Why Do So Few Realtors Use Virtual Tours?
While browsing through the listings in our office earlier this year I noticed that out of 60 listings that our office had at the time only the listings my wife and I had have virtual tours. This was surprising. So I decided to do some more research in the general area we do most of our business.
Here’s what I found:
- Over all only 8% of the listings had virtual tours that agents had to pay for.
- In the $300,000 to $600,000 price range 7.5% had tours.
- In the$600,000 to $1,000,000 price range 4.6% had tours.
- In the $1,000,000 to $5,000,000 price range 16% had tours.
I’m sure there are several messages in these numbers. But think the main question is “Why do only 8% of listings use tours?” It’s pretty clear that Realtors are not very impressed with what they get for the money. The question is why?
My guess is that part of the reason so few Realtors are willing to spend money for tours is that many tours are not all that breath taking, many take a long time to load and frequently tours use technology (like Java and QuickTime) that is not present on all viewers machines. That is, they are quirky some times they work and some times they don’t. Another reason could be that some broker sites have new features that in some ways provide similar features as tours. Perhaps another reason is tour links are only on the MLS, your brokers site and perhaps your own site. Tour links don’t get passed around to all sites like the listing photos and text do.
In the last year or so there is a developing trend with tours towards using Flash (Flash is on 98% of viewers machines) slideshows with large images and straight forward navigation much like the example above. The example above (click here or on the image above to see the complete tour) is, I think a good example the impression that can be that can be made with a tour. Of course stunning photography is a big factor in creating impact with this and any tour. It takes great images and great presentation. A tour like the one above can go a long ways in setting the home apart from the competition and getting potential buyers to turn out to see the home in person. After all the whole point of using a tour is to go above an beyond and present a home in an extraordinary way.
There are very few Realtors that can shoot images like the ones in the tour above. In some ways this tour may be a little overly dramatic. That aside, I suggest that in the overall scheme of things a tour like the one above is well worth the $185 it costs to have a professional shoot the images and create a stunning tour. I’d come look at this home just to see if it glowed in the dark like this!
Kelley Koehler
Posted at 22:53h, 16 SeptemberLarry – a beautiful home! To me, your example is not a traditional Virtual Tour, but instead a collection of fabulous pictures. That is, no fish-eye distortion and no dizziness as the rooms spin around and around and around…
I had a post last week on my blog about whether Virtual Tours actually sell houses – in my market, about a quarter of the listings have VTs, and the percentage of listings with VTs increases with the list price.
I haven’t found any hard data in my market that homes with VTs sell any faster or for more money. Most people seem to do them in because a Seller expects it, and not because it actually sells the house. This doesn’t sit well with me.
However, I am a huge proponent of professional photography and making the most of the photos of the house. I would love to know your experiences with this sort of VT, if you’ve done the spinning room kind, what you think of the two, if you’ve had any confirmation that a tour is actually helpful in selling the house.
Dan McCutchen
Posted at 05:36h, 17 SeptemberLarry you raise a great question. I think that many Realtors do not realize how much better some of the virtual tour products have become over the past few years. Many still think of the distorted warped and weird looking tours of old. Just as the power of the internet and marketing have grown, so have the quality and options in tours.
Another big part of the equation is quality photography. Both go hand in hand. When I meet new Realtors I sell them on the quality of our photogaphy as much as on the virtual tours. There is so much more value that comes with great images to provide a stunning first impression and can be used for other marketing options. The virutal tour becomes an added benefit and easy sell after that.
I am Authorized Service provider for a company named TourFactory and what is nice is our clients get so much more than just a virtual tour. Those added features and benefits help sell the tours as well.
These days its all about value and ROI. Its a market where you have to have more than just a “virtual tour” to offer clients.
Dan
919 Studios, Inc.
http://www.919photos.com
Lani
Posted at 08:03h, 17 SeptemberI’ve been surprised at the same thing. My husband’s firm has done virtual tours on every listing for the past few years, even the $90k listings. Consumers demand it and it seems silly to skip such an inexpensive step!
Great article, Larry! 🙂
Larry Lohrman
Posted at 10:26h, 17 SeptemberKelly,
Yes, my example isn’t the traditional 360 images although if you look closely at this tour some of the images ARE 360s images.
I have done 360s since 1999 and make a hobby of it (see my 360s at http://www.fullscreen360.blogspot.com) so have been doing 4 to 8 360 images for every listing we do since 1999. My experience is that some home sellers/buyers (the techies) think they are great and some home sellers and buyers yawn. In the last couple of years I’ve been doing Flash slideshows in addition to 360s. I believe that large image slideshows are probably the most effective form of marketing image presentation because you can control the viewers attention. 360s have the downside that they necessarily have more complicated navigation so not all viewers catch on quickly.
I think the best from of presenting marketing images is a automatic slide show that will run by itself yet allow the viewer to stop the show and take control to go back to a particular image they liked or missed something.
Craig
Posted at 12:18h, 17 SeptemberLarry,
I sell in a resort area, one of the issues with buyer and sellers is security. Lots of high end clients are extremely security conscious, even to the point of not wanting floor plans published, let alone a virtual tour!
Been following your blog for a while now. Great information, thanks.
Athol Kay
Posted at 16:41h, 18 SeptemberAfter a while they just become a pain in the butt for buyers to have to sit through them loading etc. Photos you get to see in a few seconds.
And bt loading I mean anything lasting longer than 4-5 seconds generally makes me just click away.
keralatourpackages
Posted at 08:24h, 10 Augustmay be cheap