Using a guided virtual viewing on properties resulted in a 19.4% higher conversion rate than those listings without one, according to new research by TwentyCi.
In one client’s trial of estate agent brands using guided virtual viewings, vendors also benefitted, as listings using these tours sold for an average 5.62% more than listings without
TwentyCi’s research discovered similar wins for the lettings sector, with nearly 70% of lets taking place after at least one guided virtual tour of a property; 66% of these tenants let without a physical viewing . Listings with guided virtual tours available had let rates which were 8.5% better than those without.
The data firm says this results in considerable benefits for agents, who saved 90% of the time they would have normally taken to show prospective tenants around properties. A greater number of viewers in the funnel triggers more interest, which in turn creates a price tension along with the higher likelihood of a sale.
Buyers use guided virtual viewings to narrow down the list of properties they visit and TwentyCi’s client reports that agents shows an average of two properties per guided virtual viewing session – and the anecdotal feedback is that this gets rid of the buyers who aren’t serious about proceeding.
CEO Ian Lancaster (pictured) says the results are staggering and represent a catalyst for a change in the industry. He adds: “The pandemic is responsible for escalating the need to do more virtually. Guided virtual viewings are, in our opinion, one of the prop-tech solutions that will win out.”