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Real Estate Video Survey
NOTE: This survey is for Real Estate Professionals. You can find the Filmmaker survey here.
Feel free to to share the Real Estate Pro survey on Twitter OR you can also email a link to fellow Real Estate Professional colleagues or clients. Thanks!
Video most definitely gives me an advantage over competing agents/brokers. My competition still considers slide shows videos!"Amazing" I continually get positive feedback from my clients after seeing a video of their home on the internet. I find that it's true about what the folks on the HOOD say...People just don' get it!
Who all did this survey go out to? I think it will be a biased survey if it only went to those of us who are members of WellcomeMat as we already believe in the power of video. An interesting survey would be one that is answered by the general consumer themselves! None the less, I will be interested to see the survey results. Good luck!
I was curious as to why my photo and information didn't show up in comment #2...I guess my session timed out!? Sorry, I didn't want you to think I was a mysterious, unknown commenter!
I don't think offering video is a major point with sellers in our market right now but we are hoping to change that perception over the coming months. We believe video is particularly helpful in showing off higher end properties as well as providing 'google juice' for the listings exposure, in general.
We believe it is our responsibility to use all the tools available to us in marketing our listings and that video is THE up and coming tool of the future.
Terri S: Thanks for your comments. I presume you added your feedback to the survey?
Terri A: This is an completely open survey. To answer your question, while we do plan to email it to most of our member base, we encourage all real estate professionals to participate. Please feel free to send a link to this survey: http://bit.ly/YEeqX to collegues, etc. We'll make every attempt to make this as unbiased as possible. Regarding consumers, we're planning to conduct a seperate survey soon. Good ideas! Thanks.
Tim: Thanks for your feedback!
Phil: Yes I did add my feedback to the survey and I will certainly pass the survey link on to others.
Great survey, I would like some data provided by (perhaps) Wellcomemat on the power that video has to sell a listing so we can use this information on our listing appointments. I can tell potential clients all I want that I use video and that I'm one of the only Realtors in town that uses video to market my listings, but I think statistics speak louder to a more scrutinizing public. Thoughts???
I too look forward to the survey results, which as clarified by Phil targets real estate professionals. Like Christopher in Comment #11 thinking statistics might help to better make the case for "the power of video" on a listing appointment, it seems those same statistics should come in equally handy for Filmmakers / Videographers marketing their video tours to realtors.
Videos are definatly helpful in the real estate business.
Video has a lot of great uses in this industry, but no one is teaching it. Just search YouTube for real estate and you will see some really crazy displays. I personally have always loved this service because they player is designed specifically for real estate. I just need some listings to be able to really use it.
Phil,
Really interesting survey with many of the same questions I ask myself about the market and to clients. I will be anxious to see the results - Thanks for this!
TJ: No Problem!
Christopher: 100% agree. Statistics speak louder than words. It's for this reason that we plan to include hard data within our real estate video survey. Charts & graphs my friend, charts & graphs.
Gary: Look for our Filmmaker survey real soon.
Kathy: Good points, however I would acknowledge there are quite a few filmmakers and RE Professionals taking the intitive and offering courses how to shoot and create quality video. ReelProductions (offers classes) and Fred Light (created a DVD on real estate video) are just two that come to mind. But you're right, we need more! Regarding YouTube, no comment :) Thanks for the comment about the video player. We've worked very hard to get it to this point.
John: Thanks. We hope to gather results over the next few weeks and will be sure to publish and pass the report on to all participants.
I agree with Terri (comment #1), we're in the same metro area, and it's hard to get agents to do something new. And because video is not the norm with consumers, they are still more likely to do a search on real estate photos/virtual tours, before searching for videos. It's important to post and link your videos everywhere you advertise online so that you can increase your presence and market yourself and your listings to a larger audience.
Video is great I plan on doing a movie for promotion of my company and services.
Possibly the neighborhood movie as well, which is my niche market as well. Sleeping Bear Dunes National Lakeshore.
The main thing I need to keep getting people to my website to sell listings online!
We are videographers, working for realtors. Wish there were a few survey questions with us in mind. I can see with the answers so far and realtors saying they are the only one in their area, that the majority of realtors "just don't get it" I believe consumers will gladly watch video - they just don't have it. Another huge mis-conception is that a "virtual" tour is the same as a full motion video tour. We always specify that is what we do.
We have been on location several times where the realtor was signing up a seller because she offered video. Another seller commented that she was looking online for videos for her new home and certainly wanted one to sell her current home.
My sister-in-law, a top executive with Remax in Colorado told us almost 2 years ago that she won't even look at a listing if it doesn't have a video.
I think I would be even more interested to hear what the consumer has to say.
Video for real estate is still in the very early stages. It is technical enough that not everyone can do it and it is costly for most agents so they hire out. There is not enough listing video in my area to make it a standard and since I am the only one doing it seriously, I have a big edge over my competition. I don't think consumers expect it yet since it is not wide spread.
I have determined that every listing I take will get a video and this adds another decision. Can I hire out to low end entry level homes? At this point no. While I have no training and I learn by the school of hard knocks, my lack of traditional training I think is an advantage as video production for a commercial setting such as local TV advertising is a different medium than what people expect to see on the internet. I try to shoot my listings and projects thinking like a potential home buyer or home seller and not a TV station producer. People on the internet are very quick they move on and off links and pages quickly, if they wanted to watch Home and Garden TV then they will go turn on their 60 inch flat screen HD TV.
There is definitely a place for the professional videographer, I am the exception to the rule, it's all going to come down to a cost issue cause every listing needs stills and video - most agents will not be sold on spending the extra money on video/
Last, looking at how techno-tarded the whole Real estate industry is, by the time agents wake up and realize it is standard on a listing, I will have a giant head start and will be involved in something else for listing promotion that will be ahead of the pack.
More and more sellers are requesting/ demanding video. I'm getting calls more regularly now from new agents unfamiliar with video who are calling me because they're listing a house and the seller told them they would only list if they had video! It's happening... slowly! Sellers are more onboard with video than most Realtors, for sure!
But the reality is.... nearly a decade after the IDX became available online for buyers to view listings without contacting a Realtor, 95% of realtors still can't 1) take a decent photograph and 2) recognize they can't take a decent photograph!
TEN YEARS! Take 10 seconds on any MLS in the country and you can see example after example of some of the worst photography on the planet - advertising some of the most expensive purchases a consumer can make in their lifetime! Dark, crooked, blurry pictures of chairs and windows and barstools..... It's mind boggling how most people are marketing property online.
And it's insanely easier for agents to get a decent still camera for a reasonable price and take (or LEARN) to take quality photographs than it is to shoot and edit video - even BAD video! And that hasn't happened yet! In ten years! Many Realtors are still struggling with email attachments and how to download a simple file - and FIND it!! (I know this for a fact because they call me on a regular basis!)
So.... considering the amount of additional time, effort and technical knowledge involved in shooting and editing video... I'd give it 20 years. Or never. Personally, I'm banking on never.
Unless technology changes dramatically, I think video will be a niche thing for the top tier Realtors who understand the concept of doing something different than the rest of the drones who market exactly the same way, use the exact same marketing materials, the exact same business cards, the exact same websites... etc.
And there's nothing wrong with that!
Fred,
There are a whole bunch of professional photographers out here charging big bucks to take nice photos who then destroy the image because they do not know how to use color in Photoshop. I am not saying I am a colorist or know much about it, but I know when I see a shot that was composed really nicely only to be destroyed by a photographer that only knows how to use brightness and contrast.
Whether it is video or stills this type of media for Real Estate is still the wild west. Most of the cause is that agents are commissioned based. There is no guarantee that any listing will sell, and to really get what an agent needs, takes money for the right people. Agents do have a ton of risk based marketing money to shell out and the ones out here who hire out still work - well they get what they pay for. :)
I will say that home brew is going to get easier on the video side. I attend the Los Angeles Final Cut Pro Users Group and this is a large group that meets in Hollywood every month. Lost of new products and emerging trends are very evident in those meetings. The room is full of people that do video and indie film for a living. I guess I am lucky to live close enough.
It was really cool to be in a room of 150 people with Randy Ubillos doing a full hands on walk through of iMovie 09. Outside of not being able to key frame in iMovie 09 there are enough tools to make some very nice short RE videos. iMovie 09 comes on every new Mac in the iLife suite. If you don't have iLife 09, then for $79.00 get iMovie 09 it's a no brainer.
My video is made for Youtube - Wellcomemat - Viddler - etc. Keeping that in mind and that it will not end up on local cable TV, homebrew agent video is going show up more and more. The good news for you Fred is that if there is a core group of people like myself producing, other agents that do not have the time or inclination to homebrew video will want to compete and they will call you. The youngers are picking up on new ways to reach people, even NAR knows this. Dakno TV extracted this clip from the NAR CEO for me. http://twurl.nl/wyysp5
If my sample of where media is going in the future of Real Estate was based on the avg NAR member (52 year old woman making 36K in gross commission annually) then I might agree. But the consumer does not have time to wait for the 50 something Realtors to figure out how to use a scanner, so the youngers and myself have a distinct advantage.
I just think that the real estate industry as a whole, and the vast majority of realtors are so out of touch with technology and basic marketing knowledge - more than any other industry I can think of. I've been working with realtors since 1995 and it hasn't changed. It was in sad shape back then too, and technology was in it's infancy. Considering virtually ALL buyers begin their search online, 15 years after the web became commercialized, half of agents STILL don't have a website... and don't see the NEED for a website! Are you kidding me? The local guy in my neighborhood that picks up dog poop has a website! Come on....!
I just think that the overwhelming majority will not take the time or effort to learn how to do video well enough to help them (rather than HURT their marketing), just as the majority of Realtors still can't take a photo that even remotely represents the home online in an effective way.
That is definitely good news for me and for people like you who not only 'get it', but enjoy doing it. It puts you miles ahead of the pack.... just as those who saw the possibilities of the web for their business in the 90's are sitting pretty today with great search engine rankings and a steady flow of leads - and the majority of the rest of them are now scrambling around trying to figure out why they're new website can't be found. They're VERY late to a party that started a long time ago.....
I have problems getting realtors to actually POST their video that they PAID for on the MLS so real customers might actually be able to see it.... I mean... just this week I had TWO agents who never bothered to put their video on the MLS or Realtor.com!!! Both listings have been up for over a week without the photos and without the video. When agents can't even post the video and photos they PAID for on their listings.... I don't think we can reasonably expect that many will be doing their own videos anytime soon! I've been working this real estate beat since 1995... very little has really changed, sad to say. I also had TWO agents who asked me to post their video link (it's just a link.. nothing more) on their listing for them because they couldn't figure out how to do it. Of course, I send VERY explicit directions AND a video tutorial to them explaining AND showing them how to place a TEXT link on their MLS listing. And they still can't figure it out.
Seriously... I just don't understand. I really don't. It gives me a headache.
Boy Fred you hit the nail on the head!
I try and teach agents here in Phoenix to shoot video tours and they look at me like I am crazy! With You Tube serving up over 1.2 Billion videos PER DAY, you think that agents would get the hint!
I have been shooting video tours of my listings since I started my RE career after the buidling market crashed in Phoenix in May 2007. I have had excellent success! and have had out of state buyers only watch the tour and buy the home sight unseen (I am sure they have their local agent walk the home to make sure I did not omit any damage in the home)
I have actually worked my way up to #1 producer at my brokerage (not trying to brag) in less than 1 year.
Videos are where it's at. Buyers don't want to watch virtual tours where they have to move their mouse around to see the 360 degree view, they WANT to watch video tours.
Anyways I am done ranting! Here's to awesome success for wellcomemat.com!
Mark Staffrord Phx, AZ 1hourhomevideotour.com/
Thanks for all the feedback so far all! Our plan is to make a habit of releasing actual data and stats that can help us all propel video into the forefront of real estate marketing. All of your ideas will help...thank you!
Mark, I was looking for your YouTube Channel with your other videos. What is the link?
Freds comment on Realtors lack of using real estate technology is music to my ears. When I started in 2005, I took a template website and SEOed it to page one in less than one year and it's been on page one of Google, Bing, and Yahoo ever since.
I want to share a statistic that will show how true Fred's comment really is. Out of the 900+ Realtors on our board, I am probably one of four or five that use video actively as a listing "getter" or to market my homes to sell faster on the Internet. Out of those five, three use video snippets from their "stills" TV show, which really isn't video. It's photographs stitched together to create a virtual tour, not video.
That leaves two other Realtors; my broker and I. We felt early on that if we used video on a regular basis, the word would get out and we would receive more business or respect as Internet marketers of real estate because of our video prowess. My clients absolutely LOVE the videos of their homes and they see the true value in video as a 21st century marketing tool that is not only here but is not going anywhere.
I credit the listing I got over the weekend, because my future client saw the video of a home I shot and was very impressed. I then told her that we could sell her home firsquicker and for more of the asking pricet, using that very same technology on her listing. Another future client wants to list her house this fall, but emailed me early last Friday saying that she wanted to see a property I had on a particular street. It just so happened that I shot a video of that property, and "blasted" it over to her using the simple interface system on Wellcomemat.com. A half hour later, I get this glowing email, how impressed she was over the video I shot, and how she felt that it was like she was touring the house herself. Well, since I'm not a professional videographer, I shot the video the way I would have wanted to tour the house, and I guess it worked.
I think most Realtors, videographers, and the like on this great site need to hear positive comments from clients all over the country that are not only impressed with the latest technology available to us as Realtors and videographers, but see the "real value" to their houses as aggressive marketing tools that will sell their house by exposing it to more "potential buyers."
Great forum discussion on the use of video; love it!
Christopher
To Christian,
On a totally different note, would it be possible to rigg the hood stats to show how many views each thread has gotten and the last to post to that thread in addition to how many comments and date of last post?
Thanks. Now back to your regularly scheduled thread.
Had a listing appt today on a possible Texas relo. Nice to have the laptop out showing the video tours. ;)
I had a client start using video on a listing in June. In 5 days the home was under contract for full price, no concessons (squeaky clean offer). That doesn't happen! The buyer saw the video online... and with about a week of that being under contract, this agent had another listing, which just went under contract, and she got another listing last week, with possibly 3 more in the next week (from the same investor who saw her marketing strategy and wants to sell 2 or 3 properties with her). I think video speaks for itself!
Just as many have already said, video helps you get the listing, it helps you sell the listing faster, and it helps you get more listings. Those are all things that just "don't happen" in this market. As I've said before, when the market shifts, you shift with it or get blown to the wayside. Some agents have figured that out, and some have gone out of business.
This question goes out to anyone and everyone I guess. As a Realtor in my town, I'm the only agent shooting my own videos. I want to advertise the fact that my listings have video tours, etc... Outside of having this information on my website, what are some ways to advertise this fact and get people (clients on board? I thought about ordering "Video Tour" signs and posting them where my listings are. Any ideas or suggestions???
Christopher...my husband does all my videos and he puts a JT's Videos rider up on all my listing signs. I think it's a very inexpensive tool to use to advertise one's vids. We also, as far as I know are the only agents that shoot our own vids in our town. In fact, the only agents that shoot video. We also advertise videos in monthly community newsletters in neighborhoods that we farm.
Terri, thank you. You just answered my question. I'm off to order video sign riders. I also like the idea of mentioning what you do (that no other Realtor in town does) in your community monthly newsletter. Great ideas, and like the former elementary school teacher that I am, I'm going to steal them and use them in my "classroom" if you don't mind! Thanks Terri!
@Marc
We are listening to your requests, however...as usual, we have a very aggressive product roadmap and I'm honestly not sure when we'll be running updates to The Hood again. Sorry to put your idea on the side burner like that!
I don't think the excuse that real estate agents are commission based applies. If I have a store and I buy product for the store to sell, I am also taking a chance that I might not sell the product, yet I had to pay for it and I have to advertise it. In any business you have to lay out money to make money.
Maybe the solution is to start charging sellers a marketing fee in advance to cover initial marketing expenses, like a properly and professionally photographed/videographed property.
Many agents unfortunately still continue to advertise in media that is no longer used by today's sophisticated buyers. Over 40% of buyers are first time buyers. These are the people that were born with one hand on the mouse... Are these younger buyers going to look at listings in any kind of a paper... no way! If you ignore this YouTube crowd, then you are seriously undermining your efforts. These are the people that "expect" a video or at the very least a professional tour of some sorts.
I know some Realtors have the knowledge and the know-how to take reasonably good pictures and maybe even video. But would it not look and sound better if during a listing presentation the Realtor stated that he/she will be sending over a professional photographer/videographer, rather than whip out a snapshot camera and stand on top of the toilet to try and catch a wide-angle view of the master bathroom? This is probably an extreme comparison but I have witnessed these agents as they have captured themselves in the mirror doing just that:)
I think a Realtor's time would be better served by doing what they do best, list and sell homes!
Matt: My conclusion is that most realtors are not BUSINESSPEOPLE. Even though they 'think' they are in business for themselves, they have an employer/ employee relationship with their broker. They give up half of their commission (usually) to their broker, and in return for that, they expect things like free virtual tour software, free advertising, free flyers, free copies, free business cards, free website, free flyers, free, free free..... just like an employee would expect from an employer. They don't think or act like they are truly in business for themselves.
Most business people have a marketing plan. They have working capital when they start their business. They have a business plan. Most realtors have NONE of these. They get their license and sit around waiting for the phone to ring. They take what they can get from their brokers for their marketing efforts, but nothing more. That's why they all have the SAME business cards (they're free), the same website (they're usually provided), the same listing presentation, the same flyers, etc. They all LOOK exactly the same. And because they don't THINK like a business person, they don't think about personal branding. They don't THINK about the benefits of NOT looking exactly like everyone else in their office or their town. They just don't THINK this way. It doesn't even cross their mind. For most businesspeople, that's the #1 thing in their business plan: How can I set myself apart from my competition? How can I stand out? Employees of companies just don't think of such things (which is why they work for other people!)
That's why you hear many realtors whining constantly about THEIR expenses, as if that's anything out of the ordinary. It's not odd for businesspeople... it's just part of the normal course of doing business. But they aren't thinking or acting like a business person, therefore their expenses always seem high, regardless of what they are. Yes, they pay dues. Yes, they pay for advertising. Yes, they pay for gas. Wear and tear on the car.
My response: "So what's your point????"
I have all of those expenses as well. Plus thousands of dollars in equipment. Plus insurance to cover all that equipment. Plus marketing costs. Plus server costs. Bandwidth costs. Software costs. Computer costs.... Storage costs (I just bought my 15th terabyte hard drive to store all YOUR stuff because YOU won't!) I can go on and on.....
Hello?????? We ALL have expenses! But I don't whine about it to my customers because expenses are a COST of being in business. The key is to make your income greater than those expenses....! It's not rocket science! But you have to THINK and ACT like a business person to understand all of that.... and most (not all) realtors do NOT think this way. They look at their relationship with their broker as their employer. And most employees of companies do NOT have those expenses since their company takes care of it.
That's why this business is so difficult. You need to find the realtors who are successful businesspeople. That have a head for business. They have the correct mindset. They understand all of this. They do everything they can to differentiate themselves from their competitors. Hell, they do everything to differentiate themselves from their BROKERS!
Oddly enough, they're also generally the most successful of Realtors. That pretty much sums up ALL of my customers. They're the best of the best. The cream of the crop. My clients are the BEST and most successful agents in the area. Period.
I hear realtors whining all the time about how horrible their business is right now. Sometimes I feel like I'm living in a parallel universe. Why? I'm busier than I've ever been in my entire life - I've had 3 full days off since February! I'm doing 3-5++ videos every single day. My CUSTOMERS are busy as hell. Many of them are having their best year in their careers. They're crazy busy. They're selling real estate. LOTS of it. One client listed a $600K property on Thursday. Shot it on Friday. Got a near full price offer on Saturday and a second full price offer coming in at 6pm tonight. I smell a bidding war!
More importantly, I see the connection.
Fred Light...
"I have all of those expenses as well. Plus thousands of dollars in equipment. Plus insurance to cover all that equipment. Plus marketing costs. Plus server costs. Bandwidth costs. Software costs. Computer costs.... Storage costs (I just bought my 15th terabyte hard drive to store all YOUR stuff because YOU won't!) I can go on and on.....
Hello?????? We ALL have expenses! But I don't whine about it to my customers because expenses are a COST of being in business. The key is to make your income greater than those expenses....! It's not rocket science! But you have to THINK and ACT like a business person to understand all of that.... and most (not all) realtors do NOT think this way. They look at their relationship with their broker as their employer. And most employees of companies do NOT have those expenses since their company takes care of it.
That's why this business is so difficult. You need to find the realtors who are successful businesspeople. That have a head for business. They have the correct mindset. They understand all of this. They do everything they can to differentiate themselves from their competitors. Hell, they do everything to differentiate themselves from their BROKERS!
Oddly enough, they're also generally the most successful of Realtors. That pretty much sums up ALL of my customers. They're the best "... well put Fred...
Matt,
No one in my market is using video, so I have a leg up and get the ability to self produce. Beside my own quirk is that I need a videographer that is not tainted by working for the local cable channels, I need people who think like buyers and not video producers. The 3 min online video viewer is not looking for stuff that looks like what they just stopped watching on TV. I am not talking Blair Witch garbage like most agents shoot, but something less TV-commercial in style.
Christopher,
Here is a link to video tour signs http://www.hdhat.com/real-estate-video-tour-signs.html the Starburst is an excellent choice.
**How our agents use these is to have the sign point to their agent IDX websites homepage.
**Videographers - Signs should be suggested to all video tour agent clients because they create "curious" neighbor traffic as well as increased buyer traffic. The "curious" neighbor who has a home listed with a competitor with no tour or a photo tour could very well become your agents listing when that "curious" neighbors listing expires and your agents listing is sold. It works!
Mark
Fred, you're right on as usual. If we are in business, we have expenses. It takes money to make money. I like the quote from Henry Ford "A man who stops marketing to save money is like a man who stops the clock to save time."
Oooh... I like that quote! Never heard it before, but it's SO true.
A friend of mine the other day questioned why I was constantly 'marketing' my business when I seemingly have more work than I can handle... Which made me realize that many people only do marketing when business is slow or non existent - otherwise they do nothing (or very little) - especially when business is good and the money is flowing. I spend a bit of time every single day to do some marketing. Every day. I honestly don't have the TIME to do this, but I do it because I have to. Just like I have to take a shower every day, eat every day, sleep every night. You just have to make TIME for the things that are important. Period.
I think you have to be marketing 24/7 regardless of how good business is NOW.... because you're marketing for tomorrow as well, which may not be as good as today! I don't there is such thing as too much marketing or promotion.
Fred, right on the nail again! I've been quoting Henry Ford a lot lately (thanks to Sue for sharing it with me): "A man who stops advertising to save money is like a man who stops a clock to save time." Marketing needs to be constant or the flow of water to the business will trickle out and die.
Ted: right on target with video presentation. It's got to be professional, but by professional, I don't mean 'TV." I mean it shouldn't be shaky, shouldn't have too many additional graphics, bells, whistles, etc. It's not a commercial, it's a tour! I've come to realize that most videographers think with a filmmaker's mindset, but the most successful ones look at it form a marketing/business perspective. Online video consumers aren't looking for more "TV," they're looking for something more 'down to earth' that speaks to them individually. Professional, yes! Commercial? NO!
I have to print a RETRACTION from one of my latest statements. I initially was supposed to get a listing because the "potential sellers" were very impressed with my use of video in real estate, and that I was the only Realtor in town who understood how to market and sell a house. Well, apparently I was beaten out of the listing by the age old Realtor who promised that the house would sell for 10K more than it will ever sell for in today's buyer's market. This Realtor has no website, took only 8 photographs of the house (one of which you can see her in the mirror of the bedroom taking the photograph) and of course, no video. I remember specifically asking them, "Is your MAIN motivation to SELL your house, or to get THE MOST MONEY out of the sale. Emphatically, both sellers said, that they just wanted to get out from under the house. They were getting a divorce and just wanted to bail and go their separate ways. Even though I'm "venting" here, I did feel good walking away from that listing appointment knowing I had been honest with the sellers about the "realistic" price they could expect to get from the sale of their home. My marketing, including VIDEO would have sold that home in record time. I guess they'll never realize the true impact VIDEO could have had on the potential sale of their home!!!!!!!!
Chris, there's a very big chance they will be calling you once they figure out they made a mistake. I'd be ready to increase your commission:)
That's really too bad Chris! There are really 3 legs to the stool that is real estate sales: price, condition, and marketing. If the home is simply over-priced, all the expensive marketing in the world won't sell it for that price (unless you're really lucky and catch some stupid people... unfortunately there is the occasional dishonest realtor). If the home is a mess, likewise, a pretty video (before it was messy) won't sell it. Videos are great to get people in the front door, but after that, price and condition take over.
I find it frustrating when you try to educate people about what price point is going to sell a home versus what price point is going to cause a house to sit on the market for six months without a showing. Also, when your the only real estate agent in town that shoots his own real estate videos, it would just seem like a no brainer re: who is going to get the listing. Matti, you were reading my mind when you talked about the commission. When their house fails to sell with the current "Over Promising-Under Delivering" Real Estate Agent, my commission will be higher indeed!
Dustin, the condition of the home is "Move In Ready" and then some. It was a filmmakers dream, this house, so condition was not the issue. Marketing sucks as the real estate agent is actually in one of the photographs (mirror) and two of the eight photographs on the MLS are blurred; NICE! The price is 9K over what they will ever hope to get for the sale of this house. You are right about "all the marketing in the world will not sell an overpriced listing."
Dustin, You are right - video is that important first step. Then it is up to the owner and the realtor to offer a beautiful product at a decent price.
Christopher - Ugh. You can't win them all. In the end the seller will most likely regret that decision!!!!!
Just got back from my best realtor client. 3 more videos for her - Yahoo! We were discussing why more realtors are not using video and trying to sell multi-million $ homes with a few photos. She thought that was crazy and said more and more sellers are ASKING for video. Maybe we are targeting the wrong group - go after sellers? Not sure how just yet
Going after the seller has been on my mind for many years. But two issues has always stood in the way. One, don't want to offend our Realtor clients by forcing a service on them. Two, finding a cost effective way of doing it.
Eventually sellers will come to you.... or "request" that their agent come to you.
Just today I had an agent, whom I've never worked with, call me because his seller WANTS a video.
Two days ago, a seller called me directly to do a video and photos for their $3M house.
Again, I think it's just a matter of exposure. The more the product is out there, the more sellers will see it, the more they will either demand their realtor to use one, or choose to purchase it themselves. It's happening more and more to me, although I've never actively sought out that market at all.
We often get orders for virtual tours from agents, who say my seller wants a tour. The sad thing is that's the only time that agent orders a tour.. "because the seller wants it".
Matt,
I was checking out our videos, which camera and steady cam device are you using?
Most Sellers have a had time seeing the value in spending $85.00 for a termite inspection or a few hundred dollars to stage a home. Yet when they go to sell their used Mercedes for $10k, they have no problem dishing out $250 for a detail job on the car.
It really is an interesting mind set that such a large investment as a house and be so reluctant to do a little extra for such fractional cost compared to what they would do with a used car.
I think the overwelming thing I am understanding from the last few posts are educate and motivate the seller to use video and dont forget to brand your video so you are the one they are pushing their agent towards. And, of course, don't forget to include a professional voiceover in your pricing to give them the maximum impact for the money.
OK, that last part I gathered from my own post, but you get the picture(and the narrative to go with it!). OK I'll stop now.
Using a Sony HD Prosumer camera.
When Realtors take a listing and then go over the home what needs to be fixed they are asking in most cases for the seller to dish out money to fix the home to bring it to a certain level of expectation... this might be the moment to also inform them that if they want the home to be seen by the widest possible audience they will need to invest "x" amount of dollars for a marketing package.
If you are the only one (or one of a few, and you probably are) that uses video, up you commission, when they ask to reduce your commission ask "which items would you like me to exclude from my services, I thought your priority was to get your home sold quickly and for the highest price?... I can't do it with my hands tied behind my back!"
That's an interesting concept, and it might work. I'd just be careful how much commission. It really probably depends on the market. If someone has a $100K house, they are going to have a harder time paying that higher rate for the marketing vs. someone selling a $1M house. At the same time, if I were an agent, I'd do the same marketing level on every listing to make sure it sells. People don't pay for a sign anymore... they want value. Gone are the days of "easy money" in real estate (at least until the next pricing bubble comes along).
Matti,
I have owned a few cameras. Trashed my best Sony when the underwater housing leaked. Even though it was a standard def mini dv camera it was very good. I then bought another SD Sony (HD was still too costly) and I think Hard Drive cameras are the last choice for a camera. IMHO mini dv tape is a far better choice over a hard drive unit. Both tape and Hard Drive cameras have too many moving parts. I believe to do Hard Drives right you have to look at http://www.red.com/, but the future will ultimately be Flash. I have my money on Red and what is going on with the Canon 5D Mark II changing the face of how we think of video in the future.
I was watching your video and you have the same lens spotting I got with my last Sony and my HC 38 was no prosumer camcorder. I had it in under warranty several times and they could not get rid of the spotting. If that is really a prosumer camera you are using, I would be pretty upset with the optics. You can go look at my older videos on my Wellcomemat channel and you can see the spotting when the lens gets in the sun the wrong way ... it makes the lens look filthy (yeah I know I need a hood). Now that I have my Canon HV 30, my kids are using the old Sony and the spotting issue is gone.
One thing I like about the Sony is that they excel in low light and their on board mic really does well with sound. I recorded some outdoor music on the old sony and the sound is much better than my Canon.
I think one of the biggest issues facing the RE industry is that there is a ton of advise to go out and get a FLIP camera. The problem with that is that we will see a ton of very shaky videos that are difficult to watch. Then you have the agents that realize they need a better camera and will buy an off the self HD camcorder without thinking about all the features you need to consider.
The investment in equipment similar to what someone like Fred or Dakno have is cost prohibitive, but a pretty decent set up is not hard to achieve under $3k now and that includes, lighting, mics, tripods, steady cam device, dof adapter, prompter equip along with a decent camera and a basic crane. At this investment level I can see where I can self produce more than just listing videos. My video commentary is what is driving leads right now. The listing videos are a help on the appointment, but since I am the only one doing it, it is a big education project still. I can see the logic in hiring out for the listing video, but where the leads come in is on the commentary and I need to do that at will and often if I like and that will never be in the budget.
Dustin,
As a friendly disagreement on upping commissions. This is the same type of strategy that Microsoft uses with Windows and MS Office. To me it is a strategy that just gets people upset. I think Apple has it right and that is why their stores are doing so well. If you need the OS you get the OS and don't have to pay for variations of the OS. Intuit in the early days had this down brilliantly and that is why Quicken owns the personal finance market.
I am very easy to understand - 5.0% commission, you get a www.realestateshows.com/ virtual slide show tour. A walkthrough full motion Video, A custom yard sign that markets the property not me your agent and a custom URL for the listing that goes on the custom sign farm4.static.flickr.com/3448/3855180124_7074738a60_b.jpg I do much more but I think that whether I am selling an entry level home or a mansion my clients deserve this type of exposure and I really am not interested in providing half-a$$ service for a half-a$$ commission.
I don't up my commission just because I have a Video Tour done on my listings. I am getting referrals, sellers come to me because I'm delivery great service with a Video Tour that they'll not get with any other agent. Yes, you can up commssions but I'm offering a great service with the outcome they're looking for. Also, I feel playing around with commissions is just playing games. I don't play games. I feel that I'm doing just fine by keeping the commission standard rate they'd pay anybody. I don't discount commissions either. I don't have to talk them into using me, I don't have to door knock, cold call etc.
I simply present my product, service to them and they list with me. I'm a marketing agent not a listing agent, which means I market the home. I believe a listing agent puts in a yard sign, on the MLS, some photos and then sits back and waits. A marketing agent agressively markets the property on the internet through hundreds of websites, which is where the buyers are. Also, custom URL, 'HD Video Tour' sign rider, which makes passersby very curious and interested in seeing it.
I just list their house and do the work they expect, which is get their home sold in a timely manner.
So I'm not providing half-a$$ service for a half-a$$ commission.
Becky, I agree completely. I have a 70K listing and a 500K listing right now and they both have the same video tour. I market them both as aggressively as I can to sell the house faster and for more of the asking price. I've still not ordered the "video signs" for properties. Do you have them and do you think they bring in more "potential buyers" driving by the listing?
Chris
The NEIGHBORS love the sign.... ! My clients who use it oftentimes get other listings in the neighborhood because of the nosey neighbors who went to look at the tour of the house down the street. Actually, I have an agent who kind of invaded a neighborhood he normally doesn't do business in.. He got one listing.... sold it in a week (to some people from Dubai who bought it SOLEY based on the video - they didn't actually see the house for 4 months after closing!). Then he got another house at the end of the street... and then a third one around the corner (which he sold in 1 day!). The realtor who normally gets most/ all of the listings in this area then called ME and ordered SEVEN videos. Pressure from HIS clients that have been listed for months and months with no sale and pressure to keep up with the new guy who is listing and selling WITH VIDEO on this turf. He has to keep up or he's going to lose is farming area (and these are all 500K-800K homes).
Competition among agents is huge in this business.
Christian, you mentioned that video on contingency is a win-win for 415 Video. I'm curious if you know what kind of list to sell ration their market might have. Maybe some of you can share this stat as well At our 13% sales, contingency could be tough to do.
I think in our market it would motivate many agents to do video, but at 13% sales one would have to increase the price by almost a 100% and then it becomes too costly for most agents.
Yeah... I think it would depend on the market. In reality, I'm not willing to do it on contingency... I don't want to keep track of their listings, bill them, or in the rare case have to deal with someone not paying. If I were bigger and had the resources, I might consider it, but at this point it's a definite 'no' from me. :) The Utah market isn't bad, but it's bad enough (and I see enough of overpriced listings) that I wouldn't risk it.
Video works and will become mainstream... here's why; All real estate agents know that in order to sell a house the buye must see it. The more people that see the house the sooner it will sell. It's that simple. Video shows people the house.
I have sold six houses sight-unseen by the buyers. The last one was in May of this year. The buyer was in Kuwait and didn't personally see the house until last month. He and his family loved it. The sale would not have happened without a video tour.
Here's where we are in the real estate industry today in regards to video tours:
80% of the real estate is sold by 10% of the agents. Of those top 10%, most (probably 75-80%) don't have the time nor inclination to consider another expensive tool to help them sell more real estate. What they are doing is working just fine. They use an old model for their success. Many of these people are not leveraging technology because they don't need to. The old model of success in real estate calls for things like scripts, systems, teams, repetition, cold calls, etc. and... only as much technology as they are forced to use, like websites. These people are never on the bleeding edge. They want the tried and true before they'll invest in it. This model still works.
The remaining 20-30% of the top ten are using a new model. The new model calls for things like high tech-high touch, social networking, Internet presence, video, etc. These are the folks that will buy video services.
The other group of prospects for video services are the up-and-comers new to the business and the agents that are naturally attracted to technology and new trends. But many of these may not think they can afford it.
The more the general public uses online video the more they will expect it in the real estate business. One of these days it will be like cell phones and email. We'll wonder how we got along without it.
If you're an agent have patience and enjoy the advantage while you have it. If you're a videographer, get a couple of thousand tours under your belt. When it becomes mainstream you'll have more business than you can handle because you'll be 10 times better than your competition.
Definitely! I just had 2 more agents sign up today, and they are very internet savvy. I'm doing their next two listings immediately, and every listing after that (and I told them about WellcomeMat and I signed them up today as well). They are very excited. :) I'm seeing the beginning of a very very busy career.
It's a great LIFE...huh Realtors...Filmmakers...and everyone else that's here for the party...Dustin, you go filmmaker...good for you...Fred, your are a wealth of knowledge and a treasure of inspiration...so to all you fred's and dustin's out there...to quote Ray Wood..."If you're an agent have patience and enjoy the advantage while you have it. If you're a videographer, get a couple of thousand tours under your belt. When it becomes mainstream you'll have more business than you can handle because you'll be 10 times better than your competition." It hasn't been that long that everybody just had to have a mobile phone...well we got em, and along came the capability of photos and VIDEOS
just thinking
And now you can view photos, videos, surf the internet, listen to music, take pictures and videos, type a report, and more, all from your mobile phone! Pretty soon they'll do taxes and babysit for us, all at the same time...
But seriously... I'm so excited for the way this industry is moving forward! WellcomeMat is really the glue that holds this all together, thanks to everyone at the Mat! Especially thanks to Christian and Phil, and a toast to Fred for being the wealth of knowledge and experience to us "newbies" in this industry. :)
Hey all. We have good news and great news to report. The good news? Next week we will announce the results of our Real Estate Video Survey. The great news? If you took the time to fill out the aforementioned survey, you will receive a copy of WellcomeMat's industry first formal report on real estate video this evening (Friday, Nov 6). As always, thanks for your support and have a great weekend.
Phil, thanks for the update. Are we going to receive that report via our email address? I haven't received the report yet although it's on my 'homepage" when I sign into Wellcomemat. Any help? Thanks Phil!
Christopher Smith
Just sent you a copy Chris. Let us know if you don't receive it. Cheers.
