Virtual 3D Tour Assistance in Real Estate Management

• Published in: Baltic journal of real estate economics and construction management 2023-01, Vol.11 (1), p.153-159
• Main Authors: Leimontaitė, Lina, Naimavičienė, Jurga
• Format: Article
• Language: English
• Subjects: 3D video tours; innovative techniques; Property management; Real estate management; Rentals; short- and medium-term rental business
• ISSN: 2255-9671; 2255-9604; 2255-9671
• DOI: 10.2478/bjreecm-2023-0010

Over the past decades, more efficient real estate management opportunities have significantly expanded and improved. Complex methods, innovative techniques, and a constantly evolving spectrum of information technology have become readily available for common use. When managing real estate for short-term or medium-term rentals, planning, servicing, and ensuring accommodation quality are inseparable aspects, as is providing suitable housing. This process begins at the very first step when potential tenants request a viewing of the preferred property. The situation of the past few years demonstrated that the real estate business was one of the most affected economic sectors by the COVID-19 pandemic. Potential buyers or tenants could no longer physically visit and experience the space as before. Faced with this new reality, there was a need to find a tool to enhance the real estate management strategy by presenting the property. One such tool became the 360-degree photography and virtual tour. The aim of this study is to assess the practical applicability of 3D video tours and evaluate the advantages and drawbacks in short- and medium-term rental business.