Business Overview

Virtual tours are popular with many industries, including the hospitality and real estate industries. You will be using photo, video, and other multimedia elements in order to bring a space to life for people before they visit the physical space. While you may eventually create virtual tours of almost any space, some of the main areas you will virtually recreate are apartments, houses, hotels, resorts, and neighborhoods.

Who is this business right for?

This business is good for those with multimedia savvy, for it takes skill with photography, video recording, sound mixing, and multimedia editing to create a solid virtual tour. It is also good for those with extensive travel experience, as this lets you think like the consumers you are creating tours for.

What happens during a typical day at a virtual tour business?

In no particular order, your daily activities may include communicating with current clients as well as prospective clients. On busy days, you will be traveling to the areas that you must create virtual tours of and gather the necessary photos and video recordings as well as information about the space. Back at home or the office, you must edit this together into a virtual tour and send the finished product to the client, all while making any adjustments they require. When you are not doing these things, you may be working on advertising your services, investigating the competition, and staying current regarding new camera hardware and editing software.

What is the target market?

As mentioned earlier, your best clients will be those from the hospitality and real estate industries. This is because they will both have numerous rooms and properties for you to create virtual tours from, all of which adds up to a bigger payday for you.

How does a virtual tour business make money?

A virtual tour business makes money by charging clients to shoot, edit, and deliver photos and/or video to create a virtual tour of a physical space. The exact amount you charge typically varies based on the requested media format, the venue, and any additional add-ons that customers may purchase.

What is the growth potential for a virtual tour business?

The growth potential for this industry is quite large. While the Bureau of Labor Statistics does not chart the virtual tour business specifically, Greenlight Insights reports that virtual reality as an industry will grow from a $7.17 billion industry in 2017 to a $75 billion industry by 2021. Virtual tours are a part of that, and as the public embraces the potential of VR, it means exciting new ways that they can check out your virtual tours.