A potted history of 360° tours

The virtual tour can be traced back to the 1990s and specifically Dudley Castle. Already in existence was an interactive virtual ‘walk-through’ of the heritage building – a 3D reconstruction of the castle as it stood in 1550. The presentation in which the reconstruction featured was enjoyed by none other than Queen Elizabeth II in 1994, when the monarch opened the castle’s visitors’ centre. The presentation was christened a ‘virtual tour’ in her honour – a cross between virtual reality and a Royal tour.

It was a while before the virtual tour software first developed by British-based engineer Colin Johnson became mainstream. In the meantime, the property industry made do with alternatives. Videos taken by slow-moving cameramen and static photos stitched together to form a slide show were labelled ‘virtual tours’ but they lacked an immersive element, and the viewer wasn’t able to control where they went or what they saw.

In 2007, Google upped the 360° ante by starting its Street View project. Multiple high-quality cameras in a circular display were mounted on the top of cars, which were driven across the world to capture every angle of every road. At the same time, modern dual fisheye cameras advanced and the specific 360° models we know today started flooding the market soon after. Ricoh Theta – the world’s first 360° camera – was launched in 2013, and Insta360 was founded two years later in 2015.

BC – that’s Before Covid – 360° tours were viewed by many estate agents as a gimmick – no real substitute for an in-person viewing and requiring a heavy investment in equipment. Lockdowns quickly changed mindsets, however.

Agents scrambled to order 360° tours from Viewber in order for viewings to continue from the comfort of a buyers’ sofa. And with agents living in fear that the country could shut down again at a moment’s notice, this digital asset became an essential part of a property listing pack.

Virtual tour statistics

The beauty of an all-digital asset that’s embedded across highly-measurable platforms, such as social media, property portals and agents’ websites, allow for a sophisticated degree of tracking and measurement. As a result, there are some seriously compelling statistics evidencing why 360° tours represent a fantastic return on what is, today, a modest investment:

• 95% of buyers are more likely to enquire about homes with a virtual tour*
• Agents using virtual tours can achieve a 4-9% higher sales price*
• 360° tours can decrease a property’s time on market by up to 31%*
• Properties listed with virtual tours can achieve as many as four times the number of enquiries and generate 49% more leads*

• 99% of sellers say a 360° tour would give their listing a competitive edge*
• 82% would switch to an agent offering 360° tours*
• Property listings with a virtual tour receive 87% more views, on average**
• Users spend 5 to 10 times longer looking at a property with a virtual tour**
• Properties for sale with a virtual tour carry an estimated premium of 5.6%, compared to homes marketed without one**
• Properties to rent listed with a virtual tour have an estimated 8.5% premium – equivalent to an extra £94 per month in rental income**
• More than half of companies hunting for commercial space, or investors looking to buy, now expect to see a virtual tour before they commit to a physical viewing***

Despite the above figures – and the fact that 360° tours have moved from a niche to a mass-market product – an article run by The Negotiator magazine in summer 2022 quoted that only 3-4% of UK property listings have a virtual tour.

It’s a statistic that’s totally at odds with additional research cited in the article. One source claimed demand among home movers for virtual tours in the UK ranges from 49% to 85% – a percentage that’s said to be growing, even post pandemic.

Uses above and beyond virtual viewings

Agents that may need persuading to add 360° tours to their marketing armoury should think outside of the viewings box. As well as automatically producing a floorplan as part of the software – saving another third-party from having to visit a property – agents have started to realise the qualification potential of 360° tours.

The long-standing argument that an agent may lose enquiries at the virtual viewing stage still holds true: some potential buyers will take the 360° tour and decide the property isn’t for them.

What 360° tours achieve, however, is exceptional filtering. Time-wasters, voyeurs and half-hearted purchasers self-qualify when they engage with a virtual tour. What’s left are the most interested and genuine prospects who will then go on to book a viewing with the agent. It’s a time saving dream, especially when agents are understaffed or the market is running hot.

Let’s not forget lettings

While sales agents have embraced 360° tours, letting agents have been more reluctant to engage as their return on investment is much lower. That doesn’t mean 360° tours don’t have an application in lettings.

The nature of 360° tours are proving indispensable in the inventory field, as it’s possible for agents to incorporate the capture into digital reports. The ‘before’ and ‘after’ room comparisons can be highly detailed, especially when it comes to items left behind, damage or unauthorised redecoration, providing exemplary evidence that can help in a deposit dispute situation.

Commercial & block management applications

There are endless ways 360° tours can help block managers and commercial property owners. As well as creating an immersive tour of the building, which can be used in a letting or sales process, 360° tours can become important legacy and maintenance assets.

The 360° technology really shines when it comes to the capture of communal areas and plant/boiler/meter rooms, especially when the tour is viewed in tandem with the floorplan and the dollhouse model.

Order a 360° tour from Viewber

We have a bank of Viewbers who are trained to produce 360° tours using the latest software. Our service includes:

• Imaging and hosting
• 3D dollhouse and interactive floorplan
• URL link to the 360° tour, which can be shared online and is recognised by portals
• Appointments after office hours, at weekends and on Bank Holiday Mondays
• Key collection for a let in and lock-up appointment
• Combinable with static photos, property reports and listing pack creation

Contact the Viewber team for more details about our 360° tours and other property visit services.

* Matterport

** Giraffe360, LCP, Mass Interact & Digital in the Round 2022

*** JLL