In today’s constantly changing world, organisations that stand tranquil are in danger of falling behind. This applies to the property market as much as any other. The world is changing rapidly, and many business sectors are experiencing somewhat of a “tech boom” one of which is real estate property marketing. Some companies are leading the way using Artificial Intelligence, 3D virtual spaces and drone technology to create new content, target, qualify and engage customer audiences with personalised property viewing experiences. Why does your business need to sit up and take notice? Simply because, it’s not all about the tech-boom.
The customer dynamic (generation) is also changing as we see the new tech-savvy, team-work oriented Generation Y (aka Millennials) moving into their peak earning years in huge numbers. Is your business, your products, or service offering geared to engage and serve this generation? Millennials are defined as success driven, goal oriented, determined, self-confident, techno-dependent, interdependent and optimistic individuals with high expectations. These are excellent qualities but as customers it makes them very demanding: they expect things now; they like it short and simple because they enjoy multi-tasking: they get bored quickly; they are driven by convenience; and they always want feedback.
Companies who adapt their business platforms and digital offering, experience a much higher engagement with this important buying generation, whilst others who don’t embrace enabling technology, find themselves wondering why their sales revenues are shrinking. Does your business have the right tools and content to stay relevant to this generation?
Whilst property photographs in real estate windows are still useful, foot traffic on the high street is dropping drastically because Millennials expect immediate online convenience. They use their smart devices for immediate satisfaction, or they go elsewhere. This will be no different as they start their home buying experience. So, what is next for the property market and how do you ensure you’re ready for Generation Y? Here are our thoughts on how to ensure your business is ready for this generation to engage with your business:
- Make it visual: This generation watches video on YouTube, Vimeo, Instagram and Facebook all the time so they understand the relevance of a visual world and the power of story-telling. Photographs don’t cut it anymore; videos and 3D virtual spaces of properties provide immediate and immersive engagement
- Tailor to their needs: Millennials do their research and they seek out information relevant to them so make sure what you publish is absolutely easy to find and relevant. They get bored quickly so your website, social media must remain up to date and provide instant feedback
- Available 24/7: Generation Y live their lives online in a 24/7 world so expect companies to do the same. Closed at night and on weekends won’t cut it anymore. Your social media platforms, chat areas and website should cater for near real-time responses
- Allow them to share your content: Millennials share what they like. They live through social media and like to share relevant content. Sharing your content extents your business reach and positive sharing means your marketing budget goes a lot further
Go visually immersive or fall behind:
3D Virtual Tours provide many benefits to Estate Agents as well as home buyers so it’s hard to imagine why Spain is still slow at the take up of this amazing technology. Here’s our shortlist summary of benefits:
|Less travel for agents for property viewings||Visit properties without having to travel|
|Better qualified leads from serious buyers||Only contact agents to arrange viewing after they have viewed the virtual property in fully-immersive detail, when they are absolutely serious about the property|
|Increased web engagement and sharing on social media||Share the 3D virtual tour and teaser videos online with their friends and family|
|Lower cost black and white floor plans for owners with fully-interactive selling features within a property||Doll house view, floor plans and interactive features that show the true potential of the property|
|Always open to your customers||24/7 property viewings online from anywhere in the world|
The biggest name in 3D virtual tours is Matterport, setting a very high standard for the rest to try and follow. Matterport 3D camera systems create realistic, fully immersive experiences of any space (inside or outside a property). Matterport’s system allows real estate agents to stand out from competitors as buyers can interact with a property listing and even control their viewing experience, giving them a chance to imagine themselves there and falling in love with the property before contacting the agent. Virtual walkthrough tours are a great qualification tool giving the agents up to 4 times the number of qualified enquiries and reducing properties’ days on the market by up to 56%.
Whilst America is setting a great the bar high for this technology as early adaptors, Spain is catching up. Homes all over the USA are being sold using virtual tours, they are using virtual tours to sell properties to clients that may be in different states or countries saving the buyer time and money by not having to travel to view the property, whilst also boosting sales team efficiency by up to 50% through better qualified leads.
The day has arrived when home buyers expect more out of their home search and access to a 3D virtual tour is not only essential but is fast becoming the standard. It’s time to upgrade and differentiate yourself with a style of property listing that expands beyond simply static photos. For many Estate Agents, Generation Y is a game-changing force for better or worse. Continuing to use static photographs to try to sell to them, work with them, and serve them, will no longer do.