The real estate market is booming in Cyprus with a 15% increase in transactions in the last quarter of 2021, Cyprus Property News reports. Effective marketing is essential for attracting buyers and gaining an edge over competitors, and since 93% of buyers begin their home search online, this is where efforts primarily need to be focused. Fortunately, a number of tech trends are revolutionising real estate marketing and making the process of finding the perfect home easier than ever before.
Virtual home stagings
82% of buyers’ agents say home stagings make it easier for buyers to visualise a potential property as their future home. Now, however, stagings are increasingly shifting from in-person visits to virtual alternatives. Cost-effective and time-saving, virtual staging involves creating an artificial, photo-realistic representation of a living space with home staging software. Since buyers typically base their decision whether or not to view a property on the first impression created by the initial virtual viewing, these types of stagings are particularly valuable. For example, VirtualStager is home staging software that gives you complete control over interior design. Simply upload your room photos and delete existing furniture before designing the rooms afresh — there’s over 4,000 unique furniture items to choose from.
Artificial intelligence tech
Artificial intelligence (AI) is developing rapidly to make real estate transactions easier than ever. Zillow, for example, uses AI to create property value estimates. It does this via a neural network (based on millions of photos and home values) that quickly reads photos in new listings to glean relevant information. The final estimated values are generated with a median error rate of just 2%. Indeed, setting the right listing price plays a key role in getting a good final sales price for a property. Pricing a home over market value will shrink your pool of interested potential buyers, whereas underpricing slightly will ultimately generate more interest. Property size, location, and features and finishes, in particular, are key considerations when it comes to determining the right listing price.
An alternative to in-person home showings, 360-degree virtual tours are conducted via a combination of video production, smartphone apps, drones, and photography. Virtual tours can show off properties to buyers who no longer need to leave the sofa to find their dream home. During a virtual tour, real estate agents are on-hand to provide personalised information, answer questions, and educate buyers on features and selling points in real time. Since virtual tours allow buyers to make an emotional connection and engage with the property, they’re an effective marketing strategy. In fact, virtual tours can increase real estate leads by as much as 64% and brand awareness by 54%.
Technology is continuing to transform Cyprus’s real estate sector at a rapid rate. Virtual home stagings, artificial intelligence, and virtual tours are just some of the latest marketing tech trends to make the process of buying and selling homes quicker and easier than ever before.