In major markets across the globe, the housing market has remained resilient despite the impacts of the pandemic. Low interest rates, demand exceeding supply, and governmental aid continue to drive housing prices up. However, with local restrictions and safety measures in place for a majority of 2020, agents had to be creative in showcasing properties. Companies ramped up their use of photos and videos to engage and sell. RightMove, one of the UK’s largest property portals, saw an increase in listings with either videos or virtual tours, from 2% in Jan 2020 to 34% today. The result of this shift? Professional photos and videos are no longer a nice to have, they are expected by consumers, and soon virtual tours will also be the new norm.
Virtual tours impact speed and price of sale
With homebuyers seeking more space while working from home and away from city centers, homes are selling wildly fast. In a recent study by Realtor.com, properties in the 50 largest U.S metros were on the market 12 days less in 2020 compared to 2019.
Virtual tours have helped consumers weed out the properties that do not fit their needs without leaving the comfort of their current home, accelerating the purchasing process. According to RedFin, 63% of buyers made an offer on a home they had not seen in person in November and December of 2020, up 32% from the previous year.
Not only does such visual content impact speed of sale, but it also enables properties to sell at a higher price. According to a Matterport study, properties with 3D virtual tours sold between 4 to 9% higher sale price than those without.
To reap the benefits of such demand, OCUS™ API integration enables realtors to get high-quality content for their properties online quickly and in front of consumers.
Millennials drive demand and expectations
As the current largest homebuyer population, millennials are driving property demand. In the US, this demographic makes up a staggering 38% of those in search of their next property. So how does this impact the way brands and agents showcase their portfolios?
Millennials are tech savvy and have higher expectations in terms of technology and visual content. According to a Nielsen’s report, the average millennial spends up to 18 hours a day consuming various types of digital content. As such, realtors need to make their properties stand out in order to engage and win clients. Interactive virtual tours enable consumers to envision their lives within these homes while creating a more seamless buying experience.
The OCUS Solution
Virtual tours are making it possible for millions of people to make one of the most important decisions of their lives without physically seeing their investment. This is a testament to the power such quality content has. Visual content no longer just engages consumers, it actually converts customers there and then: one virtual tour visit to purchase.
With a global network of 30,000 highly specialized Image Creators and cutting edge technology, OCUS offers interactive virtual tours when and where agents need it most to:
- create stronger offers against competitors
- increase speed and price of sale
- meet consumer expectations and stay relevant with industry trends
Contact firstname.lastname@example.org today, to learn how the OCUS solution can drive results specific to your business needs.
Written by: Noelle Brophy – Solution Marketing Manager