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Research: The Matterport 3D Tour likely pays for itself!10021

WGAN Forum
Founder
DanSmigrod private msg quote post Address this user

Screen Grab from this Google Sheet | Prepared by WGAN Forum Founder Dan smigrod

Hi All,

Are the following talking points helpful when pitching potential real estate agent clients?

✓ The Matterport 3D Tour likely pays for itself!
✓ Not only does the Matterport 3D Tour likely pay for itself, it likely doubles your ROI.

These Talking Points are in addition to, Matterport 3D Tours will help you:

✓ get more listing presentations
✓ win more listings
✓ get bigger premium listings
✓ attract tech-savvy real estate agents to your brokerage

I created this Google Sheet - based on your numbers/assumptions at various listing prices - resulting in these talking points for MSPs to their real estate agent prospects:

✓ The Matterport 3D Tour likely pays for itself!
✓ Not only does the Matterport 3D Tour likely pay for itself, it likely doubles your ROI.

@Jwbuckl, I look forward to hearing more about the Matterport study in Austin, TX showing that on average, 9.73% Incremental Uplift in Sale Price, based on Matterport Research in Austin, TX.

Best,

Dan

You can read more about this research in these WGAN Forum discussions:

Homes marketed with 3D Tours sell for more in less time

Quote:
Originally Posted by @Jwbuckl
So far, for Austin, we show home sales with Matterport reduce time to sell by 24% and increase the average sale price by 9.73%. These are statistically significant amounts.


Transcript: Should I buy a Matterport Camera? If so, how to get Started?

Quote:
Originally Posted by @DanSmigrod
...take a $500,000 house, for instance. A 9.7% uplift in the price of a home like that, say it was a $4,000, excuse me, a $400 Matterport scan, you're looking at something like a $1,600 dollar uplift to the broker's commission, the agent's commission, on a deal like that. It more than pays for itself, for something that also brings in extra listings.


Quote:
Originally Posted by DanSmigrod
Maybe that still means talking about the homeowner, but if we go back to the agent, I think Jonathan, one of the things you were talking about, one of the things you were talking about, was getting more money for the listing, and therefore, if you could actually get more money, that it would pay for itself. I'm just trying to think about the math, because in Atlanta the average house for sale is about $350,000. It's not 400, it's not 500, it's not a million.

So I'm just wondering, if there's a high enough potential return for the real estate agent, in order to spend additional dollars? So is there kind of a formula there, or that really, it's kind of up to, up to me with the agents, so I think, I think what I heard you say was, in the example that you gave, that if the house sold for an extra $1,600 ... and the agent had paid me $400 ... then that was kind of making double their money. Is that right? That's $400 with me, and maybe make close to $800 or $1,000?

- Right.

- So they could maybe double, or a little bit more than double. Is there any sense of experience with other photographers, that they're able to help pitch Matterport True3D virtual tours to agents as a way to get more money for the listing?

- The typical way that Matterport photographers have pitched Matterport to agents has been on the winning more listings angle.

We are attempting, by bringing more data to bear, by looking the the so called Matterport effect, trying to bring in another angle for our photographers to bear, and that is, that is in fact the genesis of these studies that are now being run, that will be out and published by the end of this year.

- End of 2019. I think that this second piece of statistics you were quoting was about, as part of a study that's been done, that typically a listing that uses Matterport sells for more money than a listing that doesn't, if I heard that correctly.

- Correct, yes.


Watch this WGAN-TV episode (below) to hear these statistics discussed by Matterport Marketing Representative Jonathan Buckley ( @Jwbuckl ).

WGAN-TV: Intro to Matterport for Professional Photographers with Matterport Representative Jonathan Buckley ( @Jwbuckl ) and Matterport Marketing Manager Amir Frank (Tuesday, 20 August 2019).
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Home3D private msg quote post Address this user
I look forward to this sort of research being done by an independent, outside source such as NAR. We all know that survey questions can be posed to slant "research" in the direction one wishes, just look at our political situation here in the States.

Let's encourage the NAR (any agents listening) to do more pointed research on 3D / 360° walkthrough tours and assemble some data which is impartial. More important, research that at least appears to be impartial.

I'm waving the banner too, intent on spreading the word that these technologies are highly beneficial. One thing is for certain, though. The people who crave more 3D and 360° tours are buyers. Unfortunately, it's sellers and their listing agents who steer the ship - and have to pay for 3D / 360° tours. If the situation were inverted such that buyers, collectively, funded these tours, every listing in the U.S. would have one. But it comes out of the agent's pocket, their commission, an expense, and that's why we even want this research to persuade them about the merits.

Some agents are really only focused on serving their own interests. Good agents are sincerely investing to serve their sellers' interests. Too few agents are consciously designing their marketing to serve buyers' interests. These tours will only become ubiquitous when homeowners are aware and expect tours from all agents, just like with photos.
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bryanhscott private msg quote post Address this user
@DanSmigrod

I do not believe that most buyers who are represented by a reasonably competent buyer's agent would pay a premium for any property unless supply/demand economics were lop-sided in favor of the seller, inventory of that particular product was low, or the property was priced low and inspired a bidding war.

There is too much good information available, which makes the buying public too smart for this to occur.

I'll bet my next paycheck that if you ask 500 buyers why they spent nearly 10% above market value for a property, the answer, "because it had a fully immersive 3D tour" would be among the least significant reasons.

However, like @Home3D, I look forward to being able to use valid research to sell more tours.
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Matterport
Representative
Jwbuckl private msg quote post Address this user
@Home3D @bryanhscott I understand the healthy skepticism around the studies given that Matterport is partially funding the study. But rest assured, the first study is actually part of a PhD dissertation at Texas Tech University and subject to the rigor and peer review in that process. The Austin, TX sample size of home sales was 18,217 and the control study performed by a third party to revalidate the original study had a sample size of 350 homes, yielding similar results.

Underway now are replicas of this control study but in Boston, Houston, Chicago, San Francisco and Las Vegas. We are awaiting those results and anticipate the ability to publish a comprehensive paper by the end of 2019 on the subject.

What the PhD study really dives into, which is interesting, is an attempt to understand "how 3D tours influence consumer perceptions & actions". The data show that they do, but the PhD student sets out to explain the how and why actions occur.

As the study release date approaches, I will see if it is possible to release all of the supporting data for the proper community scrutiny of the raw inputs as well as the regression analyses run against them. in hopes this builds confidence in the report
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bryanhscott private msg quote post Address this user
@Jwbuckl So long as the study specs do not lean towards a specific 3D/360 vendor, no issues with who funded it, though I would prefer a consortium of industry pioneers to collaborate on such a project (similar to the working groups that have developed specifications for technology like IEEE 802.3 & 802.11).

As asserted in my last post, I do not believe that any knowledgeable buyer will overpay for a property solely due to the availability of an immersive tour, but I strongly believe that qualified buyers are drawn to properties that are fully presented to the market, which includes a 3D or 360 tour, as compared to those who don't.

I look forward to any results that demonstrate how and why a property sold more quickly, or for more money, to a more qualified buyer, with a 3D/360 tour vs. properties that chose not to employ this technology.
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