Virtual tours raise the value of a property by £16,000

Giraffe 360, a leading estate agent media provider has shown that homes marketed via the use of virtual tours boast a price premium of up to 8.5%.

Virtual tours have been popular especially with buyers from overseas for a long time. This trend, however, was ushered to a further degree during the pandemic, when viewing properties in person was restricted. This method of viewing properties enabled potential renters and buyers to enjoy a full tour of a property without having to leave the comfort of their homes.

Despite the end of the pandemic, virtual tours still retain their value, as properties that offered this service on the market hold an estimated premium of 5.6% in comparison to homes that were marketed using more traditional methods. Taking into account the average price of a house today, the total cash premium equates to £15,648.

Virtual tour premiums are more valuable on the rental market, sitting at an estimated premium increase of 8.5%. This translates to an extra £94 per month, in terms of rental income.

There are other benefits, including the increase in price premiums that they can offer – virtual tours are not time-restricted, meaning clients can view the property at a time that is suited to their own needs.

In addition, clients can view many properties within the space of one online session, as opposed to being required to physically travel to properties of interest, both of which serve to raise the exposure of properties on the market by increasing ease of accessibility.

With virtual tours, clients with disabilities no longer have to worry about if they will have difficulties viewing the property, and sellers don’t have to worry about the potential problems that come with letting strangers onto the property for observational purposes. This method of viewing properties saves time and money for all parties involved. Buyers don’t have to spend money on travel expenses, making the process of finding the right home to buy all the more efficient.

Mikus Opelts, chief executive officer of Giraffe 360, commented: “Virtual viewings use complex technology to create a very simple and intuitive user experience and one that brings enormous benefit to everybody involved in the buying and rental markets. They are a genuine moment of evolution for the industry, not just a passing fancy. Before too long, every home in Britain will be marketed with the use of virtual tours.”

Opelts added: “Not only are they hugely convenient and impressive, they also bring astonishing premiums. They have an ability to make viewers fall in love with a home to such an extent that they’re willing to pay a little extra to secure it.”

Opelts concluded: “As it stands, there is still time to get ahead of pack with virtual tours and start offering something that your competitors haven’t caught onto yet. The return for doing so? Roughly £16,000 for every transaction.”

(This article was written by Raphael Ogunlaru)