While Peach pioneered virtual loan processing maybe some virtual services go too far. According to recent article in news.com.au, the tricks real estate agents do to market certain properties may be indirectly affecting property prices they get.
Real estate agents are known to not only sell the property but also sell people’s dreams to them. Now some real estate agents do this by adding virtual furniture, a practice that is not illegal and may be enough to take a hesitant buyers over the line.
A property’s price and location aren’t the only things the real estate agents find significant in making a sale that is why some companies hire experts in computer image modification to spice up what is otherwise a blank room.
Beds, chairs, tables, television, plants and portraits are added to pictures at a significantly lower price than going out and renting furniture or hiring the services of interior designers. Virtual furnishing has been done by some very well known companies and since its introduction in February, virtual furnishings has by far increased its popularity.
The news.com.au article reported a spokesman for McGrath Real Estate saying, “The value of the product is that it draws more people to the open house which translates into a higher price. It has an indirect effect on the price of the property. I’m sure there are cases in which some buyers feel uneasy because that’s not what’s displayed in the ad. We have labels on advertisements that say ‘virtually furnished’. We feel our buyers are used to it.”
Douglas Driscoll, Starr Partners CEO said that virtual furnishing isn’t something potential buyers appreciate.
Buyers have been disappointed to find the property very different from what was advertised with some saying the practice as going “too far”.