As the real estate industry embraces technology, 3D technology has taken hold as an effective means of conveying one’s vision for a property, developing that property, and selling it. For Matterport, a 3D immersive-media company, 3D technology has led to the development of 3D tours that can save everyone involved time and money. SoCal Real Estate spoke with Mark Tepper, VP of sales and business development for Matterport, to discuss the impact of this technology on the SoCal market and where it is heading. (See slideshow below for photos of some of Matterport’s 3D tours.)
SoCal Real Estate: How is the SoCal real estate industry embracing 3D technology?
Tepper: Top-producing Southern California realtors are using Matterport’s 3D tours to make a splash in a highly competitive market. At the same time, tech-savvy homeowners in the region are also becoming more selective about listing their homes; they prefer to work with realtors who use the best marketing tools. Sellers and realtors alike are learning that 3D technology is particularly effective for engaging with remote buyers looking to move to sunny California or invest in California’s healthy real estate market.
One recent testimonial we gathered was from the Altman Brothers, the internationally acclaimed real estate team with Douglas Elliman in Los Angeles: “We’re definitely winning more listings with Matterport, and our clients love how Matterport 3D Showcases create a global marketplace for our listings.”
What impact is this technology having on the market?
Immersive 3D technology has single-handedly changed the game in the real estate industry and has already had a large impact on the way transactions are completed. More and more, 3D is becoming the “norm” to showcase properties around the world. Not only does this technology boost sales, but it can also cut down the amount of time listings are on the market, and as a result, can streamline the transaction process for all parties involved.
Another major benefit of leveraging 3D technology is its ability to break down barriers and provide access to spaces that might have been inaccessible in the past. Increasingly, we are seeing homes being purchased sight unseen and buyers are being given the opportunity to explore properties near and far with just the click of a button. In Southern California, we’ve seen a number of realtors turn to Matterport to effectively market their properties.
Lastly, we’re also seeing Matterport’s 3D models being leveraged in the travel and hospitality industries. These scans can be used as a valuable marketing tool for a wide variety of spaces including resorts, restaurants. and other destinations. For example, the Anaheim White House Restaurant in Anaheim, California, recently scanned its space for a full virtual tour of its restaurant and banquet halls to ensure that customers can easily refer to the space and consider it to book for a special occasion.
What is the next phase for this technology in our industry?
With a recent milestone of over 500 million virtual tours taken, we’ve already seen exponential growth of Matterport’s technology in the real estate industry, and we foresee that adoption of this technology will only continue to grow. Just this past year, multinational retail corporation Walmart announced that it was utilizing Matterport’s technology to deliver a virtual tour of a college apartment/dorm room where all of the furnishings, gadgets and accoutrements are for sale within the space. Users can click on each individual item via the scan’s “Mattertags” and be presented with a full description of the item, plus the option to purchase it right there and then. Instead of physically going to a store and matching furniture based on what you’re envisioning for your space, you can see it all laid out in front of you with a tagged virtual walkthrough. We predict that we’ll see many more big brands adopt this technology to enhance their online shopping experiences.
Another innovation we’re excited about is augmented walkthroughs. Just imagine you’re walking through a home and opening an app that can guide you through the home. The app will give you specifics about what you’re seeing in real time. For example, you walk over by the fireplace and a notice pops up, “This is an original wood-burning fireplace.” Or you walk by the dining room and a notice pops up from the ceiling where there are speakers: “Enjoy background music with surround sound speakers in your dining room.” This is just one of the innovations we’re working on to deliver a great experience for the buyers and sellers, plus make life easier for realtors.
What else should our readers know about 3D technology in real estate?
A common misconception of immersive 3D technology is that it’s expensive and difficult to use. On the contrary, Matterport’s technology is very user-friendly and allows anyone to quickly and easily create, edit, and distribute engaging virtual scans of real-world places. We believe that its accessibility and ease-of-use are some of the key factors that will continue to drive the adoption of our 3D technology.