How Is Virtual Technology Changing Real Estate

How Is Virtual Technology Changing Real Estate?

Whether you are in the market for a new home or not, you often see real estate ads everywhere you go... Previews of homes, videos, and other marketing on social media or elsewhere online. As the market continues to evolve and change, so does the way buyers are looking for homes.

During the Covid pandemic, this dramatically changed for many areas, ours included, and although we make our way back to “normalcy” the impact of these technologies will likely outlast the temporary disruption to our daily search patterns.

In real estate, technology companies like Matterport, VPix, 3DVista and others have exponentially grown along with the increased demand for virtual walk-through technology readily available on consumer photos or home computers. Buyers want to have more information at their fingertips - quickly and more accessible than ever before.

What does that mean for us in Central Wisconsin? This isn’t Silicon Valley, so what we are seeing in terms of technology may be "old news", but around here, its new! At the beginning of the pandemic our team started utilizing and leveraging the Matterport Virtual Tour technology as a part of our marketing for our sellers, and we plan to continue using it in the years ahead.

Why is it helpful for buyers?

As a buyer, the photos of a home can clearly convey the attributes and features of a property, but to understand the layout and design, you often need more information. The Matterport Virtual Tour allows you to click through a home as if you were walking through it. So a potential buyer can see if the laundry room is located off of the kitchen or off of the master bedroom. It also allows one to zoom into specific features like the mechanicals in a basement utility room to visually observe the condition and age. If a buyer had very specific needs, it'd be a huge time-saver to spend 10 minutes virtually previewing a home top help determine if a property is worth viewing in-person or passing without ever leaving your home. That’s pretty slick!

Why is it helpful for sellers?

As a seller, the Matterport Virtual Tour allows prospective buyers the opportunity to “preview” your home prior to setting up a showing. In busy markets (as we’re experiencing now) this can be extremely helpful in ensuring interested parties are touring your home and others can "self-select" to pass. Additionally, the high quality imagery provides an “in-person” experience for online browsers, showing your home in it’s best light. Secondly, Matterport Virtual Tours offer a mobile-first design ideal for mobile users on the go.

According the Matterport industry stats, 92% of buyers are starting their search online when looking for a home. That's not to say that national percentage is accurate here in Central Wisconsin, but that shift to online-searching dramatically changed from what used to be the “normal” just 20 years ago.

As a seller, if your goal is maximizing your home sale, reaching as many buyers with helpful resources online (including virtual tours) is a great way to increase your exposure where buyers are starting their search. Your home's online presence truly makes an impact on first impression and appeal. 

Overall, the technology continues to evolve and grow, and ultimately offers buyers and sellers a seamless and convenient real estate experience. Will Matterport Virtual Tours replace in-person showings? Not for a while... although our team has had a few "sight-unseen offers" from the virtual tours, most consumers still want to walk through the property to get a feel for one of the largest investments of their lives. Although the added information for searching consumers is certainly a plus!

Have a question or comment! Let our team know, we'd love to hear from you!