Virtual Tours Good Now and The Future. It’s hard to say what will happen in the future, But, one thing is for sure, it won’t be business as usual when we get the country back to work.
The hesitancy to be in close proximity of other people will probably carry through for months to come. The one thing for sure is that consumers will have the desire to return to dinning out and taking on other outside activities.
Football season is coming up, and for all those die hard college and pro fans a game in a stadium is just what you need to clear your mind of all that at home work we have been conducting over the last several months.
So what does all of this have to do with ” Virtual Tours”? Going back to the current mind-set of buyers and sellers. When the shut down of the country occurred nearly 6 weeks ago we were already in a economic slow down. Many economists had stated that we were headed for a recession. The virus escalated the situation to a point that pushed us right into a much slower economic cycle.
During times where everything is booming as Realtors you have the tendency to take what business comes your way. You don’t need to heavily market, pay a photographer or do anything special.There are more buyers than sellers and everyone is happy. In slower times when there are more sellers than buyers and the competition for those buyers is much greater, it’s important to do everything you can to promote your properties.
Tours are also Good For For sale By Owners
If you are a For Sale By Owner, it’s even more competitive. As a Realtor or FSBO your marketing and online presence will become ever so important. As we have discussed in several other post. “Real Estate Has Gone Digital” Having the digital assets to promote your property is and will continue to be the key.
In a recent survey conducted by the National Association Realtors, it was identified that the number one thing buyers look at is the photos. Not far behind that was Floor Plans and virtual tours. It stands to reason that photos are and probably will be the number thing as far as online Real Estate marketing is concerned. However, during the last several weeks the search trends for 360 Tours and Virtual Tours has shoot straight up.
Now, logically during these times where everyone is practicing social distancing and being very cautious of their environments you would expect that professionals and For sale By Owners would be looking at alternatives to their approach. Virtual tours can truly provide you with a tool that will help you get more click through s and have your potential buyers stay on longer.
Virtual Tours Good Now and The Future
However, in order to have a really effective presentation you need to incorporate a couple elements that you haven’t thought of. Number
1. A Floor Plan. In the National Association Of Realtors Survey, Floor plans ranked very high when it comes to what buyers want to see and experience while shopping for a home. Number
2. Visual presentation that walks the buyers thru the property.
In recent studies, video has been a lower choice item or visual tool that buyers requested. Now this I found very interesting. It had been the ‘HOT” digital asset for a while and everyone needed a video. Not so much anymore. Now I’m not saying that you need a video. But on properties with a lower price point it may too expensive. We are still seeing video in higher priced homes. ( This is a seller expectation).
A professionally produced video can cost thousands and in reality, your marketing dollars can be better spent in other areas. Speaking of cost, a virtual tour can cost under $200 for a residential property. (for businesses the price will vary ) With virtual tours, you may also want to add virtual staging.
Many of you may say that ” Well after the Virus situation goes away, why would I need to consider a tour”? That’s a great question. Here’s my response. The business was changing prior to the pandemic. The Real Estate industry was in a state of transformation long before this situation came along. The Covid-19 simply escalated the time frame.
Again we were in a slow-down prior to the shut-down. The use of virtual tours, virtual staging and floor plans was on the rise and would have and will dominate the real estate market going forward. No matter whether we get back to ” Normal” or not ( whatever that is) Digital online assets will be the dominating force in selling properties. It is driven by the consumer and these are the tools and resources that buyers want and with that, these are the strategies that sellers will expect.
A Little Diversion , with Substance
As a side-bar. We drive our business via relationships with Realtors. That’s how we get our business. I’m a huge proponent of Agents. Like any profession, there are some really great ones out there. However, as a business person myself, I need to look at the entire market and evaluate other possibilities for growth. With that being said I recently offered my services to the FSBO market. In short the sellers we engaged with for our services had success in selling their properties in a very short period of time.
In regards to marketing, Zillow and other platforms are giving listings with 360 video tours a “Boost” in rankings via their systems. You can post on YouTube, Facebook and other social media to gain much more exposure.
So whether it’s COVID-19 or a normal day in the life and time of a Real Estate professional you will need to put your marketing house in order. You will need to ensure to your seller that you are getting all the latest strategies in marketing. While we are in a “Business Holding Pattern” it will be a great time to upgrade your current listings. Take an objective look at exterior photos as well as evaluating the interior pictures. You may not be able to convince owners of occupied properties to allow you to have a virtual tour completed.
Virtual Tours Now and the future. It’s not just a concept, it’s the future of how property will be marketed. I would say that the tour or virtual reality market will expand into other markets as well. Just think of the possibilities.
However, on any listing that’s vacant, well you should go for it. Get one done. In the event there isn’t any furnishings, consider virtual staging as well.
For more on this topic, check back with us. We always update and ad valuable marketing information to our blog.