When you can view and purchase everything online, it should come as no surprise that video home tours have also become an essential marketing tool in the real estate industry.
Open houses have been replaced with virtual home tours—ranging from shaky live cams to Spielberg-like productions—and they’re drawing potential buyers from all over the globe.
Because they’re so effective, virtual tours are here to stay. If you’re looking to sell or rent a property, incorporating video into your marketing strategy is an excellent idea.
More People Buying or Renting from Afar
Searching for properties online is nothing new. Studies conducted by the National Association of Realtors (NAR) show that nearly 95 percent of home buyers use the internet to search for homes and that 54 percent of them say this is their first step when beginning the home buying process.
However, what is new is the number of people buying without ever stepping foot inside the property. A survey from Redfin found that 63% of nearly 2,000 people who purchased a home in 2020 ended up making an offer on it without seeing it in person. That’s a record high, up from 32 percent the previous year.
This new trend doesn’t apply solely to homebuyers. Renters are asking for virtual property tours as well. According to a recent survey, almost 75 precent of renters consulted said they would agree to rent an apartment without seeing it in person if they were offered a 3D virtual tour. This has been especially true during the pandemic when property management firms have sought out ways to accommodate potential clients’ requests to see properties without stepping foot inside.
The Evolution of the Video Tour
As the need for virtual home tours has grown, so has the complexity of the tours themselves. Initially posted on social media platforms like Instagram Live and Facebook Live, video tours are now posted as virtual reality experiences, showcasing 3D floor plans, 3D walkthroughs, or 360 virtual tours.
The 360 virtual tours are often the most cost-effective option. Armed with a free 3D virtual tour and a 360-degree camera, sellers can create virtual tours for prospects for roughly $300. Compared to staging a home, which can cost as much as $2500 depending on the size of the property, this is a budget-friendly option. In addition, virtual showings require a one-time production cost. Once created, the realtor or property management company can continue to distribute it until the property is sold.
With nearly three-fourths of buyers bidding on homes without stepping foot inside, it seems like a no-brainer to continue this method of selling or renting. But even the most technologically savvy buyer still desires some non-tech hand holding during the process.
Surveys reveal that buyers still seek help in addition to the 360 virtual tours, including assistance determining the budget, how to arrange financing, and how they can find area-specific statistics like crime and school ratings.
Buying from afar is a cost-effective, time-saving solution to the often-arduous task of buying or renting a home. According to a recent NAR survey of home buyers, shoppers often visit as many as ten properties before deciding, taking anywhere from several weeks to several months. By perusing virtual walkthroughs, a decision can be made in a matter of days without leaving home.
Video Home Tours Here to Stay
Being able to look at homes and close on them virtually has made the process of buying or renting one a breeze. As demand for properties continues to outweigh the supply, the success of video home tours does not look like it will diminish anytime soon.
How a Property Management Firm Can Help You Seal the Deal
Interested in courting clients virtually, but need a bit of hand holding as well? The professionals at Pan American Properties can help you through each step. Give us a call at (888) 754-9700 or email us at [email protected] to learn more.