5 Secrets Buyers and Sellers Must Know About Virtual Home Tours

Virtual home tours have revolutionized the real estate market, making it easier for buyers and sellers alike. Here’s why:

1. Accessibility for Buyers: Perfect for long-distance buyers such as relocated military personnel, investors, or those looking for vacation homes.
2. Convenience for Sellers: Helps sellers’ market their properties creatively while limiting the number of strangers entering their home.
3. Efficiency: Buyers can quickly find their next home, which may also need to serve as their office, gym, or classroom.
4. Popularity and Limitations: While virtual tours are trendy, they’re not the only option available for buying or selling homes.

In this post, we’ll explore five crucial secrets about virtual home tours and their impact on today’s real estate market.

Secret #1: Virtual Tours Have Evolved

Virtual tours have come a long way from basic 360° photos. These images allow viewers to see all angles of a home and can be stitched together to create a 3D model, often resembling a dollhouse. Agents may also use Virtual Staging to digitally furnish and decorate the space.

In addition to traditional click-and-move virtual tours, Online Walkthroughs are now available. These involve the seller or agent filming a video while walking through the home, which can be pre-recorded or live. Live walkthroughs, known as Virtual Showings or Online Open Houses, offer real-time tours. Virtual Showings are scheduled one-on-one events, similar to in-person tours, while Online Open Houses are more informal, allowing multiple viewers to join a group video call on platforms like Facebook or Zoom.

Secret #2: Virtual Doesn’t Mean Impersonal

Virtual tours showcase property details better than static photos and help create a personal connection. They allow buyers to visualize living in the space and assess if it suits their lifestyle. Live video walkthroughs with an agent provide insights on non-visual aspects like creaky floors, internet speed, and neighborhood dynamics, while enabling real-time questions.

For sellers, virtual tours can attract more buyers by offering an intimate look at the home, encouraging strong offers.

Secret #3: Virtual Is Just The First Step To Safe Home Sales

Virtual tours remain a recommended safer option for buying and selling real estate. They minimize exposure risks for buyers, sellers, and agents by reducing physical foot traffic in homes.

While virtual tours provide a comprehensive view, some buyers may still require an in-person visit before making an offer. These may include requiring pre-qualification, scheduling tours by appointment with essential parties.

Agents or sellers should prepare the home beforehand and sanitize afterward to ensure everyone’s safety.

Virtual tours serve as a crucial initial step toward safe and confident home sales, complemented by careful in-person viewing protocols when necessary.

Secret #4: The Speed of Closing Depends on Your Goals

Virtual tours significantly reduce the time buyers spend viewing homes, enabling them to see many properties quickly. This increased efficiency leads to more offers for sellers, with virtual tours potentially adding 2-3% to a home’s sale price due to higher buyer interest.

For buyers, it’s essential to act fast and work closely with your agent to submit strong offers, as competition is high. Sellers should balance the desire for a quick sale with the opportunity to entertain multiple offers, potentially extending the time your home stays on the market by up to 6%. Your agent can guide you on the best strategy based on your priorities.

Secret #5: Virtual May Not Always Be the Right Choice

While virtual tours offer many benefits, they can be expensive to create, edit, and market. Full virtual tour packages, including 3D imaging and virtual staging, can cost hundreds of dollars. Even simpler options like video call walkthroughs require significant time and effort from both sellers and agents.

Sellers should discuss with their agents whether a virtual tour is the best marketing strategy. It may not always be the right fit, depending on potential buyers’ preferences, the cost-benefit ratio, and other effective marketing methods.

For buyers, some listings may lack virtual tours because they don’t need them to attract offers or because traditional marketing tactics are more suitable. Keep an open mind and consider all home options that meet your needs and budget, even if they don’t feature virtual elements.

Are Virtual Home Tours in Your Future? As technology advances, creating virtual tours will become easier and more affordable, making them a lasting and increasingly common feature in real estate listings. If you’re considering buying or selling a home, we’re here to help. Contact us today to find local homes for sale with virtual tours or to discuss whether adding a virtual tour to your listing is the right choice for you.

Sources:

1. Rocket Mortgage – https://www.rocketmortgage.com/learn/evolution-of-home-showings-during-covid-19
2. Radio Iowa – https://www.radioiowa.com/2020/07/28/trying-to-sell-a-house-ui-study-finds-virtual-tours-will-bring-more/
3. NAR Showing Guidance During Reopening – https://cdn.nar.realtor/sites/default/files/documents/Showing-Guidance-During-COVID-05-14-2020.pdf
4. NAR 2020 Member Safety Report – https://cdn.nar.realtor/sites/default/files/documents/2020-member-safety-report-08-31-2020.pdf
5. NAR 2019 Profile of Home Buyers and Sellers – https://cdn.nar.realtor/sites/default/files/documents/2019-profile-of-home-buyers-and-sellers-highlights-11-21-2019.pdf
6. Realtor.com – https://www.realtor.com/advice/sell/how-to-host-virtual-home-tours-almost-as-good-as-the-real-thing/