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MarketingResearchStatisticsStats

Homes marketed with 3D Tours sell for more in less time9954

Matterport
Representative
Jwbuckl private msg quote post Address this user
Kelley Anderson shares findings from her #research at Texas Tech University that show homes marketed with #3D virtual tours sell faster and for more money than homes that without it. #Matterport3D

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iGuide CEO
and Co-Founder
Alex_iGuide private msg quote post Address this user
This is good data. Research performed by iGUIDE confirms these findings as well with similar study done in Canada last year using sample size of 9,000 home sales taken from MLS database. Metrics analyzed were Days on Market (DOM) and Sale to List Price ratio.





Post 2 IP   flag post
WGAN Forum
Founder
DanSmigrod private msg quote post Address this user
@Jwbuckl
@Alex_iGuide

Thank you for sharing the results of these studies that show:

✓ homes with 3D Tours sell for more money
✓ homes with 3D Tours sell faster

Plus ...

@Jwbuckl in the article that you shared ...

✓ Rawls College News (12 July 2019) Student Explores the Influence of 3D Home Tours on Consumer Behavior

... the researcher concludes:

"VR tours allow consumers more control over their experience and, as a result, create multiple benefits, including quality perceptions, convenience, trust and bond for the home and/or agent, ultimately resulting in improved consumer value," [Kelley] Anderson said.

There's an excellent (related) article in today's (8 August 2019) Photography for Real Estate blog reprinting a post from three years ago:

From the Archives: The Purpose of Real Estate Photos Is NOT to Sell Property

"As real estate photographers, we do well to understand that the “real” goal of our clients, whether they know it or not, is gaining market share and getting more listings. Our photos help to market and sell a house, of course, but the obvious truth is that excellent photos are not really necessary to the process. We see many, maybe even a majority of houses on the market with truly horrendous photos… and those houses, most of them, eventually sell. The statistics are pretty clear that professional photography will sell a house faster, and for more money, but just how good do the photos need to be to accomplish that?"

My takeaway from this PFRE article - and something that I have been saying repeatedly in the WGAN Forum for five year - is that real estate photographers need to stay focused on these selling points:

Our 3D Tours can help you ...

1. get more listing presentations
2. win more listing presentations
3. get bigger premium listings

It would be great if the next round of research focused on proving these three statements.

The challenge for a real estate photographer to pitch real estate agent prospects with ...

✓ homes with 3D Tours sell for more money
✓ homes with 3D Tours sell faster

... the homes WILL sell - with or without 3D Tours.

If a $300,000 home sells for 10 percent more as a result of a 3D Tour, for example, the incremental commission (3%) is $900. If the agent buys photos, 3D Tour and video, the agent may only make a few dollars more and may make less money while helping their homeowner client make more money faster.

So, it's essential that 3D Tour photographers focus on whom is their client. This is critical.

Our clients are NOT the homeowners that want to sell their home fast and for the most money, our clients are the real estate agents that want to:

1. get more listing presentations
2. win more listing presentations
3. get bigger premium listings

For clarification, my view is that photographers need to pitch:

1. help get more listing presentations
2. help win more listing presentations
3. help get bigger premium listings

... and help the real estate agents understand that they can accomplish this by showing homeowners that their marketing plan to sell their home includes 3D Tours because:

✓ homes with 3D Tours sell for more money
✓ homes with 3D Tours sell faster

As photographers, if we only tell real estate agents:

✓ homes with 3D Tours sell for more money
✓ homes with 3D Tours sell faster

... the agents will continue to think - even if they don't say - "another thing that is going to reduce my commission. It's a hot market. The home WILL sell even with my crappy photos. I will make my commission. And, I will not have reduced my commission by spending on a 3D Tour."

Are you a photographer reading this? Please do chime in on what real estate agents tell you (or are thinking).

Yes. We would like to think that all real estate agents have the best interest of their clients first, but if that was the case, all real estate agents would engage a professional photographer to shoot photos, video and 3D Tours.

It's worth reading the entire PFRE post about how best agents and brokers handle visual storytelling for their clients, including:

"The point is to be forward thinking. My best real estate clients, the ones who listed the multi-million dollar houses all the time, would do the exact same thing even when they had a $150,000 condo to sell. That crappy little condo got painted, staged, photographed, and marketed like it was a trophy listing. Why? Because my client could not afford to have ANYTHING with her name on it that didn’t look like a million bucks. Better yet, FIVE million bucks. She knew that she would be sitting on a couch in some living room next week, trying to land a bread-and-butter listing, and the sellers would want to know that they were not going to be treated like an afterthought. They would be doing their research, looking to see what this agent really did on her listings, and they would not be disappointed."

While I am thankful for the research that Matterport and iGuide have conducted - and super-valuable if you help create demand by home sellers to require their potential real estate agent for a [Matterport] [iGuide] 3D Tour with these results - I hope that Matterport, iGuide and others will conduct market research that proves what Service Providers really sell:

1. help get more listing presentations
2. help win more listing presentations
3. help get bigger premium listings

What are your thoughts?

Best,

Dan
Post 3 IP   flag post
Standard
Member
bryanhscott private msg quote post Address this user
@DanSmigrod Spot on Dan! Just one minor thing missing. As with many companies, some things are "Top Down." Not including independent brokers who report to themselves, we need to get the attention of the employing brokers, under whom, all other real estate licensees hang their license. Unless or until the employing broker makes it a minimum standard and actually adds such language to their office policy manual, many agents will continue to treat real estate media the way they have since the market turned in favor of sellers back in mid 2011.

As you alluded in your comments about the article, top producing agents have a "recipe" they follow, which has been successful for them and they have the stats to prove it, but the masses, who are all 1099 contractors, will not rise to this same occasion unless they have a compelling reason to do so. That should start with a brokerage CEO, or employing/managing broker that cares enough about all the listings that run through his/her shop to take a stand and make these changes policy.
Post 4 IP   flag post
Matterport
Representative
Jwbuckl private msg quote post Address this user
@bryanhscott Well stated. We find the best success working with the brokerage management who do tend to care that their agents are maximizing price as a function of time. To Dan's point, it's the agents who really focus on winning more listings, bigger listings and looking for differentiators to do so. Same business, different drivers for agents and management.

More on the continued study we have going - we have a data scientist with large sample sales in Seattle, Houston, San Francisco, Boston, Chicago, Las Vegas and revalidation of Austin. We should have a published paper by the end of 2019.

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.
Post 5 IP   flag post
WGAN Forum
Founder
DanSmigrod private msg quote post Address this user
@Jwbuckl

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


Please see this WGAN Forum discussion for more on this stat, what it means for MSPs and a Google Sheet:

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

Dan
Post 6 IP   flag post
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