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In hopes of creating innovative ways to counter the economic recession from a global health crisis for five months now, brokers have found a convenient way to continue attracting potential clients in selling houses with the emergence of virtual house tours.
A huge attribution in record-low mortgage rate has also played a role as the housing market remained on a roll amid the pandemic. Two online listing sites, namely Redfin and Zillow, reported a better-than-expected result in the second quarter sales in the past few weeks, thanks to the effectiveness of virtual tours. It was reported that both stocks capped off the week by registering record highs.
Zillow CEO Rich Barton said that three out of four adults say they prefer to use virtual 3D visit technology in purchasing a property.
On the other hand, in a survey conducted last month and published on August 5 by Redfin, it was stated that 25% of respondents cited that the ongoing health crisis has triggered them to prefer to move and headstart their relocation plans.
While virtual showings are not something new in the real estate scene, it has become the go-to conduit for more realtors and brokers to adapt to the changes that the world continues to deal with.
In an article published by Design Middle East, they cited the benefits of opting for a virtual tour instead of the traditional open house visit.
“Instead of furnishing homes with real objects, brokers can assist potential homebuyers in visualizing their new home with virtual reality,” the website stated. “Virtual and augmented reality offers experiences like no other, allowing people to conceptualize and understand what’s difficult to imagine from a picture or detailed description.”
“Realtors can easily add a customizable option with any element when staging the property and creating the 3D tour. It allows the clients to customize the space as per their personal preferences. They can also add purchasable items and showcase them using VR technology,” the Design Middle East added.
According to the Bay East Association of Realtors 2020 president Tina Hand in an article published in PleasantonWeekly.com, about 85% to 90% of showings have turned into hybrid virtual shows, where homeowners will first spot an area via virtual show, before making an appointment to visit a home physically.
“It’s the wave of the future, I see a hybrid where you’ll have the virtual tours, and then the buyers will go into the properties, walk the grounds, and walk the house.”Tina Hand, Bay East Association of Realtors 2020 president
In compliance with the guidelines provided by the U.S. Centers for Disease Control and Prevention, sanitation of homes before and after the occurred visit by potential clients is necessary.