I'm loving how technology is changing the real estate market, particularly the 3D tours. In a nutshell, it is an online experience that lets interested tenants or buyers do a virtual tour of the property. If more real estate agents use this for their listings, this can be a real game changer.
The tenants/buyers can check out the property without actually having to be at the property. This can save a lot of time for them and the agents, making the whole leasing and purchasing process much smoother and more efficient. The tenants/buyers can see all angles of the property that pictures alone are not able to show, and filter out the unsuitable properties. Agents can save a lot of time knowing the showings are for tenants/buyers that are truly interested in the property.
In addition, not many agents are using 3D tours now. It can be a competitive advantage for the agents that are using it, as listings with the 3D tours look more impressive and professional. According to REA Group (the largest real estate portal in Australia), when an online shopper sees a listing that includes Matterport, they are 60% more likely to email the listing agent and 95% more likely to call.
I have been following Matterport for a while, and their 3D technology is truly impressive. Redfin has rolled out its 3D Walkthrough, powered by Matterport. For the agents, they just have to use the Matterport camera to scan the property, upload to their Cloud via the iPad app to be processed, and then share the file link or embed it on the site. Only drawback to using it now is the hefty investment of $4,500 for the camera and $49/mo for the Cloud service basic plan. Given the costs, it will make sense if this is shared by all agents within the brokerage. Another option is to pay for someone to scan your property and provide the finished product to you. Lemonadestand is one such provider of the service, with fees starting at $200 depending on property size.
It will be great to see more listings using 3D tours, but more adoption of this technology will happen only when the prices go down. Until then, it will be better if more agents upload videos of the property too.