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Technology for the real estate market has advanced in several areas, most notably sales and marketing. The 3D digital models and virtual tours sector enhances online sales tools and provides new facilities for sellers and customers, regardless of whether they are buyers or renters, thereby increasing sales and reducing the time for transactions.
In this sector, Matterport, founded in 2011 with offices around the world, stands out as a company focused on digitising and indexing the built world. They have a proprietary 3D data platform technology that not only creates a digital representation of the building or space, but is also designed to increase sales. With the digitisation of the real estate market, tools like this have become more essential.
Data from Grundum Imobilieren in Germany shows that buyers who visit in person after having already visited the digital model are 80% more likely to make an offer. Meanwhile, some models are even so realistic that they serve as a filter, reducing the amount of time wasted on accompanying site visits.
“In our 2020 survey, we learnt that up to 76% of home sellers regard digital tours as a necessity, and 64% would accept an offer even if the buyer only made a digital tour. So vendors are beginning to see them as a core part of agents’ listing services”, explained James Morris-Manuel, Managing Director and EMEA at Matterport.
These digital twins are changing the way buyers engage with listed buildings and helping increase sales on an interesting scale. “BeMi in Slovakia experienced a 17% increase in purchase and rental leads, and reduced time on the market by 12%, while Winkworth Estate Agents in the UK have reported a higher click-through where Matterport models have been used on listing portals”, shows Morris-Manuel with real data from his company.