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1Q2024CoStarMTTRQuestion of the DayVersus

Question of the Day: Your thoughts about Matterport being acquired?19746

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Video: MAJOR News To Affect RE Services, in a GOOD way | Video courtesy of Nathan Cool Photo YouTube Channel | 25 April 2024
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ScanYourSpace private msg quote post Address this user
let me summarize Nathan's video.

Matterport is going down. don't use matterport. Independent photographers will take over. buy my books to learn how to take photos.

... the residential real estate photography market was down about 35% last year from the year prior. the commercial real estate photography market was up.

there are many more use cases for Matterport tours aside from residential sales/marketing.

Of the videos I've seen from Nathan he clearly loves doing 360 panos manually and using cloud pano however those aren't 3d virtual tours, they are 360 tours. zillow offers 360 tours. iguide offers 360 tours. matterport offers 3d virtual tours. who else is offering 3d?

just my 2 cents.
Post 27 IP   flag post
Morristown, New Jersey
foxwrth13 private msg quote post Address this user
@ScanYourSpace

I agree. I actually commented the following on his video

Obviously not a Matterport fan, What you really don't touch upon is that Matterport is used for so many industries other than real estate. Also, with the uncertain future of buyer and seller agency relationships up in the air due to the court cases, Costar might be looking down the road. This industry is just getting started.

It's clear the Matterport haters are coming out in full force on this one. I've seen worse posts
Post 28 IP   flag post
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...just to add.. Matterport is a data company, they aren't a camera company, they aren't a product company. they have products (Cameras) that they offer but at their core they are data. It makes sense for costar to buy them. Zillow or Realtor should have made an offer, imagine if Zillow bought matterport!
Post 29 IP   flag post
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Video: What CoStar's Acquisition of Matterport Means for Real Estate Photographers | #mttr #csgp | Video courtesy of WGAN-TV YouTube Channel | 23 April 2024

WGAN Forum Podcast | Episode #286


Hi All,

My thoughts ...

What CoStar's Acquisition of Matterport Means for Real Estate Photographers

Best

Dan
Post 30 IP   flag post


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Quote:
Originally Posted by @Dataventurer


He mentioned his opinion that 360 tours were waning in popularity and that video use was surging. I wrote a long comment to the video that disappeared this morning when I visited the page. So, not to waste my commenting efforts, I post it here to accompany Nathan's video.

How are you seeing video orders in your area???

==================
Thank you, Nathan, for staying on top of the pertinent developments in the greater real estate media scene. It's thought-provoking to hear your observations.

I want to respond to your claim that video is gaining traction for promoting residential properties. I'm not seeing that happening. I am persuaded that the top real estate search sites are where prospective buyers are going to find homes. Based upon the kind of traffic data that you presented in your video post, home buyers intentionally visit Zillow, Realtor.com, Redfin, etc. to search for homes. That's the arena that I focus on for data.

I have a California realtor's license with a major brokerage and also offer full digital media services and consulting to my fellow agents. From my vantage point rubbing shoulders with realtors in my area (south Bay Area in northern California), a very small percentage of them are actively (and effectively) promoting their listings on social media. Even my most tech savvy realtor clients have not discussed, asked for, or indicated an interest in digital media formatted for social media platforms.

Maybe there is a portion of realtors who are using social media (and therefore video) to promote their listings. I'm just not seeing it in my area.

I just did a search on all the homes, condo, and townhomes listed for sale in the MLS area around me. There are 135 properties. 81 of those listings show ONLY photos to showcase their listings. That means only 41% of the properties use additional media. I just looked through all the medial links for the 54 listings that have additional media and found 22 that used a video. That represents just over 16% of the active listing out of 135 that chose to use video.

On the one hand, you could say, rightfully so, that there is a huge opportunity to sell videos here. So why don't agents utilize video in their marketing efforts?

I think there are two main reasons. First, is the cost of a video that must be paid for BEFORE agents make any commission (and there's a lot to be said about that!). The second reason is that the three leading search sites that I mentioned don't make much of an effort to feature and present videos. Especially Zillow! The link to off-site media is buried in the Zillow Facts and Features section. Realtor.com will only post an icon in the hero photo for videos hosted on YouTube and Vimeo. Same with Redfin. So home shoppers need to be really motivated to look for videos to find them.

Bottom line for me is that I have statistical data collected from my own listings watching the viewing stats for Zillow page views, Zillow Home Tours, property pages, and videos. The videos are showing lower (far lower) views than the 360 tours and a one-digit fraction of the views compared to Zillow page views.

I would expect other real estate photographers in other markets see different trends. But where I'm at, video isn't being used much by agents to showcase their listings.
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Does anyone know how CoStar has been capturing Matterport scans up until this point? According to the news articles I've read, CoStar already has 300,000 scans captured.

-Have they been hiring individual freelance techs over many years to capture those?

-Have they been sending their work through some of the larger networks of Matterport techs?

-Have they been using Matterport Capture Services?

-Have they hired Matterport techs directly, either part time or full time?

I guess whatever strategy they've been using could change, but I think it's more likely CoStar will continue to just find the best techs for the best price. I doubt this MP acquisition will change that.
Post 32 IP   flag post
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@leon6782

All great questions. I started a new topic here:

How did CoStar do 300,000+ Matterport scans?

Dan
Post 33 IP   flag post
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According to Glassdoor:

Salary range for a CoStar Matterport photographer is 4K to 6K per month, with 401K, healthcare that covers everything, vacation and PTO along with many other benefits.

We'll see how this works out for Matterport businesses. Acquisitions and absorption takes time......

As to long term future potential as a Matterport independent? Guess we'll see.

I think use of Matterport will grow rapidly because CoStar is growing it's revenue rapidly and they are ubiquitous with commercial listings now. But it may be a more proprietary growth.

I've been through this in other industries. Sometimes removing all the legacy providers takes a while, particularly if they are great at what they do and have long term relationships. There are also a lot of different industries Matterport is used in and you can't take them all on at once. I expect their approach will be directed first on real estate for Homes.com along with commercial. With - as mentioned by others - both these being combined into their advertising/marketing packages.
Post 34 IP   flag post
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As CoStar will have access to every Matterport capture ever done it will also be interesting to see how they leverage and data mine these new assets.
Post 35 IP   flag post
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Video: CoStar Acquires Matterport! | Video courtesy of Momentum 360 YouTube Channel | 13 May 2024

Skip to 11:27 into the video (for what does this mean for Matterport Service Providers)
Post 36 IP   flag post
102029 36 11
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