Mastering Real Estate in the Age of Digital Transformation: The Essential Role of Digital Twins

The real estate landscape is undergoing a profound transformation—one that challenges traditional practices and demands innovative solutions more than ever. Over the last three years, the industry has navigated a global pandemic, a housing shortage, soaring interest rates, global unrest, election cycles, an aging population who isn't as quick to downsize, and most recently, the settlement by the National Association of Realtors.

In a world where virtual interactions are increasingly replacing physical ones, real estate professionals must adapt to new digital paradigms on top of the uncertainty that will follow the reshaping of a compensation model that has been in place nearly fifty years. With these compounding changes, consumers will undoubtedly be confused, brokerage behavior will likely evolve to include more dual agency, and the advent of new platforms and technologies will be ample, especially as younger, tech-savvy real estate pros look to attract and retain buyers.

Matterport's suite of digital twin solutions has fundamentally changed the way real estate professionals offer value. Matterport transcends traditional 3D tours, offering a platform and property marketing solutions grounded in over a decade of comprehensive spatial data from residential spaces worldwide. A Matterport digital twin not only presents a stunning way to explore new spaces but also serves as a central hub for the ongoing management and maintenance of a home. It offers detailed documentation ideal for insurance and estate planning purposes, offers precise area measurements and dimensions with just a few clicks, and ensures accessibility anytime, anywhere from the smartphone in your pocket. This blog post will explore how Matterport's offerings are gold in the sea of change, enabling real estate professionals to sail confidently through the tumultuous waters of modern real estate.

The New Real Challenge to Real Estate Commissions

With the National Association of Realtors (NAR) settlement decision settling in, traditional compensation structures could face additional scrutiny. Buyers and sellers alike now expect more transparency and a clear demonstration of the added value real estate pros bring to the table. Matterport’s digital twin technology offers tangible, irrefutable benefits that can help real estate pros shine in this context.

Craving More Clarity

Buyers and sellers alike are thirsting for more insight into the cost-value proposition of utilizing real estate services. Matterport’s tools become indispensable property marketing resources, demonstrating in stunning detail the depth and quality of service provided by real estate professionals. Matterport revolutionizes property viewing by offering a dynamic experience far beyond what static photos can achieve. Digital twins eliminate the uncertainties often concealed by conventional photographs. With them, the position of a door, the state of an unfinished basement, or the fit of a car in a garage become unmistakably clear. Created from a base of comprehensive spatial data, Matterport's digital twins allow prospective buyers to immerse themselves in virtual property tours at their convenience, any time of day. This significantly boosts their confidence when deciding to make an offer. 

Unmatched Demonstrable Value

Gone are the days when a simple walk-through sufficed. Sellers now expect more visible marketing efforts, and buyers expect comprehensive previews without leaving their homes. Real estate professionals need to seize the opportunity to show off their value and explain what clients will miss if they choose a bare-bones or DIY approach. Matterport excels in creating immersive experiences that bridge physical distances, a key ingredient for asserting a robust value proposition in the digital era. Real Estate Professionals can get started with Matterport for free or just as easily order a Matterport Digital Pro listing kit, including a digital twin, for as little as $299.

Overcoming Buyer Hesitation in the New Normal

Digital transformation is met with varying degrees of resistance, and the modern real estate buyer is no stranger to skepticism. Convincing buyers to allocate a portion of their budget to digital services can be a hard sell, but it is facilitated by the unmatched convenience and access that virtual tours offer.

Digital Twins: The New Standard

COVID-19 taught us the value of remote services, and the habit of relying on digital platforms for comfort, efficiency, and safety is here to stay. Matterport's immersive digital twins, which include a 3D model or virtual tour, cater to such habits, providing an experience that is not just complementary but often superior to the physical visit. A digital first experience is also preferred by younger buyers like millennials who now represent the largest group of active home buyers. By contrast, baby boomers remain the largest generation of home sellers and it's important that listing representatives are using technology like Matterport to better engage younger buyers. In fact, real estate pros who include a Matterport digital twin on their listing achieve 300% more viewer engagement by allowing customers to explore, analyze, and take action. 

Some real estate professionals may view digital twins as unnecessary, preferring to be physically present at every property showing. However, this approach can actually diminish the quality of leads (prospective buyers) they attract. By relying solely on traditional photography, these real estate professionals might be unknowingly increasing their workload. Statistics show that 63% of potential buyers are more likely to commit to a home that offers a virtual tour. Furthermore, listings featuring a digital twin not only boost buyer satisfaction by 40% but also significantly improve the overall purchasing experience compared to those without. This suggests that embracing digital twins can be a strategic move for enhancing lead quality and streamlining the sales process.

Digital Collaboration and Decision-Making

Matterport's collaborative features further sweeten the deal for buyers, making the home selection and purchasing process a group-effort that can be shared with family and friends, regardless of their location. With the recent launch of Property Intelligence, it's now possible for a prospective buyer to see room dimensions directly in the digital twin, making it easy for them to understand the flow of the space and estimate whether their furniture, and family, will fit.

Empowering Sellers to Engage with Buyers Directly

The settlement decision by the NAR means that sellers might be seeing less buyer representation. This shift places the onus on sellers to engage with unrepresented buyers directly, and Matterport can be the bridge that ensures a thorough representation of what the property offers. 

Independent Seller Representation

Matterport's comprehensive visual representations enable sellers to express their properties’ nuances and strengths, giving them tools to become the face of their home’s selling story, a narrative that was traditionally the work of listing reps alone. With the use of features like guided tours, notes, and tags, it is possible to highlight rich property details that a prospective buyer might find exciting, all before setting foot in the home.

By creating a virtual showroom of the property, Matterport allows sellers to engage with buyers with unprecedented directness, showcasing and personalizing their property without geographic or temporal barriers. Sellers are able to leverage branding tools

Strengthening Communication Channels

The toolbox of the real reestate pro needs to be digital, diversified, and dynamic to retain relevance in a landscape defined by choice and change. Matterport offers a robust set of communication channels that keep pros at the forefront of innovation.

Personalized Content to Capture Attention

In a world cluttered with static listings, Matterport's options for creating narratives through personally recorded videos and on-demand tours are invaluable in capturing and retaining prospective buyers’ attention. Embedded personal videos, business card integration, and seamless collaboration tools are not just features; they are part of an ecosystem that allows real estate prospros to reach out to their audience in a manner that is not only personalized but also persuasive.

Matterport’s services go beyond the property, allowing real estate pros to embed branding and personal touches directly into the digital twin, adding to their credibility and client connection. This allows a real estate pro to showcase their portfolio of properties after a sale is complete and leverage personalization tools to help attract new clients.

Lead Capture in a Fragmented Market

Matterport recognizes that its success is intertwined with that of the real estate professionals’. In a market where visibility is everything, tools that aid in effective branding and lead capture are worth their weight in gold. Matterport's focus on these aspects ensures that pros have the means to stand out and attract leads in what is becoming a more fragmented and competitive landscape.

As traditional channels become increasingly saturated, the hunt for new avenues for connection and lead capture intensifies. Matterport recognizes this shift and actively supports the emergence of new, unconventional channels for communication. Matterport actively works to integrate with the majority of listing portals as well as data platform lines and will continue to do so as new players emerge.

In Summary: The Unwavering Need for Innovation

In a climate that warrants adaptation, Matterport stands out as a formidable ally to real estate pros. The company’s dedication to constant innovation not only aligns with but also propels the industry forward by offering real estate pros the tools they need to excel.

Matterport addresses the needs of the modern real estate professional by providing an extensive toolbox of digital assets that enhance communication, enable marketing transparency, and deliver demonstrable value to both buyers and sellers. In doing so, it positions itself not just as a vendor but as a strategic partner in the reimagining of a digitally integrated real estate industry.

For real estate pros looking to not just survive but thrive in the post-NAR settlement era, integrating Matterport’s offerings should be a strategic imperative. The company’s role in the real estate tech ecosystem is vital, offering real estate pros some safe harbor in the churning waters of change. Real estate professionals who understand and capitalize on this opportunity will undoubtedly be the torchbearers of a new, innovative chapter in the real estate narrative.