Quebec RE research 1,000 properties verified [VR]Hey everyone,
As I had some free time at work, I've decided to go on Centris and verify a 1,000 properties in Quebec, more specificaly in the Great Area of Montreal (Laval, St-Eustash, Montreal, etc.).
Filters: - Houses only - minimum 20,000$ > infinite - New releases since August 1st.
Out of the 1,000 properties I've looked at, only a total of 235 listings had "Virtual Tour" feature. That's less than 25% which shows that there is still lots of room for "virtual tours" to grow.
While verifying the "Virtual Tours" I've broken them down by:
-EGP (Our acquisition)
-UI
-Matterport
-Other
-Youtube/Vimeo
Out of the 235 listings that had a virtual tour option,
-EGP had 90 listings offering their services. (38%)
-UI had 15 listings offering their services. (6%)
-Matterpot had 24 listings offering their services. (10%)
-Others had 65 listings offering their services. (28%)
-Youtube had 41 listings offering their services. (17%)
So, from the 1,000 sample I've taken, EGP seems to be somewhat the dominant provider of "Virtual tours" which shows how smart this acquisitions is for UI as they're extremely present in the market, adding a nice revenue, while showing a lot of potential for it's growth. In terms of house value, I saw houses worth $1m+ using their services.
Now, Matterport is somewhat more present than UI, but not by that much and this is where I could see Ui upselling it's services via EGP to really push off Matterport so they remain a minority in the Quebec market, but TBD!
In the Others category, it was often some photo slides or videos that had its own videoplayer vs being uploading on Youtube or Vimeo, there were some actual Virtual 3D tours and here's some of the competitors I've seen there.
-VR360 Pro Tour (seen perhaps once or twice?)
-HautValet (Seen quite often)
-ServicePhotoPlus ( a few times)
-iGuide (See quite often)
When visiting using their softwares, it was hard to see them being better against UI as one of the services was a 3D tour, but you had to swtich sliders in order to continue vs like us going step by step by pressing the little white circles on the ground. One of those competitors did have this kind of format like UI.
In the Youtube/Vimeo category, I mean... it is simply a video of the house, so not that quite interesting as "Virtual Tour" but were still present.
Conclusion?
EGP has a "dominant" presence in the Quebec market and still has a lot of room to grow and with the combination of UI's technology, this should increase revenue hopefully and push the other competitors as well.
Let me know what you guys think!