3D, VR, 360° and Street View Photographers  |  Real Estate Agents  |  3rd Party Service Providers
Need a 3D/VR/360°/Street View Photographer? 2,952 We Get Around Network Members in 100 Countries! Ask For FREE referral!
We Get Around Network Forum
Business PlanReal EstateRealtorStrategy

Stats that shows listings sell/rent faster367

alegonzabot private msg quote post Address this user
We are currently working in our marketing strategy and a question came up with our team.

What is the tipical time a listing takes to sell /rent when using a matterport 3d virtual tour compared to a listing without virtual tour?

Example Answer: On average it took 10 visits to a listing to sell/rent, with virtual tour it now takes around 5 visits to a listing to sell/rent, this last is posible because virtual tours enable better qualified visitors to listings.

Example Answer 2: Realtors have notice that with matterport 3d virtual tours a typical listing is sold in half the time compared to a listing without virtual tours, these is posible because a listing is more exposed and the potential buyers/renters that show interest in the listing are better qualified to end up buying/renting than listings without a virtual.

Im just stating my business in Colombia, so any coments about stats you have collected from Realtors and your experiences would really help to improve my SALES PITCH.

Thanks
Post 1 • IP   flag post
Basic
Member
CarlosFHdz private msg quote post Address this user
That's a great question but a loaded one.
There are too many variables in selling real estate that cannot be overshadowed by a 3D tour. I would steer clear from making claims that listings "Sell" faster or for more, since you have no control over the list price and market.

I think you should provide it to a few realtor's at a discounted rate and ask them to provide the feedback and recommendations/testimonials for you to refine your marketing plan.

In my area, one realtor said after putting the house on the market with this he had the most showing's he has had in the first week, compared to any other property he's listed.

Do some more market research on the needs of the realtors in your area and find out what needs you can help fill with your product.
Here's the review from one of my clients in SoCal.

We hired Carlos at Tour It Now to create 3D tours on three of our new listings. This new technology is cutting-edge for the real estate industry, and it gives potential buyers a great tool to preview a home. Since we started using 3D tours, we’ve seen a marked increase in actual buyer showings, and all three of the homes went under contract within two weeks each. I also was able to secure an $850,000 listing recently, and a heavy portion of our interview included a discussion about the 3D tours we provide. The sellers were wowed! I’ve been watching this technology since it debuted over a year ago. But until recently, it just wasn’t affordable for our median sale price. Until now, anyway. Tour It Now’s prices are not that much more than we were spending for photos and videos. I would recommend Carlos and Tour It Now’s services to any listing agent out there who wants to show the home well and sell it faster.
Post 2 • IP   flag post
alegonzabot private msg quote post Address this user
@CarlosFHdz Great stuff Carlos. These is exactly the kind of input im looking for. Thanks for sharing!
Post 3 • IP   flag post
Basic
Member
davidpylyp private msg quote post Address this user
Hello

Can you post a link to Carlos at Tour It Now

Thank you

I would be interested to read the pricelist
Thank you
Post 4 • IP   flag post
Forum
Founder
DanSmigrod private msg quote post Address this user
@alegonzabot

Three benefits for the agent:

1. Win More Listings
2. Get More Seller leads
3. Get More Buyer leads

Three benefits for the homeowner:

1. 24/7 open house - agents pre-tour for their clients
2. Out-of-town buyers - expand potential audience
3. Potential buyers can pre-tour so only solid prospects in person

These benefits are covered in my video presentation to 600+ people in Atlanta. The video is on the front page of the We Get Around website (www.We-Get-Around.com).

If you are pitching a real estate agent, stay focused on how you can help them make more money faster from more and bigger listings.

Best,

Dan
Post 5 • IP   flag post
alegonzabot private msg quote post Address this user
@DanSmigrod thanks for sharing. I really enjoyed the video. More stuff to improve my pitch.
Post 6 • IP   flag post
alegonzabot private msg quote post Address this user
Im trying to set up the following pitch to home owners, let me know what you think:

Every day that passes by and a home owners listing is not sold or rent, the cost of oportunity is equal to aproximately 1 day rent (Even if your buying or renting). Said another way, the home owner is not receiving aproximately 1 day rent for every day that passes by, without renting or selling his home. If Matterport virtual tour service speeds up the selling/renting process, it would take just a few days to justify the investment.

Heres an example of the math:

Listing value: $500.000
Monthly rent: Around %0.5 (Colombia) or $2.500
Daily rent: $83.33
Matterport Scanning service: $500
7 days of rent not being received: $583.33
Positive Return on investments: 7 days

With the above math, if we help the home owner sell/rent the house 7 days faster with matterport technology compared to traditional selling tecniques (2d photos capture with smartphone or regular camera by the home owner) and operation (less qualified leads which lead to additional listing visits), the home owner would be having a positive return in his investment.

@DanSmigrod and MUG community, would you agree with the above?
Post 7 • IP   flag post
Forum
Founder
DanSmigrod private msg quote post Address this user
@alegonzabot I your 'calculator' ... perhaps you or a Forum member could turn it into a dynamic calculator that can be embedded into our websites?

At the very least, can you write the equation twice:

1. once with the names of the values?
2. once with the numbers in the example?

I had a "For Sale by Owner" reach out to me yesterday. I will follow-up with the custom numbers for his listing. While I have written a blog post from the homeowners perspective, I stay focused on luxury real estate agents since that's recurring revenue.

That said, it would be great if Matterport helped create demand (homeowner --> real estate agent --> Matterport Pro 3D Camera Photographer)

And, welcome to the Forum.

Dan
Post 8 • IP   flag post
desireebyrd private msg quote post Address this user
I thought I did see some stats out there that listings with professional photos sell faster though. Then again, a photo only shows what the photographer wants you to see. A MP tour is less forgiving as you get to really see the house in real time. It could be argued that a potential buyer would view the tour and then decide the house is not really for them after all because they don't like the layout, etc.
Post 9 • IP   flag post
Premium
Member
craigsauer private msg quote post Address this user
@bryn was working on a Spreadsheet where we could enter sales data for homes we've scanned to start to make this case with actual data. I don't think it's gone anywhere, but maybe we should revive the effort.

The trick is to figure out how to get good unbiased comp data. It's not too hard to select a set of comps to make out listings look like they sell for more money and more quickly than their comps. The best way (for trustworthy data, at least) would be for someone to hire someone unbiased to put together this data for a bunch of scans with 3D Showcases.
Post 10 • IP   flag post
Mikesobay private msg quote post Address this user
@desireebyrd This is an interesting point you bring up and one that we discussed without any resolution prior to purchasing the MP camera. A discrete photo might bring someone to the property to explore it--but could the ability to view the entire home online keep someone away? And if it did, would they have been as disinterested had they seen the property in person?

@alegonzabot Sales data are tricky and many vendors of different marketing products and techniques are stating how theirs will close the sale. It will be interesting to see your results.
Post 11 • IP   flag post
Basic
Member
CarlosFHdz private msg quote post Address this user
@dessireebyrd , I agree about a potential buyer deciding they don't like the layout based on a virtual walkthrough with a MP showcase, and I'm sure as an agent, you'd rather the buyer make that decision before they go the property and see the layout and say they don't like it there. Saved time= saved money. It's a double edged sword though. Real estate agents understand that and they won't use this technology on homes that won't show well.
Have you seen or scanned a property that made you think? why would they scan this place?
Personally, I've only seen one scan online that a realtor did that made me question their decision to provide the 3D tour on that property and it's current condition.

@mikesobay , certain online photo's draw buyers to see a property only to be disappointed by the reality. MP draws buyers to see a home if they liked the 3d tour, and I think if they like what they see online, they want to confirm their opinion by actually visiting it, at least in my experience.
Also, in certain markets their is a huge potential for vacation rental/second homes where it's ideal to see a home online and making the decision before flying out there or driving more than an hour to see it.
That grows the amount of showings a home like that would get, more eyes on the property, right price, more likely the right person will see it who likes it.

my 2 cents.
Post 12 • IP   flag post
Basic
Member
CarlosFHdz private msg quote post Address this user
Here is the link to the Wall street journal article for photography helping sell real estate for more.

WSJ article

Redfin study
Post 13 • IP   flag post
alegonzabot private msg quote post Address this user
@desireebyrd Great coments! Check these out https://www.redfin.com/research/reports/special-reports/2013/professional-photos-2013.html

These stats show that that listings with professional photos sell faster.

Thanks for sharing
Post 14 • IP   flag post
alegonzabot private msg quote post Address this user
@DanSmigrod Thanks for your comments. Here you go:

Matterport service / (Monthly Rent/Days in a month)=Minimun days to gain a +ROI

$500/($2500/30)= 6

If a property is sold 6 days faster with matter port tech, the return in investment is positive.

Any comments, please share!
Post 15 • IP   flag post
Forum
Founder
DanSmigrod private msg quote post Address this user
@alegonzabot Thank you. I sent off the formula and a custom estimate for a homeowner in Atlanta.

Thanks,

Dan
Post 16 • IP   flag post
alegonzabot private msg quote post Address this user
@DanSmigrod Awesome! If posible, share with us the home owner reaction to these kind of sales pitch.

cheers!
Post 17 • IP   flag post
alegonzabot private msg quote post Address this user
Check these stats from REDFIN. For each price range, the days indicate how much faster a professionally photographed home sold compared to a home with amateur photos. These info + the MATH above will defenetly help you close the sell.


Post 18 • IP   flag post
Forum
Founder
DanSmigrod private msg quote post Address this user
@alegonzabot

The homeowner replied:

"Calculation is great if looked in isolation and 3D walkthrough is the only factor to be considered."

@alegonzabot Yes! That's the point!

He also wrote:

"House sale has other aspects to it as well, I am getting with a listing agent this weekend to finalize the process and I will ask him to absorb 3D walk through cost."

Sounds great to me. My guess is that your formula really drove home the point. It's a big $$$ house, so it doesn't take many days to get the ROI.

Much better to position how we will help the homeowner generate revenue rather than expense.

Realtors could add this to their pitch. Fewer days on market lets you move on in your life and save/make money.

Dan
Post 19 • IP   flag post
alegonzabot private msg quote post Address this user
@DanSmigrod "Much better to position how we will help the homeowner generate revenue rather than expense." These is exactly what we need to aim for!

Thanks
Post 20 • IP   flag post
Basic
Member
davidpylyp private msg quote post Address this user
The matterport immersion photography system permits the viewer to walk thru a property in any direction or fashion.

The Buyer can control their time and direction on site.

THE seller benefits in having MORE qualified prospects through their home [on weekends and evenings] thus enriching their free family time with fewer dis interested or unprepared buyers.

How easy for the listing agent to ask; Have you viewed the 3D virtual tour prior to your personal inspection?

The Home Seller is not dealing with ROI, they are dealing with Kids, a wife, soccer practice and access to their home. They need to sell. You solve a speed access challenge with this technology.
Post 21 • IP   flag post
alegonzabot private msg quote post Address this user
@davidpylyp thanks for sharing. I think that in every purchasing desicion there are different types of buyers. Some will focus there atention in ROI others will focus there atention in quality time they gain. And other buyers will focus on other things. A good sales pitch has to make a wide spectrum of type of buyers feel comfortable and let them know they are making the right desicion of making the purchase.

cheers
Post 22 • IP   flag post
DoyleRealtor private msg quote post Address this user
The RedFin stats are interesting.. I've been working on our stats based on the properties we've done so far however I'm not ready to release them until the sample size is larger.

I will state the following;
-We've been told by sellers they picked us over competition because we offered digital showings
-We're winning more expired listings by offering something their previous agent did not have, nor have they ever seen before
-Matterport/VR has gotten me exposure in media which resulted in more business
-Buyers have stated at closings that our digital showings were instrumental in their decision making process
-The homes we've listed with digital showings are selling significantly faster than those with out
-Engagement via social media with tours prior to listing has increased over 700%
-Demonstrating VR is very memorable, and everyone will be talking about it. While it may not be 100% practical yet, it sure is a great way to get people to remember you.

For each home sale 60% of the sales process is completed online and 90% of the home search is conducted online making it the predominate way that people are interacting with real estate listings.

Increasingly buyers are turning to digital with more half of first time buyers starting their search online and 43% of all buyers found the home they bought online. Additionally mobile devices are playing a larger role in the search and online interaction.

According to a 2012 study by Google and NAR new home buyers place emphasis on virtual tours. An additional 2014 study by Properties Online Inc. states the four most useful tools, according to buyers, when searching for properties are as follows
Photos
Detailed Property Info
Virtual Tours
Interactive Maps

Sources;
information gathered from August 2014 - June 2015 by Brandon Doyle (REALTOR) including interviews of Buyers & Sellers, and statics of actual listings compared to current market averages, as well as other personal listings with out Digital Showings.

- The digital house hunt (Google & NAR 2012)
http://www.realtor.org/sites/default/files/Study-Digital-House-Hunt-2013-01.pdf
- House Hunting Season (Think with Google 2014)
https://www.thinkwithgoogle.com/features/house-hunting-season.html

- Real Estate Tech Trends (Properties Online 2014)
http://propertiesonline.com/Reports/annual-real-estate-trends-report.pdf

I do speak to local associations and at tech events about the subject so if you're going to quote me, please provide reference.

I will release the full notes & stats after Inman Connect in August by then I'll have a full year of use and plenty of data to benchmark.
Post 23 • IP   flag post
Basic
Member
CarlosFHdz private msg quote post Address this user
@DoyleRealtor , That's amazing insight! great job, great post!
Thanks for your hard work in this space!

Carlos.
Post 24 • IP   flag post
DoyleRealtor private msg quote post Address this user
If you're in near MN, and not busy tomorrow check out NAR Tech Edge. I'll be going in depth and discussing Matterport, Toursler, VR, the future, and how agents are already implementing the technology in their businesses.

http://www.epronar.com/nar-tech-edge/minnesota?cid=TE-MN-001

There will also be many other great presenters
Post 25 • IP   flag post
Basic
Member
CarlosFHdz private msg quote post Address this user
Make sure someone post that via Meerkat or Periscope!
Post 26 • IP   flag post
Forum
Founder
DanSmigrod private msg quote post Address this user
@DoyleRealtor Thank you for giving us permission to re-print your Forum post about how you are winning listings by offering 3D Digital Virtual Tours:

We Get Around Blog (9 June 2015)

Real Estate Agent Wins Listings by Offering 3D Digital Virtual Tours

Thanks,

Dan
Post 27 • IP   flag post
Premium
Member
craigsauer private msg quote post Address this user
I've been using Ross's WP3D Wordpress plugin in my website for a couple months now, and one of the biggest reasons I did was because I can now give me clients trackable links instead of the Matterport direct ones.

I'm still figuring out how to best use Google Analytics to report data to my clients, but here's the quick and dirty so far.

A typical listing with Ross's links seems to get about 100 clicks in the first week, and then about another 100 over the next month or two if it lasts that long. There are a few peaks and drop offs in the viewings that probably correspond to price reductions (or other changes in the MLS listing.) My data shows good engagement, with viewing time averages around 3 minutes.

I haven't figured out yet what to do about sharing this information with clients. It's not bad, but it's not exciting kind of data that will blow their socks off, either. I'm sure they are used to much much higher numbers for photos, so the numbers I'm seeing may be off-putting, even though I think should be encouraging.

As I get more trackable scans up and figure out better how to parse the Google Analytics data, I'll post more.

Craig

Craig
Post 28 • IP   flag post
seanminor private msg quote post Address this user
Here is an interesting study done, believe me this took a lot of searching, but basically a homebuyer spends about 60 seconds looking through the photos formulating an opinion. If anyone sees different data than what I have been looking at, please let us know. Can't read this stuff anymore. http://pages.jh.edu/jrer/papers/pdf/past/vol34n02/04.211_242.pdf

So, if you can get a homebuyer to spend 3 minutes on a tour, well, I think we have a winner-winner chicken dinner.
Post 29 • IP   flag post
SamehH private msg quote post Address this user
Thanks @craigsauer for your input. But I was wondering if you know what is the percentage of visitors clicked on the 3D link on a home listing? (e.g. 25 out of 100 visitors clicked)or if anyone else has a stats about that.
Post 30 • IP   flag post
36324 31 30
destitute