A live streaming app that allows Twitter users to live stream their surroundings is set to disrupt real estate marketing, putting to bed the traditional process of property inspections.
Periscope went live during a large social media event in the US last year and launched with some fanfare. It instantly went viral, the concept of live streaming what you were seeing in just a couple of clicks was very exciting.
Periscope is owned by Twitter, perhaps giving it edge against its competitors, if not some of the ancillary services. But will it change real estate marketing, giving developers and agents the option to carry out live property viewings using a mobile phone?
Personally, I think it’s not about marketing but more about efficiency. The real estate sector is fraught with inefficiencies. Often, in the domestic as well as the overseas markets, applicants may see over 15 properties before deciding on somewhere to buy or rent. This is tremendously wasteful in terms of time for both applicant and estate agent. Virtual viewings allow these applicants to watch them from anywhere, which is much more convenient. From an agents perspective there is no limit to the number of applicants that can watch live. Therefore applicants can filter easily and agents can host multiple viewings easily. Then the physical viewings hold even more weight, as they will be attended by motivated buyers.
Essentially property viewings will change their format. Where there were once one-on-one viewings, there’ll now be one-to-many viewings. Live streamed virtual viewings will make us more versatile, whether in the domestic or international market place. Looking to the future, as generation Y moves to enter the property market, there is no reason why this couldn’t affect purchasing decisions.
There is no question that physical meetings are more effective, more personal and you are able to build up a rapport quickly; but times are changing. Clients are looking for immediacy and efficiency before they find exactly what they think they’re looking for. Delivering that will put you ahead of the competition and will prepare you for the next generation of property hunters.