I recently I came across a blog post from a Realtor group stating that they were finally going to take the steps to start researching virtual tours and wanted some thoughts on the subject. I was surprised to see that only two people had responded to the post and really had not offered much insight to the importance of a VIRTUAL TOUR from their stand point. To add, I was kind of amazed at the fact that the Realtors have never even considered the option of marketing their properties on line with virtual tour technology until now. Of course, I did the best I could to help them in the right direction; but, the very thought that there are still Realtors out there unwilling to implement these powerful into their arsenal of Real Estate sales tools has a lot to do with:
1. The misconception of how valuable it is in today's market place.
2. What role it plays in the hands of the consumer.
So how does a virtual tour benefit both the Realtor and the Client in a down economy? What can it do to help alleviate some of the financial stresses that come with a slow and stagnant economy? I am not talking about a slide show. A true Quality Virtual Tour done by a professional.
According to the NAR 2008 profile of Buyers and Sellers:
84% of all buyers and 87% of first time buyers use the Internet as an information resource during their search for a home. In the 25-44 age groups this number jumped to 91% of all home buyers.
Home buyers use the internet slightly more frequently (66%) than real estate agents (64%) and much more frequently than newspapers (17%), home magazines (10%) or television (2%).
Only 1% of home buyers did not find the Internet useful and 100% of those that use a real estate agent take two weeks to search on their own before contacting their real estate agent. 64% of all home buyers used the FIRST agent they contacted.
32% of all buyers look on line for properties for sale as the FIRST step in their search for a home.
33% of all buyers are now with 19% using them at least a few times per week.
79% of home buyers use a real estate agent; this is the same percentage as 10 years ago. In 1997, 50% of buyers found their home through a real estate agent and 2% found their home on the internet. In 2007 only 34% find their home through a real estate agent while those that find their home on the Internet has greatly increased to 29%.
Virtual Tours in Today's Marketplace
There are hundreds of Real Estate Virtual Tour providers offering many different solutions. Few understand the marketing aspects of virtual tour technology and many underestimate the value it has for the Realtor. The misconception as a whole is that a virtual tour is just some type of online media. It is much, much more than that. A virtual tour can be any type of media; but, how that media is used to benefit the sale of the home has extremely valuable aspects to it when approached with the right technology and the right tools to market that technology. If you are paying $100-$300 for a virtual tour and it is only distributed to your MLS and Realtor.com, you are missing a huge market of potential buyers outside these practical inclusions and you are paying way too much for your service.
It is no secret that the housing market is rapidly declining. Realtors are not making the commissions they used to and short sales and foreclosures are only paying a very small commission as to what they would normally get. Yet, many Realtors are still dumping thousands into their properties in hopes they will sell. But the hard fact is that most of those marketing and advertising dollars will only pay for so much time in front of the consumer. An ad here or there can quickly add up and the exposure value is very little. Is there a better way? You bet!! 84% of home buyers are shopping online first, so maybe that is where you should be directing your efforts? Why would you advertise your products and services in the local newspaper when 17% use the newspaper and 84% is looking online? The only person you are helping is the advertising agent. Now it does make sense to advertise, but maybe it's time to re-think how the rest of the population is thinking. Understand your market and where it is that they go to get the information they seek.
Basic observations when considering Virtual Tours and the value it has in the marketplace:
1. Affordability- Your virtual tour solution does not have to cost a fortune. The average Real Estate virtual tour should cost around $100-$150 for a good quality tour and hosted for 1-2 years online. It should also have excellent distribution qualities to get maximum exposure.
2. Functionality - What type of features do you get with your virtual tours? Is there rich media content that is easily accessible? Feature sets are what will keep your potential buyers occupied within your virtual tour. The more features your virtual tour has the more satisfying it will be to the end user. It is a proven fact that on line users are becoming hungrier for rich media content. If you're virtual tour provider does not offer virtual tours that are packed with rich media content, it time to look somewhere else.
3. Informative - Does your virtual tour provide the necessary tools to inform potential buyers on all the details of the Realtor and the property? Buyers want data and if your virtual tour does not provide what is desired, you will lose the buyer's interest quickly.
4. Marketing- Putting your virtual tour on your website or MLS is just the tip of the iceberg. With millions of consumers shopping on line every day, you need to have the tools to put your properties in front of those buyers. A Virtual Tour with no exposure is a dead tour. It has little reach in the marketplace and the virtual tour holds no great value. Yet, when you combine powerful online distribution tools with your virtual tours, you have opened up a tremendous amount of exposure and the potential to get more interested buyers. Also, combining innovative offline tools to direct traffic to your virtual tours can lighten the cost of traditional adverting and marketing. The focus here is to market your properties online and offline with the intent of driving as much traffic to the property for sale. This marketing strategy is very effective and is cost effective. A good tour package that offers both online and offline virtual tour marketing tools should average $.40-$1.50 per day. Compare that to traditional marketing, and you are saving a ton of money, getting tenfold the exposure and putting more profit in your pocket at the time of sale.
5. Flexibility - Your virtual tour should already come packed with marketing to make your job easier. A good virtual tour solution should give you the flexibility to do what you do best......sell!
Real Estate virtual tours can be the single most important alternative to property marketing in a time when the economy is failing. Time, money and value are so important when the span between commissions is much greater that it used to be. Investing in the choice to use virtual tours as your main tool of cultivating home buyers is a step in the right direction.
Consumers and Virtual Tours
How does the consumer benefit from a Virtual Tour you provide on line? Potential buyers play a very important role. It's what they want! Do you give consumers what they want? Are you keeping up with the latest advances in on line marketing? The way we do business today has forever changed and if you are not moving in strides with these advances, your competition will move leaps and bounds over you and leave you wondering why. If 84% of home buyers go to the Internet to shop for property, you wouldn't put 84% of your advertising dollars into the local newspaper would you? I hope not and I hope you see my point. Consumers know they can find what they want on the Internet. It saves them time and money, rather than spending countless hours driving around to each house. Virtual tours put the consumer in control to decide what it is they like about the house. A well organized virtual tour and the right exposure on many Web Sites can make use of the advantages of each individual listing and grasp the viewer's attention. You have to immediately engage your visitor with something that will capture their senses. Give them what they want and direct them on what to do. Give them the ability to explore all the advantages of your listings without the headache of having to search too deep. If a visitor can't find what they want within a few seconds, you will lose them.
Statistically speaking, consumers are eager for rich media content when they visit your website or virtual tours. If it is boring and inactive, you are missing the big picture. More people sit at home now because they can't afford to drive around. It is much more cost effective to find what you are looking for on the Internet. And, it is a lot less stressful too.
Home buyers are getting smarter. In a buyer's market, they are realizing they have the power to search and seek out anything and everything on the web. Including Realtors! If you're not making a huge impression, you're not doing what it takes to get those potential home buyers in the sales seat. Real estate virtual tours are what buyers are looking for. It saves them time and money and that is very important in this economy.
If you need more information on an affordable VIRTUAL TOURS and CYBER ADVERTISING solution, go to my site and contact me. www.RuckerPCS.com
Are you looking for a real estate professional who knows the FORT RUCKER and Enterprise Alabama Real Estate market and can get the results you desire?
Let me put my knowledge, experience, and dedication to work for you. Give me a call today, and I will immediately get to work for you - satisfying your real estate needs
As you move towards a possible decision on selling your home, or purchasing a new home in the Wiregrass Area, I hope you'll contact me. Let me know if I can be of further help in the process.
VIRTUAL TOURS ON ALL MY LISTINGS, Ask me about Cyber Advertising.
Please forward to anyone who may be moving to or from, Fort Rucker in the future.
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http://audiopostcard-003.com/Y.asp?7189970X1166
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Sincerely,
Karina Morgan REALTOR, ABR, GRI
CENTURY 21 Regency Realty, Inc.
(334) 477-2694
www.RuckerPCS.com
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