Counting the Value of Real Estate Photography |
IT’S NO SECRET THAT PROFESSIONAL REAL ESTATE PHOTOGRAPHY HELPS TO SELL HOMES MORE QUICKLY AND FOR MORE MONEY. Some homeowners and agents are “numbers” people, so the following might be useful to those who keep their calculators handy. To keep these numbers somewhat comparable, the following generally refers to a home listed in the $300,000 to $399,999 range.
Here is a compilation of some facts taken from various sources and reports (see sources at end).
Checking Out the “Money Shot”:
20 seconds
|
. . . the amount of time that more than 95% of buyers took viewing the very first photo (usually the front exterior) of the listed home. “Without an eye-catching photo, the battle is lost before it begins.” (1) Try it on a stopwatch, and you’ll find that 20 seconds is a long time. That “money shot” needs to be clear, realistic, and appealing. No bad colors, no dark corners, no leaning walls or doors, no distractions. |
What Potential Buyers Spend Most of Their Time On:
60% |
. . . the percent of time that buyers spend viewing images, much more than half their time, as a proportion of all the time they spend on a listing. They spend only 20% of their time on the property description and 20% on the agent’s remarks. “Most homeowners are going to be looking for the photos first. That’s going to pique their interest or not.” (1) |
Where Buyers Found the Home They Purchased:
44% |
. . . the percent of buyers who found their home on the Internet — the largest proportion. Ranking second: their agent (33%), with everything else falling far behind. (2) People love to see great images of homes, and the Internet is both visual and easy to use. This helps to reaffirm the adage that “The First Showing Happens Online.” |
What Buyers Deem “Very Useful”:
83% |
. . . the percent of buyers who find photos very useful — the second place item in the study. The top selection was “detailed property information” at 84%, only one percent more. Third place — well behind at 45% — was “interactive maps.” (2) Interestingly, even though they find detailed property information very useful, buyers spend much more time on images (60% vs. 20%). (1) Clearly, images communicate considerable marketing information about the listing and are a preference for buyers. |
Increased Sales Prices — The Sale Price to List Price Advantage:
more than$7,000 |
. . . the ADDITIONAL MONEY GAINED by using digital SLR images for homes listed between $300,000 and $399,999. [UPDATED: March 2016] For homes from $400,000 to $499,999, the largest difference found in this study, the advantage was $11,200. For listings priced between $500,000 and $699,999, the advantage was about $8,500. For listings in ALL PRICE RANGES, the average advantage was $3,400. [See chart below.] (3) |
Cost of Standard MLS Photo Package:
$125 |
. . . the current price for my “Standard MLS Package” (25 images) — suitable for somewhat above average homes — about one-fifth to one-third of the market (those listed at about $250,000 to $350,000 and about 1,500 to 2,250 square feet in size). This is the most competitive segment of the market — and where images make the most impact. |
Faster Sales:
19 days |
. . . how much MORE QUICKLY a home in the $300,000 to $399,999 range sold due to using digital SLR photos. “Since professionally photographed homes are more likely to sell in general, and to sell for more money, it’s not surprising that these homes also sell faster. Because online searching and browsing is such a critical part of the home-buying process, it follows that a better-photographed home will sell faster because more people are enticed to visit the home and people know what they are getting before they even set foot in the home. Across all price ranges, homes with professional photos sold faster. In the million dollar range, professionally photographed homes sold four days faster, and those in the $400,000 range sold three weeks faster than their counterparts with amateur photos.” [emphasis added] Homes in the $500,000 to $699,999 range sold about 17 days faster. (4) |
About Dave Murray, Real Estate Photographer:
1 |
. . . the number of Capital Region (Albany, New York) real estate photographers who are members of Real Estate Photographers of America & International (REPAI). Dave Murray is the ONLY certified REPAI member who lives in the Capital Region. REPAI is committed to ethical business and image-making practices. (5) |
80% |
. . . the percent of applicants for membership in REPAI who are DENIED membership, because they fail to meet quality or ethical standards. Membership in REPAI helps assure real estate agents and their clients that they are working with a reputable professional who meets high standards. (5) |
5 |
. . . the five-star rating that Dave Murray has achieved from clients who have rated him on Houzz — with MORE LOCAL REVIEWS AND FIVE-STAR RATINGS than any other Capital Region real estate photographer listed on Houzz. (6) |
* * *
UPDATED: March 2016 (3)
SOURCES:
1- 20 Seconds for Love at First Sight, Sanette Tanaka, March 21, 2013. The Wall Street Journal. [http://www.wsj.com/articles/SB10001424127887324077704578360750949646798]
2- Real Estate Tech Trends 2016. Properties Online, Inc. has compiled important statistical information for the real estate community. Statistical sources include the 2015 National Association of REALTORS ® Profile of Home Buyers & Sellers, the 2015 National Association of REALTORS Member Profile, The Realtor Technology Survey Report, The California Association of REALTORS Buyer and Seller Surveys, WAV Group Agent Responsiveness Study, RealEstateSites.com and over 3 million website visitor statistics from over 15 thousand single property websites. [propertiesonline.com/reports/annual-real-estate-trends-report.pdf]
3- Do Open Houses Really Make a Difference? Lorraine Woellert, March 15, 2016. Redfin. [https://www.redfin.com/blog/2016/03/spring-home-selling-tips.html]
4- Look Sharp: Professional Listing Photos Sell For More Money. Tommy Unger, December 3, 2013. Redfin Research Center, Special Report. [https://www.redfin.com/blog/2013/12/professional-photos-2013.html]
5- Real Estate Photographers of America & International. [http://www.realestatephotographers.org/]
6- Houzz, Five-Star Rating. [http://www.houzz.com/pro/dmurrayimages/d-murray-images]
DMurrayImages — We specialize in helping real estate agents, vacation property owners, and others gain an edge in the competitive real estate market and achieve faster sales and better prices.
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