Virtual tours have become a real sensation in Real Estate transactions

Better.com, an online-based mortgage provider, reports a 40% increase in online purchase applications in 2020 with appraisals conducted through iPhone. The National Association of Realtors survey shows that 35% of realtors rely on virtual tours to connect with buyers. Virtual tours have become the gold standard for buying property online, evident from the increasing number of people using digital platforms to view properties and make property-related transactions.  

The primary virtual platforms for digital property tours include 3D tours, drone videos, and virtual reality or staging. Nevertheless, real estate agents use various digital tools to create digital walkthroughs. Coldwell Banker, a successful real estate broker, comments that people use Tik Tok and Facebook Live to host virtual open houses. FaceTime and Zoom meetings have also become common for holding conference meetings for property negotiations.

Virtual reality and augmented reality provide prospective homeowners and investors with exceptional experience to conceptualize and comprehend details of a property more than they could with a picture or written description. The prospective buyers feel the space, light, and rooms, enhancing their experiences as if they were viewing the property physically. The technology is transforming the industry by making the process convenient and efficient for sellers, agents, and buyers.

One major advantage of virtual tours is that prospective buyers can narrow down on properties that interest them without the hustle of having to visit over 50 properties to get something they like. A study by Planet Home indicates that 75% of buyers make purchasing decisions based on virtual tours.

While online engagements in the property market have existed for the past few years, the current craze in virtual tours and digital transactions in the property market peaked two years ago following the outbreak of the pandemic. The economic shutdown due to the COVID-19 pandemic accelerated the digital transformation. Traditionally, property buyers prefer to have a physical feel of the property, followed by face-to-face interactions and negotiations with the real estate agents.

Some critics, however, maintain that the tactile experience remains valuable, as most buyers want to have a physical feel of the property.

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