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Virtual Tours - are they Worthwhile?

Posted February 15th, 2008 under smart selling, myths and truths.

As the internet becomes ever more prominent, some agents have begun promoting their services by adding an on-line “virtual tour” of your home as part of your listing. Their claim is that most buyers start their searches on the internet, and thus a virtual tour should promote your home above others, helping it to sell faster and for a higher price.

However, after a thorough study of recent sales statistics, I have arrived at a different conclusion. Based on sales in 2007, homes with a virtual tour as part of their listing did not sell for a higher percentage of their asking price, nor did they sell any faster. In fact, homes with virtual tours took an average of 32 days to sell, compared to 31 days for homes without a virtual tour.

One further concern is that a virtual tour, via the internet, allows any member of the public to examine the interior of your home without supervision. (At least during an open house, your agent can monitor visitors' activities.) A would-be burglar could also use your virtual tour to “case” your home, making note of entry points and the location of any valuables shown in the tour. Given that virtual tours fail to help your home sell, this added risk hardly seems worthwhile.

Got a question about a real estate marketing gimmick? Just ask me, I'll be happy to help.