How much do estate agents really spend on viewings?

Here at Virtualoom, we pride ourselves on our background in real estate, because it informs our ability to provide Virtual Tour solutions that really benefit viewings for estate agents.

Our first-hand experience in the world of real estate means we know that viewings can be a really important step in the buying or renting process. But they’re also time-consuming and – often – no more than an expensive waste of time. A survey conducted by EyeSpy360 revealed that a large proportion of estate agents have absolutely no idea how much they’re spending on in-person viewings!

We break down the different costs you should consider when budgeting for viewings. Explaining how a Virtual Tour could help you to reduce that cost while maintaining a high standard of customer experience.

What are the costs?

There is no “one size fits all” answer to this question. The size of your agency, the seniority of your staff and the area you cover will all play into the different costs. We’ve compiled a list below of all the different areas you should factor in.

Staff hours

The staff cost of in-person viewings can be difficult to quantify – offering viewings is part of their job after all! While the time they spend actually in the house, talking to the clients may be considered justified, however, the time they spend travelling to, from and in between properties is lost time. Depending on how large the area your business covers is, this could amount to valuable hours every single day.

Fuel costs

Whether you provide company vehicles or allow agents to drive their own cars and reimburse their petrol, you will be losing money on fuel every time your agents conduct an in-person viewing. If the viewing turns into a sale, this investment might be considered justified. However, we know as well as you do that viewings can be difficult to get right, especially with a new client, and people are very unlikely to buy the first house they look at after the first viewing.

House dressing

House dressing is an important step! It allows your prospective buyers to see the space you’re selling or renting in its absolute best light. However, it is also a pricey endeavour, particularly if you’re renting furniture for prolonged amounts of time, or paying to dress the house before several different viewings. Even if you have an in-house team to take care of the interiors, you’re still paying for the hours it takes to arrange the home.

Can you avoid them?

In-person viewings have always been an important stage in the buying and renting processes. We don’t think that will ever change. We do, however, recognise the importance of cost-efficiency and believe there is a simple way to boost this when it comes to viewings.

By investing in a virtual tour for a property, you can first direct clients to look at a range of properties online without your agent. They can rule out any properties they are not at all interested in before any in-person viewings take place. Feedback from the tours will also help your agents to better understand what the client is looking for. That way, your agent can show the client fewer properties with a higher chance of success.

Virtualoom Virtual Tours can even include CGI dressing, making the space as attractive as possible with as little cost to your business as possible.

Want to find out more? Get in touch for a free, no obligation quote today!

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