VIRTUAL TOURS — BENEFITS FOR REALTORS

How Virtual Home Tours Benefits New Jersey Realtors:

• Virtual tours have become one of the most important tools for selling a house in New Jersey. 92% of home buyers consider the addition of property photos to an online listing to be very important. (NDP Group, Sept 2000) The average online listing with a virtual home tour receives 38% more views than real estate listings without tours.
• Virtual tours are like having a 24x7 open house – available online without agents or the home seller having to show the property. It’s a tool to help you and consumers pre-qualify NJ properties, saving everyone time
• Home buyers are becoming much more Web savvy. 60% of home buyers are using the Internet to get home buying information. By 2005, Jupiter Research predicts that number will be as high as 80%. (NAR Jupiter Research Oct 23, 2001 Realty Times)
• Internet home buyers are more educated and invest significant time investigating the housing market and financing options before contacting a Realtor. Internet buyers spend nearly three times as much time investigating real estate markets before contacting a Realtor than traditional home buyers. By the time Internet buyers contact an agent, they have a good understanding of what they want, where they want to live and what they can afford. (2001 CAR study)
• Internet buyers spend 4.6 weeks investigating homes and neighborhoods before contacting a Realtor as opposed to 1.9 weeks for traditional home buyers. (2001 CAR Study)
• Most Internet home buyers (89%) use the Internet in the home buying process before they start to look for a specific home.
• Internet home buyers start using the Internet very early in the home buying process and before selecting a real estate agent.
• Since Internet buyers typically have a good understanding of what they want, where they want to live, and what they can afford, they tend to look at fewer homes and buy faster.
• Traditional home buyers spent over three times as much time looking for a home with a real estate agent than Internet buyers do (6.44 weeks versus 2.10 weeks)
• Traditional home buyers look at nearly twice (15.08) as many homes with a real estate agent prior to purchase as Internet buyers (7.93). (2001 CAR Study)
• By the time Internet buyers contact a real estate agent they have often:
  • Chosen the neighborhood they want to evaluate
  • Narrowed their choice of homes
  • Come up with a list of homes they want to see
  • Understood what they can afford and what their mortgage options are
• 78% of Internet home buyers found their Realtor on the Internet. By the contrast, most traditional buyers find their real estate agent as a result of farming, referrals, advertising or sign calls and 23% of Internet home buyers found the type of house they wanted on the Internet.  (2001 CAR study)
• Additionally, Internet home buyers act quickly and purchase a home in less time than do traditional buyer. (2001 CAR Study)
• Nearly all Internet home buyers (96%) are very likely to use the Internet the next time they purchase a home. (2001 CAR Study)
• Internet home buyers on average purchased a more expensive home than traditional home buyers ($403,752 versus $321,950). (2001 CAR Study)

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