Increase in 3D Tour Adoption
SFR Owners and Investors Are Optimizing Operational Efficiencies and Leasing Their Properties Faster
By Kori Covrigaru
3D tours have been around the real estate market for more than ten years at this point.
However, it was not until the pandemic did we see the adoption of 3D tours take off within the Single-Family Rental industry. Owners, operators, investors and property managers needed a tool that would enable them to continue their business operations. Whether the focus was onsite punch list checks during renovations or virtually marketing to a future resident, Zillow 3D and Matterport tours, in particular, began to pop up on rental listings across the nation.
At PlanOmatic, the leading provider of quality photos, floor plans, and 3D tours to the SFR industry with speed and at scale nationwide, we increased our number of 3D virtual tours for SFR properties across the country by 270% from 2020 to 2021, and increased the number of SFR homes we photographed by 187% during the same time period. Our most in-demand markets for 3D virtual tours and photography of SFR properties in 2021 were Charlotte, Dallas, Orlando and Tampa.
Charlotte, NC
• 3D tours | 1,571% increase from 2020 to 2021
• Photography | 253% increase from 2020 to 2021
Dallas, TX
• 3D tours | 608% increase from 2020 to 2021
• Photography | 234% increase from 2020 to 2021
Orlando, FL
• 3D tours | 139% increase from 2020 to 2021
• Photography | 180% increase from 2020 to 2021
Tampa, FL
• 3D tours | 77% increase from 2020 to 2021
• Photography | 171% increase from 2020 to 2021
As the SFR market continues to thrive and become even more competitive, property owners, investors and management firms are taking advantage of 3D virtual tours and professional photography to attract and capture the interest of consumers online, resulting in faster leasing activity.
Essentially, all home searches start online today, and this has fundamentally changed the way SFR properties are marketed. Our clients are trying to get as much property information in front of the consumer as possible, and a 3D tour stands out online allowing future residents to walk through the house imagining themselves there without visiting it in person. We anticipate even greater adoption of 3D tours in 2022 as SFR owners and investors look to optimize operational efficiencies and lease their properties faster.
What the Research Shows
We conducted a study last year that measured the impact of 3D tours on SFR property marketing on the Zillow Rentals platform, which includes Zillow, Trulia, and Hotpads. The 3D tour study was conducted in partnership with a national provider of well-maintained SFR homes and revealed that SFR property leads increased by 40%, and days on market decreased by 30%, when a 3D tour was published on the Zillow Rentals platform.
At PlanOmatic, we have captured and created thousands of 3D tours on behalf of our SFR clients and according to them, 3D tours have resulted not only in more views per property, but in fewer lease opt-outs because the leads are more qualified. In fact, PlanOmatic measured the impact of 3D tours on SFR property marketing and found that property leads increased by 25 percent, and days on market decreased by 23 percent when a 3D tour was used to market a property, compared with only using professional photography.
A 3D virtual tour is like a buy-one-get-one-free deal and something every investor should be thinking about leveraging in 2022. It is an easy way to ensure your SFR properties stand out against the competition when they are marketed to consumers, and it is a great way for your operations team to get the dimensions of the property to better inform renovation decisions. 3D tours also allow future residents to explore the home in a real-life way and get a clear visualization of the space, creating more qualified leads.
Our 3D tour studies are conducted by PlanOlabs, the research, data, and consulting hub at PlanOmatic that analyzes and optimizes the property lifecycle for SFR investors, owners and operators. With PlanOlabs, we analyze SFR investors’ current state and use our industry experience to optimize their operational and marketing processes to scale and meet their portfolio growth goals.
