10 Sep The Rise of Virtual Real Estate Tours in Canada

Pros and Cons

 

The Canadian real estate market is constantly evolving, with new technologies shaping the way properties are bought and sold. One of the most significant advancements in recent years is the rise of virtual home tours. These digital walkthroughs allow potential home buyers to explore properties from the comfort of their own homes, revolutionizing the traditional home buying process in Canada. As competition among Realtors® intensifies, the adoption of virtual tours is becoming a key strategy to stay ahead in the dynamic real estate market.

In this blog article, we will delve into what virtual real estate tours are, their advantages and disadvantages with real time statistics based on current Canadian real estate market.

 

What is a Virtual Real Estate Tour?

A virtual real estate tour is a prerecorded video that allows potential buyers to explore a property online. These tours offer 360-degree view of every space inside and outside a home, enabling home buyers to get a comprehensive feel for the property’s layout and features. Unlike traditional photos, virtual tours provide an immersive experience that helps buyers visualize themselves in the home.

According to a recent survey, 67% of home buyers wants a virtual tour when looking at a listing, and 50% prefer virtual tours over photography alone. This trend highlights the growing demand for more engaging and detailed property viewing options in the Canadian real estate market.

 

Advantages of Virtual Home Tours in Canada

Broader Reach and Engagement

Virtual tours enable home sellers to reach a wider audience. Potential buyers can view the home at any time, regardless of their location. This is particularly beneficial for the housing properties targeting buyers from a far, such as vacation homes in Canada’s real estate market.

 

Time Efficiency

Home buyers can explore the properties online before deciding to schedule an in-person visit. This means that only serious buyers will approach the seller for more information, saving time for both parties.

 

Increased Visibility and Engagement

Virtual tours significantly boost the visibility and engagement of real estate listings. Here’s a closer look at why this happens:

Higher View Counts: Canadian real estate listings that feature virtual tours receive 87% more views compared to those without. This increase can be attributed to the enhanced appeal and interactive nature of virtual tours. Potential buyers are more likely to click on a listing with a virtual tour because it offers a more comprehensive and engaging experience than photos alone.

Longer Engagement Time: In accordance to a recent statistic, the potential buyers of Canadian real estate spend 5-10 times longer on websites that offer virtual tours. This extended engagement can be attributed to the immersive experience that virtual tours provide. When buyers can virtually walk through a home, they spend more time exploring each room, examining details, and envisioning themselves in the

space.

Appeal to younger buyers

Home buyers aged 18 to 34 years, a crucial demographic sector in the Canadian real estate market, are 130% more likely to book a showing if a listing includes a virtual tour. This tech-savvy group values convenience and innovation.

Virtual tours cater to their preference for digital solutions, allowing them to explore properties at their own pace and on their own schedule. The immersive experience of a virtual tour helps them feel more connected to the property, increasing the likelihood of them scheduling an in-person visit.

 

Faster Sales

Properties with virtual tours tend to sell faster. Listings with virtual tours close 31% quicker than those without, highlighting the efficiency and effectiveness of this marketing tool. Virtual tours streamline the buying process by providing a comprehensive view of the property upfront.

This helps filter out less interested buyers and attracts serious buyers who have already developed a strong interest through the virtual tour. Consequently, the time from listing to closing is significantly reduced.

 

Disadvantages of Virtual Home Tours in Canada

Despite their many advantages, virtual tours also have some drawbacks that home buyers and sellers should consider.

 

Limited Sensory Experience

Virtual tours cannot fully replicate the sensory experience of an in-person visit. Buyers miss out on the ability to feel the texture of surfaces, sense the atmosphere, and experience the home’s acoustics.

Incomplete Representation

The quality of a virtual tour depends on the content captured or created. Poor lighting, camera angles, or technical limitations can result in a misleading representation of the property. Specific architectural details or the overall atmosphere might not be accurately conveyed.

Additionally, there is also a risk that certain defects or less appealing aspects of the property may be intentionally omitted or overlooked in the virtual tour.

 

Limited Exploration Freedom

While virtual tours provide a comprehensive view, they do not offer the same level of exploration freedom as an in-person visit. Home buyers might miss out on small details that could influence their decision.

For instance, they may not be able to open the kitchen cabinets, check water pressure, or assess the neighbourhood ambiance during different times of the day.

 

Privacy Concerns

Virtual home tours also give rise to data privacy concerns. Among the reasons cited, nearly 19% of the respondents expressed concerns about the security of this technology in protecting their personal data.

While the risk of exposing personal information during a virtual tour as a home buyer is low, since private data is not typically exchanged via virtual tour software, home sellers could potentially face data breaches. Sellers should be vigilant about hiding personal information when staging a home tour of their property to protect their privacy.

Hence, understanding the pros and cons of virtual home tours can help both buyers and sellers make more informed decisions. Embracing this technology, while being mindful of its limitations, will ensure that the Canadian real estate market continues to thrive in this digital age.

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