Penetration of virtual tour content online
92% of people research houses online first before reaching out to an Estate Agency.
Yet currently, penetration of virtual tour content on online is less than 5% of overall listings.
We believe that this percentage is set to increase dramatically over the next 2 years and here's why.
According to online estate agent, Yopa, the average UK house sale requires on average 15 viewings. This of course varies from area to area within the country.
Working off an average of 45 minutes per viewing and 20 minutes of travel time, estate agents are spending 65 minutes on each viewing. This means that during the sale of an average UK house, 16 hours of estate agent time is spent attending viewings.
Virtual tours can cut this time dramatically. This is because a virtual tour filters out non-qualified/ not interested buyers from the pool of potential buyers, leaving only qualified/ serious buyers to attend a physical viewing. This is a major advantage to agents as it allows them to reduce the total number of viewings, and therefore save staff time.
As it stands, Estate agents undertaking virtual tours of their property instructions have a unique USP against their competitors (5% of listings), but as the industry shifts to accomodate a increasingly digital experience, those who do not adopt virtual tour technology will be left behind.