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Virtual reality lessons ANZ can learn from China

Virtual reality lessons ANZ can learn from China

Even with the pandemic firmly in the rearview mirror and face-to-face business free to resume, new data could limit the scope of business if virtual practices are not fully leveraged. It suggests that there is

Properties offering virtual reality (VR) tours attract 72.3% of prospective buyers, according to a new University of Auckland study developed using data from one of China’s largest real estate brokers. Use traditional methods.

Dr. William Cheung, one of the business school researchers involved in the project, explains that the research highlighted: ”.

He added that these factors “close the gap between a property’s asking price and transaction price.”

A study of over 4,000 housing transactions across 14 districts in Wuhan, China, analyzed transaction data for each property to see if virtual reality was integrated into the property’s marketing. We also tracked each property’s social media interactions, such as number of followers and visitors.

Interestingly, the study found that using virtual reality for property listings reduced time to market by 6.41%. This will reduce the average time to market for Australian properties, which are currently resting at 35 days. CoreLogic’s latest monthly chart pack, About 2.24 days.

In Darwin, the capital city with the largest average number of days in the market (47 days), implementing these strategies could reduce the sales process by three days.

Research shows that there is a direct correlation between the number of followers a property receives and the number of physical visits it gets. A 1% increase in followers resulted in a 21% increase in potential buyers visiting the property.

This prompted Cheung and his colleague Professor Deborah Levy to call on the industry to conclude that “it could benefit from this technology.”

“It’s efficient. It’s fun because you can sit in front of your computer and chat from the comfort of your own home. But before you have to actually go and spend your time and money, You get much more of the real feel of the property.”

The two believe other countries will catch up to China in the popular use of virtual reality. “standard” in the near future.

Cheung said the technology could come at a fraction of the cost to prospective buyers, pointing out that affordable virtual reality headsets can be purchased for as little as $30 to use with smartphones. But he conceded that real estate firms closer to his home need to make more substantial investments in virtual reality to enable the buyer’s experience.

He concluded, “This technology is making it easier for many people to find their dream home.”

Virtual reality lessons ANZ can learn from China

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Last updated: October 14, 2022

Publication date: October 14, 2022