“As millennials enter their prime homebuying years, they’ll want a user-friendly, technology driven experience.”
That was Zillow CEO Rich Barton in the October 2021 issue of Inc. Magazine. According to a report released by the NAR in 2021, millennials made up the highest percentage of homebuyers at 37%, and that number will only increase as Millennials enter their prime home-buying years.
Millennials are well known as the technology generation, growing up with social media and smartphones — it only makes sense that this generation would look to tech when it comes to the most important purchase of a person’s life: buying their home.
Domotics was formed in late 2019 with one objective in mind: to become the “Netflix” of real estate. The company wants to give homebuyers an experience that transforms the industry, which is exactly what Netflix did in 2007 when they stopped their rent-by-mail model and released their online streaming platform. But to transform the real estate industry, Domotics needed to add next-level technology, and with a partnership with Intellimedia Networks Inc., they were able to incorporate award-winning immersive technology into their platform.
The co-founders saw a major hole in the industry with the buying and selling process — it simply lacked good visuals and it needed to evolve. Most homes for sale are advertised on sites with the same overall information being shared. Companies have started offering more in-depth virtual tours which give the buyer a deeper look into a home, but to Domotics, that is one piece of what their platform has to offer.
The founders say Domotics won’t be a product… it will be a destination. They come in, film, take pictures, and with their Holoport technology, they will produce an experience with various assets on a user-friendly, and as they say, fun to use, platform.
Buyers will have access to the traditional 2D photos and videos, as well as 3D/360-degree virtual tours, Google Earth location services, a floorplan including brochures and facts about the home, drone footage of the home and surrounding neighborhood, and a live chat function with video and message capabilities between buyer and agent. All accessible across multiple streaming devices, including laptop, mobile phone, Apple TV, Roku, gaming consoles, VR headsets, and more, which no other company in real estate offers. Agents get a one-stop immersive listing platform that could allow them to multitask and manage their listings more efficiently while potentially reaching way more buyers because of their many device compatibilities.
Last year, data was released indicating that “depending on the market, the average listing with a 3D tour sold for up to 9% higher and closed up to 31% faster.” Virtual tour provider BoxBrownie released data of their own this year showing the results of a recent study:
“A study analyzed about half of the listings on realtor.com and Zillow from March 2021 to June 2021 — more than 25,000 U.S. listings total. BoxBrownie looked at whether the listings included virtual tours and floor plans and whether the photos used best practices in professional photography. The study found that 94 percent of listings do not include a virtual tour.”
The facts are out there. Virtual tours get more interest and could potentially fetch a higher price, but still aren’t heavily used in the market today. Include all the other experiences on the Domotics platform and imagine what they can do for your business.
In an ever-changing real estate market, everyone needs an advantage.