Virtual Tour Case Study

Case Study: Virtual Tours Elevating Real Estate Sales

Welcome to another Momentum 360 blog! Our goal is to inform you on everything 360 related in our incredible industry. If this is your first time with us, welcome aboard! If you’re coming back for a second read with us, welcome back! In this one, we’ll go over virtual tour case studies!

In the digital age, virtual tours have become a staple in various industries. But one sector that has reaped significant benefits from this technology is real estate. Through this case study, we delve into the real-world impact of virtual tours on a mid-sized real estate agency, examining the challenges, implementations, results, and key takeaways.

Virtual Tour Case Study

Virtual Tour Case Study

Background

“Cityscape Realtors,” a mid-sized real estate agency located in San Diego, has been active for over a decade. Traditionally, they relied on high-quality photos and in-person showings to sell properties. However, by the end of 2021, they noticed a slump in property viewings and subsequent sales. The reasons? A combination of the COVID-19 pandemic’s lingering effects and the evolving digital preferences of potential homebuyers.

Challenges

  • Decreased Physical Viewings: Due to health concerns and changing consumer behavior, there was a notable decrease in clients wanting in-person property visits.
  • Digital Competition: Many competitors had already adopted virtual tours, giving them an edge in the digital marketplace.
  • Time and Resource Constraints: The traditional method of multiple physical viewings was time-consuming and less efficient.

Implementation

After identifying the challenges, Cityscape Realtors partnered with a virtual tour provider specializing in 360° property tours. The implementation process was as follows:

  • Training: The agency’s staff underwent a brief training on how to capture properties using 360° cameras and upload them for virtual tour creation.
  • Property Capturing: Over a span of two months, the agency captured more than 70% of their listed properties for virtual tours.
  • Integration: Virtual tours were integrated into Cityscape’s official website. Each property listing was accompanied by an option to “View Virtual Tour.”
  • Promotion: Through social media and email marketing, the agency informed past and potential clients about their new virtual tour offerings.

Results

Within six months of implementation:

  • Increased Property Viewings: The number of property viewings (virtually) skyrocketed. A single property received more virtual views in a week than it had physical views in a month.
  • Higher Sales Conversion: The agency reported a 35% increase in sales conversions. Clients appreciated the ability to explore properties at their convenience, leading to more informed decisions.
  • Time and Cost Efficiency: Virtual tours reduced the need for multiple physical viewings, saving agents time and reducing overhead costs.
  • Wider Audience Reach: The agency started receiving inquiries from out-of-state and even international clients, broadening their market significantly.

Key Takeaways

  • Consumer Behavior Is Evolving: The modern consumer values convenience and safety. Virtual tours cater to both these needs, making them an invaluable tool in today’s digital age.
  • Stay Ahead of the Curve: In a competitive market, staying updated with technology can provide a significant edge. Cityscape Realtors not only regained their lost market share but also positioned themselves as modern and forward-thinking.
  • Efficiency Matters: The real estate sector often involves a lot of logistics and coordination. Virtual tours can streamline a significant portion of the sales process, making operations smoother and more efficient.
  • Global Reach: Digital tools like virtual tours eradicate geographical barriers, opening up global opportunities, even for mid-sized agencies.

Conclusion

Cityscape Realtors’ journey provides a tangible testament to the power of virtual tours. In a world where digital reigns supreme, integrating tools like virtual tours can make the difference between stagnation and exponential growth. This case study underscores the importance of adaptability, the need to embrace technology, and the immense potential that virtual experiences hold in reshaping industries. For real estate agencies and other sectors, the message is loud and clear: to thrive in the modern landscape, going virtual is not just an option; it’s a necessity.

Virtual Tour Case Study

Virtual Tour Case Study

Virtual Tours in Commercial Real Estate: A Transformative Case Study

The commercial real estate (CRE) sector, characterized by vast properties and significant investments, has traditionally been reliant on in-person viewings and face-to-face negotiations. However, as technology reshapes industries, even the CRE market is undergoing a metamorphosis. Let’s explore this transformation through a case study of “MetroSpace Commercial Realty” and its foray into virtual tours.

Background

MetroSpace, a leading player in the CRE market of Chicago, specializes in office spaces, warehouses, and retail properties. With a robust portfolio and a clientele that includes both local and international businesses, MetroSpace has been known for its premium properties and hands-on approach. However, by mid-2021, despite their vast portfolio, they registered a dip in their engagement rates and sales.

Challenges

  • Global Clientele, Local Limitations: Many of MetroSpace’s clients were international businesses looking to set up in Chicago. The pandemic made international travel difficult, resulting in prolonged deal closures or even deal drop-offs.
  • Complexity of Properties: Commercial properties, with their intricate details, often require multiple viewings to finalize a deal, making the process time-consuming.
  • Safety Concerns: The pandemic made potential clients hesitant to conduct physical viewings, especially for larger properties that would require extended visits.

Implementation

Recognizing the challenges, MetroSpace decided to pivot to a digital strategy, integrating virtual tours into their sales process.

  • Expert Collaboration: MetroSpace collaborated with a tech firm specializing in 360° virtual tours for commercial spaces.
  • Detailed Capturing: Given the complexity of commercial properties, emphasis was placed on capturing every detail — from office spaces to amenities, parking areas, and even surrounding locales.
  • Interactive Features: The virtual tours were made interactive, with features like floor plan overlays, information hotspots about amenities, and even simulated evening views for certain properties.
  • Integration & Promotion: These tours were integrated into MetroSpace’s official listings, and an aggressive promotional campaign was launched, targeting their existing and potential client database.

Results

Six months post-implementation, the results were nothing short of transformative:

  • Engagement Surge: Property viewings, in the form of virtual tour interactions, increased by a staggering 70%.
  • Rapid Deal Closures: The time to close deals reduced by 40%, as clients could get a comprehensive view of properties without multiple physical visits.
  • Safety & Convenience: Clients appreciated the safety and convenience of virtual tours, leading to a 30% increase in client satisfaction scores.
  • Increased Global Interactions: Virtual tours made geographical barriers irrelevant, resulting in a 50% rise in inquiries from international businesses.

Key Takeaways

  • Digital is the New Normal: Even sectors like CRE, which have been reliant on traditional methods, can benefit immensely from digital adoption.
  • Detailing Matters: Especially in the commercial sector, where property intricacies can influence business decisions, ensuring detailed and high-quality virtual tours is paramount.
  • Time Efficiency: Virtual tours can drastically reduce the time taken from property viewing to deal closure.
  • Borderless Business: Technology can eradicate geographical limitations, opening up global opportunities.

Conclusion

MetroSpace’s journey with virtual tours underscores a broader narrative — one of adaptability, innovation, and the immense potential of technology in reshaping even the most traditional sectors. In the world of commercial real estate, where stakes are high, and details are crucial, virtual tours have emerged as game-changers. The future, as MetroSpace’s experience suggests, belongs to those who can seamlessly merge the physical and the virtual, creating experiences that are both comprehensive and convenient.

Virtual Tours in Residential Real Estate: A Compelling Case Study

The residential real estate market is an arena of intense competition, personal connections, and substantial investments. Traditionally, buying a home meant numerous in-person house visits, extensive negotiations, and sometimes even travel. But technology, always a game-changer, has been making its mark here as well. Let’s delve deeper into this transformation through a case study on “Homeward Bound Realty” and their experience with virtual tours.

Background

Homeward Bound Realty, a prominent real estate firm based in Seattle, has been successfully catering to the local housing market for over two decades. With a reputation built on trust and in-depth market knowledge, they’ve always prided themselves on personalized service. Yet, towards the end of 2021, they noted a decline in property viewings, elongated sales cycles, and growing client demands for more flexible viewing options.

Challenges

  • Safety and Health Concerns: The lingering effects of the COVID-19 pandemic meant fewer clients were keen on physical house viewings.
  • Shifting Demographics: A younger, tech-savvy generation of homebuyers was entering the market, bringing with them different expectations and preferences.
  • Resource Intensive: Multiple in-person viewings were not only time-consuming but also resource-intensive, elongating the sales cycle.
  • Broader Market Reach: With Seattle being a hotspot for tech jobs, there was a surge in demand from out-of-state buyers who wanted to familiarize themselves with properties before relocating.

Implementation

Acknowledging the evolving landscape, Homeward Bound Realty decided to leverage technology by integrating virtual tours into their property listings.

Virtual Tour Case Study

Virtual Tour Case Study

  • Selection of Technology: They partnered with a leading virtual tour provider, ensuring high-quality, 360-degree immersive property tours.
  • Comprehensive Training: Agents underwent training to effectively capture properties and to guide clients through virtual tours, ensuring a personalized touch even in a digital format.
  • Value-Added Features: The virtual tours weren’t just passive walkthroughs. They incorporated interactive floor plans, neighborhood insights, and even mortgage calculators to enhance user experience.
  • Promotion: An outreach campaign was launched to inform existing and potential clients of this new offering, emphasizing convenience, safety, and the immersive nature of the tours.

Results

The outcomes, just a few months post-implementation, were revealing:

  • Increased Viewings: Virtual property viewings increased by 80%, with clients appreciating the flexibility to explore properties at any time.
  • Shortened Sales Cycle: With clients able to shortlist properties more efficiently through virtual tours, the time from initial inquiry to final sale reduced by 45%.
  • Higher Client Satisfaction: A post-sale survey indicated a 30% increase in client satisfaction, attributing it to the ease and detailed insights provided by virtual tours.
  • Expanded Client Base: The virtual tours attracted a wider audience, including out-of-state buyers and international investors, leading to a 25% increase in new client registrations.

Key Takeaways

  • Embrace Digital Transition: Even industries deeply rooted in traditional practices, like real estate, can immensely benefit from digital tools and technologies.
  • Meeting Evolving Expectations: Catering to the changing preferences of the client demographic is crucial for sustained success.
  • Enhanced Efficiency: Virtual tours can streamline the property buying journey, making it more efficient and user-friendly.
  • Broadening Horizons: With the power of technology, geographical boundaries become inconsequential, opening doors to a broader client base.

Conclusion

Homeward Bound Realty’s foray into virtual tours underscores the potential of technology to revolutionize industries. It’s a testament to the power of innovation in meeting changing demands and streamlining processes. Their experience serves as a beacon for other realtors, highlighting the importance of adaptability, forward-thinking, and client-centric approaches. In the dynamic world of real estate, virtual tours, as Homeward Bound Realty discovered, are not just tools for convenience; they are catalysts for growth and client engagement.

Virtual Tour Case Study

Virtual Tour Case Study

Embracing the Digital Shift: A Residential Real Estate Virtual Tour Case Study

Residential real estate, a domain that thrives on personal connections and emotional decision-making, has witnessed a paradigm shift in recent years. As technology penetrates deeper into every sector, real estate too is undergoing a transformation. This change is evident in “Lakeside Properties,” a real estate firm that recently embraced the potential of virtual tours. Let’s dive into their story.

Background:

“Lakeside Properties,” based in Austin, Texas, has been catering to local families for 15 years. Their USP was always personalized touchpoints and understanding family needs. However, by 2021, they observed a growing trend — while potential buyers were enthusiastic about properties, there was a marked decrease in in-person viewings.

Challenges:

  • Pandemic Induced Reluctance: The lingering health concerns post-COVID-19 pandemic made many potential buyers hesitant about in-person property visits.
  • Tech-Savvy Clientele: The new generation of homebuyers, comfortable with digital platforms, began to seek more virtual interactions and previews.
  • Wider Geographic Interest: Austin’s booming tech industry was attracting a workforce from different states, making initial physical property viewings challenging.

Implementation:

Recognizing the signs of change, Lakeside Properties decided to weave technology into their offerings. The core of this strategy was the adoption of virtual tours.

  • Partnering with Specialists: They collaborated with a reputable virtual tour provider, ensuring crisp, 360-degree property captures.
  • Training the Team: It wasn’t just about the technology. Agents underwent training to familiarize themselves with virtual tour software and learned how to guide clients through virtual viewings, retaining the essence of their personalized touch.
  • Enhancing the Virtual Experience: Lakeside’s virtual tours were more than just digital walkthroughs. They embedded detailed property information, embedded video testimonials from neighbors, and used augmented reality to showcase potential decor or furniture arrangements.
  • Marketing the Virtual Advantage: A targeted marketing campaign informed clients about the convenience, safety, and comprehensive nature of these virtual tours.

Results:

Within a quarter post-implementation, Lakeside Properties began to witness transformative results:

  • Surge in Property Viewings: Without the constraints of scheduling physical tours, there was a 90% increase in property viewings, as clients could explore homes at their convenience.
  • Efficient Sales Process: The property-to-purchase timeline was shortened. Prospective buyers, after exploring homes virtually, visited only select properties physically before finalizing their decision.
  • Enhanced Client Engagement: The interactive nature of the virtual tours, complete with augmented reality features, made property exploration engaging, leading to a 40% increase in client inquiries and interactions.
  • Broadened Client Demographics: The ease of virtual tours attracted diverse clientele, from out-of-state tech professionals to international investors considering Austin as a potential residential destination.

Key Takeaways:

  • Digital Integration is Imperative: In an evolving market, keeping up with technological advancements is not an option but a necessity.
  • Personal Touch Matters: Even in a digital setting, personalized engagements remain paramount. The success lies in seamlessly blending technology with personal interactions.
  • Enhanced Client Experience: Virtual tours offer clients a comprehensive property overview at their fingertips, ensuring informed decision-making.
  • Expand Boundaries: With digital tools, realtors can break geographical constraints, reaching a more expansive and diverse clientele.

Conclusion:

Lakeside Properties’ journey with virtual tours offers invaluable insights for the residential real estate sector. It emphasizes the symbiotic relationship between traditional values and modern tools. As they discovered, the essence of real estate remains the same — understanding client needs and offering them the best homes. However, the methods to achieve this are changing, with virtual tours being a formidable tool in a realtor’s arsenal. In the end, embracing change, as Lakeside Properties did, paves the way for success in this digital age.

Momentum 360 is a Premiere Small Business and Real Estate marketing company in Philadelphia and tri-state area. Our main service offerings are 3D Virtual Tours powered by Matterport, as well as photography and videography. We are both a Matterport Service Provider and Google Trusted Photography agency. While 3D Virtual Tours started in real estate, they are versatile and applicable across every industry.

Virtual Tour Case Study

Virtual Tour Case Study

Momentum 360 specializes in virtual tours for real estate, small businesses, restaurants, retail, healthcare, professional services, and much more. These virtual tours help our clients showcase their business online, while also allowing them to rank higher on Google with SEO, and get more followers on social media. Call for a quote.