Real Estate Video Increases Perceived Property Valuesposted on 18 December 2013
Post written by iMAGECLOUD Member Craig Newman, Entendre Productions.
The use of a Real Estate Video in the marketing of a property can increase the perceived value of a home by 6%, according to a survey from VHT (perviously known as PropertyPreviews).
The survey focused on the impact of real estate photography and property videos have on buyer behaviour and perceived values.
In addition, the survey suggests that the respondents were seventy three percent more likely to list with an agent who offered to get a property video produced for their property.
This indicates the perception that video is a results-driven medium that helps sell homes faster, and at a higher price. If buyers also share this perception then they may believe that that homes that have a property video, will be on the market for a short time only.
“In this difficult housing environment, real estate professionals and home sellers need to do all they can to differentiate their property… While perceived value is not the same as what someone ultimately pays for a property, it sets the benchmark as to what this property is worth in a buyer’s mind compared to other homes in the same neighbourhood. First impressions often have a big impact on a buyers’ decision making process on which homes to visit and how much to offer.” – Brian Balduf, CEO of VHT.
Let’s be honest, 6% does not sound that impressive, so let’s translate that into actual dollar figures. If you have a listing where the perceived value is $500,000 then a real estate video can increase that number to $530,000. In other words an investment of around $450 from your vendor can lead to dividends of thirty thousand dollars.
“Professional photographs and videos are just as essential as a yard sign, The small investment made by my real estate agent was absolutely worth it and really set my home apart from other properties in the area.” – recent home seller Patricia Potocki of Palatine, IL.*
More than eighty percent of all buyers find their homes online, twenty one percent go directly to YouTube to search for real estate videos (VHT 2013).
“It’s obvious from even a cursory glance at many real estate listings that some real estate agents still tend to overlook the importance of good photographs and videos. But home buyers don’t… Using an agent who works with professional photographer is the surest way to provide stunning, striking pictures of your home and create a great perception of your home that draws more buyers to your listing.” – Brian Balduf, CEO of VHT.
Are you encouraging your vendors to use property video? If not, I’d be interested to know, why?
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