It goes without saying, but we’ll hammer it home for the people at the back; COVID is changing the way we do business. From skin checks to the sports, and travel to real estate – every single industry has been forced to look at the way they operate and make adjustments.
Forward-thinking businesses are looking to tech to keep them ahead of the playing field. Last week in our blog post (read here), we talked about how through the changing times virtual reality is not only changing the entertainment industry but transcending into our everyday lives.
And yes, we get it. Everyone keeps banging on about adapt or die. But that’s because the pandemic has forced us to recognise our limitations when the general population are restricted to their homes.
And for the real estate industry, this now means virtual tours have gone beyond just the ability to showcase a home to people in lockdown.
“With technology streamlining processes, this will also lead to a reduction in transactional costs,” says Julie O’Donohue, managing director of Next Address.
For example, if we’re looking at Queensland where restrictions have been steadily easing within the state and virtual tours are no longer required as a replacement for open homes, virtual tours are now being used as a way to pre-qualify buyers.
“Virtual tours, for example, have meant that by the time buyers have decided to view a property in person, they are more engaged with that process and further along the buying process as they’ve already explored that property virtually,” says Miranda Brownlee from Realestatebusiness.com.au.
This is, of course, not just a benefit to the agent, but also the vendor. Having more qualified buyers through their homes would suggest a quicker all-round process. And it eliminates wasted time for buyers who turn up to homes that aren’t accurately represented by 2D photography.
With vendors feeling more empowered thanks to technology, the industry will also see an increase in transparency for the same reason. We know an increase in transparency in the sector is important as it increases accountability and quality of governance, which all leads to you being a more trusted agent.
So, are you one of the industry pack leaders adopting virtual tours for your business and client’s best interests?