Rising Market of Virtual Property Tours in Real Estate

Rising Market of Virtual Property Tours in Real Estate

The real estate market keeps evolving day by day, as the market value keeps getting higher, realtors are more keen on experimenting with the latest technologies. One such trend that is getting a lot of attention these days is Virtual Tour. Virtual tours are the latest addition for every realtor to attract customers around the world. Virtual Tours has become a Decisive Element for 75% of Potential Buyers. 

Why you may wonder?

It is because of the immersive nature of virtual tours that realtors need something more than just a good reputation to stay ahead in this competitive market. Property viewing experience has always been a bit of a challenge for both buyers and real estate agents but with virtual tours, all these logistical challenges can be easily avoided.

So, What’s Virtual Tours?

Virtual Property tour presents the property buyers with a simulated 3D environment that enables users to explore properties virtually. It operates on the same fundamentals that our phone’s panoramic images work on. Initially, a sequence of images is woven together, forming a distorted raw image. Now these distorted images undergo advanced software processing to eliminate distortions and enhance the overall 360-degree image which is more realistic and closely captures the virtual space. 

Property buyers can enjoy virtual tours of their dream projects sitting in any corner of the world with the help of a desktop and even a smartphone. There are different types of virtual tours available in today's time offering a variety of features to create a more realistic experience for the buyer from the very first stage of the property buying experience. 

Types of Virtual Tours

360-degree walkthroughs

Gone are the days when property buyers had to zoom in and out to see property details on a 2D static image, with 360-degree walkthroughs, buyers can take a look at every corner of the property and enjoy the architectural brilliance. A 360-degree walkthrough offers buyers a comprehensive understanding of the property layout.

Guided Tours

If you thought you would be all alone in your property exploration journey then it is only partially correct. Since many of these virtual tours are hosted by real estate agents just like it happens in real life. The real estate agent virtually provides a curated walkthrough of the property, enhancing engagement and information delivery.

Hybrid Experience

Many developers also hold virtual tour sessions in the unique hybrid mode. Property buyers can experience the virtual reality world through VR headsets, creating a remarkably realistic sense of being present at the actual location.

A robust growth trajectory is expected in the market, with projections indicating an ascent from USD 384.0 million in 2023 to an impressive USD 941.3 million by 2030. So now the question is why is there this much for Virtual tours in Real Estate and is the hype worth it? 

The pandemic has set the market for virtual tours high. In a recent study, it has been found that Listings equipped with virtual tours receive an 87% boost in viewership, while a significant 54% of potential buyers actively skip over properties devoid of this immersive feature. Virtual has made the property viewing experience more convenient for both buyers and developers.

It has also helped developers to expand their market geographically. Moreover, virtual tours have only added benefits and opened new doors for revenue for real estate developers. Here are some of the remarkable benefits that virtual tours can add to your real estate property viewing experience.

Increase Engagement

Property buyers tend to spend more time experiencing the property online in a virtual tour rather than offline. Why? Well because offline property tours are mostly overcrowded during weekends, Agents attend to more than one client at a time so buyers can not spend as much time as they want in the property.

Better Visualization

Static images can not capture the architectural brilliance of a property but with Virtual tours, buyers can explore each corner of the real estate project. The more they visually engage with the project the more they are inclined towards buying the property.

Expanded Clientele

Now that location is no longer a problem, with Virtual tours buyers get the flexibility to explore real estate projects across the globe. It also helps real estate developers to bring customers from all around the world with just one simple integration.

Time and Cost Efficiency

Virtual tours eliminate the need for physical site visits, saving time for both buyers and sellers. It's a cost-effective solution that streamlines the property search process.

Detailed Information

With guided virtual tours Realtors can give detailed tours of the property virtually. It helps them to connect better with the clients and close the deals faster with dedicated strategies.

Increase Project Value

The integration of virtual tours into your website will give you a competitive advantage and push. The next generation of buyers is more comfortable trying and testing any product online before making their decision. Virtual tours guide buyers in the correct direction while increasing the project value for the realtors. 

So, what stores next for the Real Estate industry in the rising trend of Virtual Tours?

Virtual tour experiences are no longer limited to 3D visuals or 360-degree walkthroughs, with technological advancement AI and data analytics have also become integral parts of these tours. With the help of the Analytics captured during property tours, real estate agents can curate more detailed dedicated strategies to capture the lead. As technology continues to advance, the integration of VR tours into marketing strategies is becoming not just a luxury but a necessity. virtual tours are the latest catalyst in the real estate realm to grow revenue faster with better sales closing rates and this is just the beginning, the innovations that will come to life in near future for property visualisation will be one to look forward to.

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