New Study Shows Property Buyers and Sellers Overwhelmingly Prefer Listings with 3D Tours
SUNNYVALE, Calif., Jan. 27, 2020 /PRNewswire/ -- Matterport, the market leader for spatial data capture, today announced the results of a new study that shows U.S. real estate buyers and sellers are no longer satisfied with static photos and would overwhelmingly opt for a more immersive experience.
The survey polled 1,000 U.S. property buyers and 1,000 U.S. property sellers. Nearly 80 percent of property buyers and sellers would switch to a real estate agent offering immersive 3D tours of listed properties. Millennial and Gen Z respondents are overwhelmingly in favor of more immersive listings. For instance, 83 percent of Millennials and 94 percent of Gen Zs would switch to an agent offering these services, compared to 63 percent of Gen Xers. Not only would they switch, but 87 percent of sellers and 86 percent of buyers would recommend these agents to their friends.
The primary reason is pretty simple. Unlike viewing a series of still pictures of a home online, viewers can self navigate the space in full 360/3D immersion, as if they were doing an actual walk-through. Moreover, viewers appreciate that fact that they can click on tagged objects, furnishing, and specific areas for additional info and multimedia. With a much richer, fuller experience than one could ever get from photos or video, it is now so much easier to assess and shortlist a property, without the time and cost of a physical visit.
"It's clear that property listings with only static photos will no longer be viable options," said Jay Remley, Chief Revenue Officer of Matterport. "An immersive 3D experience is what buyers and sellers want - and it pays off. Properties sell 20 percent faster and close up to nine percent higher price with a Matterport 3D tour."
Buyers Want Digital Measurements
Respondents of both groups agreed that offering 3D tours would improve the competitive edge of a listing. In fact, 92 percent of prospective buyers would be more likely to buy a home if the property they were interested in had an immersive 3D tour available.
Buyers are also interested in online measurements. Nearly 90 percent of prospective buyers reported that an immersive 3D tour that allows them to take digital measurements of rooms, walls, doors, windows, etc. would make them more interested in a listing. Additionally, over half (55 percent) of potential buyers said they would buy a property sight-unseen if there was a 3D tour available online.
Sellers Seek Competitive Edge
Similarly, an extraordinary 99.4 percent of sellers reported that offering an immersive 3D tour would improve the competitive edge of their property listing. Moreover, 89 percent of sellers believe their listings would perform better (i.e. sell faster) if it featured an immersive virtual walk-through tour. Of the sellers surveyed, 88 percent reported that they would prefer to work with a realtor who could offer an immersive 3D tour of their property over ones that couldn't. These sellers are ready to take actual steps today, with 80 percent saying they would switch to an agent/agency who offered 3D capture services over ones who could only offer photography services. Matterport is the leading spatial data company digitizing and indexing the built world. Its unique 3D capture technology creates the spatial data layer on which the industry can interoperate, and the company's all-in-one 3D data platform makes it fast and easy to turn any physical space into an accurate and immersive digital twin. The Matterport platform helps customers realize the full potential of a space at every stage of its lifecycle including planning, construction, appraisal, marketing, and operations. Learn more at matterport.com.