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Is my market oversaturated with Matterport Service Providers?7479

WGAN
Founder
DanSmigrod private msg quote post Address this user
Hi All,

A new WGAN Forum Member asks a great question (that I moved here) ...

Dan

----


Quote:
Originally Posted by @Mungo
I am new to this forum, and I have a question - there is a lot going on here and this may not be the appropriate place to do so- but here goes... How can I determine if my area, or the 3d tour market in general, is oversaturated? I ask this prior to investment. Any help would be appreciated. Thank you
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HelloPado private msg quote post Address this user
I would say NO to almost anyone asking this question but I'm an optimist and a phenomenal relationship builder. Im just outside of Portland, OR and there are several MSP's here. Maybe more i don't know about.
Your market depends on you and you alone. The industry is growing. Think outside the real estate box.
Clubs. RVs. Museums. Historical places....
Where are you located?
Post 2 IP   flag post
ron0987 private msg quote post Address this user
@HelloPado , I would have to disagree if there is more than just me in a 250 mile radius I would have to say that is to many. For me it hard to definitively say yes or no to this question. If you define A MSP as a camera owner that uses it once every two or three month, a brokerage that has one or several cameras that don't get used, or do you include Redfin, which has a camera available for all agents to use. So looking for a definitive answer I think is hard. I am in the Seattle area and you are almost with in that 250 mile radius. I was here first
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HelloPado private msg quote post Address this user
Think VOLTRON. We just need 3 more lions. Dibs on Red Lion.
Go drum up some work, you can rent my camera and take it for a test drive.
I've been an MSP for only 3 months and doing quite well in spite of the other MSPs in my area.
Please reach out if you want to ask questions or even collaborate.
PadovaMedia.com
Cheers
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VTLV private msg quote post Address this user
The Market is soaked. When prices take a nosedive from $0.10 -$0.12/sq ft down to $0.03/sq ft. How much lower can people go and still support the equipment costs and other costs associated with running a business? This Harvard Number Crunch System with everyone chasing volume is a killer both on the body, market and lifestyle.




@immersivespaces wrote up a beautiful piece on MOUG yesterday to a new camera owner who had little experience understanding his market and advertising. The guy got sold like many have before him. Maybe @immersivespaces can share that letter here. The letter was smooth like a piece written by Anthony Bourdain.
Post 5 IP   flag post
immersivespaces private msg quote post Address this user
To fairly answer that question, we would have to know more about the market you are working in. If there are only 50 new qualified listings in your area per month, and there are 100 Matterport Service Providers, then the answer is obviously yes, it is oversaturated. But there are a lot of variables that come into play, such as, other services you offer, your brand recognition, etc.

We do extensive research with our customers on a continual basis and have for years. In our immediate market, we have on average about 300 "value" listings come on the market per month. (A value listing is one that will likely use a 3rd party service for things like photography, virtual tours, etc.) About 73% of them will ultimately use professional photography services and only about 10-15% of those 300 listings will use virtual tour services of any kind. So you are looking at a capable volume of 20-30 scans per month in this one area, which is a realistic base for a single MSP with a single camera to grow with... however, in our area, we have 12 MSPs all vying for the same jobs, so because of the oversaturation of providers, no one does really well with it and prices have tanked. Some providers in our area that I talk to go for months without a single scan appointment. We ourselves balance this by offering an array of other services to clients, from photography, printing and offline marketing services, to data farming for qualified leads. Our company has been established in our area for well over a decade, so we have a small advantage there as well because people already know us. Our background is in technology and data processing for real estate, so we have likely already had some level of interaction with them.

In the post on MOUG mentioned by @VTLV I pointed out that we were considering purchasing an additional Matterport Camera and opted to not move forward when we did our analysis and found that when factoring in the cost of the camera, hosting/processing fees, labor costs, marketing expenses, and the current rate of adoption by new customers, it would take nearly 18 months to even show a small profit on a new camera. And that assumes we are dominating our market. As more and more MSPs come on board, the longer that timeline becomes.

Matterport is not a breadwinner for most people by any means but it is a good add-on service. Not because the technology isn't sound or marketable, but because of the business model itself is not geared to the service provider, but the end consumer. Matterport's priority one is to sell cameras and hosting plans... that means your business as an MSP is at the very best secondary to that, but more likely further down that list. If your area has more MSPs than mailmen, you may be in for a rough ride. But on the other hand, if your business model is not dependent on Matterport for success, it can be a great tool to supplement your other offerings... just don't expect to retire off the earnings any time soon.
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