We’re starting to notice a little cooling in the San Francisco luxury real estate market. Homes are staying on the market longer, and it isn’t as easy to find a local buyer as it used to be. In past years, we might expect a home to stay on the market just for a week or two, but now it’s not uncommon for a home to stay on the market for longer. At the Krishnan Team, we don’t just think in terms of local buyers because we want to help all the buyers who are looking for San Francisco real estate, no matter where in the world they are.
Recent economic shifts have begun to produce élite buyers from around the world, especially in the Middle East and in Asia. These buyers are very interested in luxury homes, especially in places like San Francisco, but many buyers are disinclined to commit to a major purchase sight-unseen. For over a year now, we’ve been leveraging new virtual walk through cameras and 360 video capture technologies to create walkthroughs that make the buying process vastly more convenient especially for remote buyers.
Chinese buyers tend to view luxury real estate as an investment. It’s a means of cementing wealth, without the fragility of owning stocks. Many Chinese homeowners will own multiple properties and a luxury home in North America is generally considered an even more stable investment opportunity. As remote buyers, they are often especially eager to buy homes here, but aesthetic concerns for location, layout, and architecture make it prohibitive to make such a large investment without directly experiencing the property. An address and a few photos don’t convey the nature of the space effectively.
On the other hand, Middle Eastern and European buyers tend to make a more personal, more emotional connection with the homes they buy. More than aesthetic concerns, it’s important that a place feel like home.
In both cases, virtual walk tours and interactive walkthroughs can seriously improve the remote home buying process.
It’s now possible to create comprehensive, fully navigable walkthroughs of luxury homes by stitching together a composite of images taken from a variety of perspectives. The end result is a self-contained map of the space which a prospective buyer can tour in virtual reality, or on any number of other devices. Think of it like Street View, for your luxury real estate listing. Unlike still images, which lack real depth or a sense of perspective, these interactive simulations give a sense of presence and weight.
Buyers can tour dozens of potential homes without ever having to set up a viewing, book a flight, or take time away from their working lives.
Dimensioning is one more service we offer to our clients. By some estimates, as many as 80% of realtors don’t even offer full floor plans, let alone properly measured ones. We offer precise measurements of each room as a supplement to the virtual walkthroughs. The walkthrough is great for giving a sense of the space, but knowing the precise dimensions lets a potential buyer plan furniture layouts well in advance, to be sure that the space will meet their needs.
That extra attention to detail makes the buying process much more convenient, especially for remote buyers. We spend thousands of dollars more on video marketing, dimensioning, software, virtual walkthrough technology, and other elite services for each of our listings. Most realtors don’t go to the trouble, but it pays off in the long run. Buyers get much more comprehensive listings, and our sellers are able to move properties much more quickly even in a slowing market.
The Krishnan Team goes that extra mile for our clients because we understand that quality service is worth the cost. That’s the driving principle that makes us the very best luxury real estate team in the Bay Area and beyond. If you’re dipping your toes into the San Francisco luxury real estate market, either buying or selling, get in touch with us today. Take a look at a few listings, or give our team the chance to give your home the same élite treatment as we’ve given so many other happy clients.
Thinking of buying? Call the Krishnan Team at 415-735-5867 for a no-obligation consultation. You can also email us at info@ruthkrishnan.com.
