for pictures and a scan rather than two times for two different visits.

We also can provide full page scans that have the MP scan, still pictures, a map and contact information. If the real estate agent wants their own domain name for the site then I can do that as well.

I would love to hear different marketing ideas on how to advertise the MP scan. I have tried several different avenues but haven't had much traction.
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HarlanHambright private msg quote post Address this user
@CathieRasch. OK, I see now. As it turns out, I'm charging in the neighborhood of 15¢/sq.ft. as well, slightly more for a smaller listing. I'm comfortable with the lump sum approach as most of my jobs take about the same time and wind up with about the same number of scans. I did a 160 scan house yesterday which will be more. When do you want to come down?
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davidpylyp private msg quote post Address this user
Running around in traffic
Hour there an hour back
SET up tripod and level
Attach Camera
Grab ipad and engage

Shoot house ( hour per thousand square feet )
Upload
Broadband

Repack into carry case to protect machine

If I am not earning 25 cents a square foot I don't go
PS USD exchange yesterday was 1.42 on my credit card statement/

Agents are reducing their commission to gain business
If they cannot justify their commission why are they using every service provider to support their efforts?
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Jamie private msg quote post Address this user
How can you get 25c per Sq ft?
Maybe I need to give away free alcohol before I tell them the price
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Queen_City_3D private msg quote post Address this user
I think pricing will always be different depending on where you live and local real estate conditions. I agree that in a fast moving market that many agents would have trouble justifying exorbitant amounts.

Speaking of exorbitant amounts though... I need someone in the U.S. to purchase a few Powerball tickets for me. I'm thinking perhaps an agreement to share 10% of winnings... any takers?
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CathieRasch private msg quote post Address this user
Davidpylyp, do you do anything besides the scan to add value to your clients?
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DanSmigrod private msg quote post Address this user
Promoted Post

---

@CathieRasch

Great discussion ... thank you for starting this topic.

Matterport needs to focus on creating demand for 3D and VR tours rather than focusing on Camera sales. Once demand for Matterport 3D Tour exceeds supply, Matterport Pros will be able to command a premium for their services. Plus, Pros bundling services will also help Pro differentiate themselves.

The Guide to Matterport Service Provider Pricing – curated by We Get Around – includes links to the pricing page of 35 Matterport Pro 3D Camera Photographers is free for Members of the We Get Around Referral Network like you.

I will PM you the password for this link to the Guide.

Best,

Dan
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Seventhsunrise private msg quote post Address this user
We are at 0.50 per sf for properties over 7000sf. Set fees for properties 0-2000, 2-4000, 4-7000. We average .20-.40 per sf. This includes value added features that cost us little and add about 2 hours work per client. We also have agreements with others to provide X scans per month for a set monthly retainer. Those scans are closer to .20 per sf. We fully believe in the value of the product/s we offer and it appears our market is seeing that value as well.
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Jamie private msg quote post Address this user
Such a difference just across the border.
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CathieRasch private msg quote post Address this user
Seventhsunrise, can you expand upon your value added services?
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Seventhsunrise private msg quote post Address this user
Cathie, it depends on the client type (our focus is not on the real estate market primarily) We do offer floor plans, traditional photography, and 3D modeling, along with private webpages... But we also bring marketing help, strategic communications and other tools. In real estate- We market direct to homeowners which garners significant business and places more pressure on the realtors in the market to utilize the service (regardless of whether they use us or buy into Matterport themselves). The bottom line for us is that this technology and the skills required to use it correctly for each specific client type are worth what we charge.
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