We polled 1,000 U.S. property buyers and 1,000 U.S. property sellers and found that they are no longer satisfied with static photos and would overwhelmingly opt for a more immersive experience. We compared our data with the National Association of Realtors (NAR) 2019 Home Buyers and Sellers Generational Trends Report and found some great insights into the real estate market of tomorrow.
The first touchpoint in the buyer journey is an online listing, where an immersive 3D virtual tour can afford a property an impactful first impression. Nearly 80 percent of all respondents would switch to a real estate agent offering immersive 3D tours of listed properties. The NAR report reveals that “among all generations of home buyers, the first step taken in the home search process was to look online for properties,” often resulting in buyers “walk[ing] through the home that they viewed online.”
Millennial and Gen Z respondents were overwhelmingly in favor of more immersive listings. For instance, 83 percent of Millennials and 94 percent of Gen Zs would switch to an agent offering these services, compared to 63 percent of Gen Xers. NAR reports that “Millennials still made up the largest share of home buyers at 37 percent” and with younger generations coming of age as the primary buyers in the real estate market, it’s important to pay close attention to their gravitations toward tech-savvy agents.
Not only would younger generations switch, but around 86 percent would recommend these agents to their friends. This bodes well for real estate agents, where “referrals by friends, neighbors or relatives were higher among younger buyers such as 28 years and younger,” according to NAR.
Learn more about the findings of the study here. To find out how anyone in real estate can use Matterport to attract prospects, increase engagement and earn higher commissions, go here.