Why Great Photography is Crucial to Selling Property
“The best time to sell a house is in the first 3 weeks!”
• Data was collected on all listings activated from January 1 – December 31, 2010, in Long Island and the Boston Metropolitan Area, using MLSLI and MLSPIN, the listing services used by brokers in those areas.
• These MLSs were chosen because they were the only ones that provided photo metadata.
• All short sales and bank-owned listings were excluded, nearly all of which are priced to sell despite usually being photographed haphazardly – if at all.
DSLR PHOTOS …
• Digital Single Lens Reflex (DSLR) photos increase the likelihood of a sale for listings priced above $300,000.
• But for listings across all price bands:
• It drives 61% more online attention;
• Is associated with a 47% higher asking price per square foot; and
• Helps sellers command a selling price significantly closer to their asking price.
• The sale-to-list ratio was higher by an amount between 0.4% to 6.0% of the listing price – worth between $934 and $116,076 in increased equity.
INCREASE THE CHANCE OF SELLING
• Asking Price Above $300k – DSLR Photos Raise the Likelihood of Selling
COMMAND A HIGHER ASKING PRICE $
• Listings Shot with DSLR Cameras Have a 47% Higher Asking $/Square Foot
SELL AT A HIGHER SALE-TO-LIST PRICE 8
• Sale to List Price Asking Price Sale-to-List Prices Significantly Higher Across All Price Ranges
AND SELL IN LESS TIME
• Asking Price At $400K – $1M Price Ranges, DSLR Photos Associated with Faster Sales
• Only 15% of listings were photographed with a DSLR.
• Only 44% of $1M+ listings were photographed with a DSLR.
• Incredibly, 591 listings (0.75%) were photographed with a camera phone.
• Over 2,000 listings (2.6%) had no photos at all!
Type of Camera Used
• Point-n-Shoot – 63,774 (80.89%)
• DSLR – 12,171 (15.44%)
• Cellphone – 591 (0.75%)
• Unknown Camera – 246 (0.31%)
• No Photo – 2,063 (2.62%)
MARKETING YOUR LISTINGS
• Selling real estate is all about marketing and setting yourself – and your listing – apart from the competition.
• It’s also about getting the most amount of money for your clients in the shortest amount of time possible.
• Images are one of the biggest reasons Internet marketing has become so popular. (2007 NAR Profile of Home Buyers and Sellers)
• 80% of Internet shoppers say images are imperative when deciding to buy or use a company’s product or services. (2006 Pew Study)
• People will make a snap – and often unconscious – judgment about a listing based on just the first photo of the property …
• They are judging a book by its cover!
• Think of a property listing in terms of a personal profile on a dating website …
• The pictures should be as flattering as possible without tipping into outright deception.
• You owe it to your client to make a strong first impression by making your listing look the best it can …
• … because you won’t get a second chance to make a great first impression.
• You’re the listing agent who was hired by the home owners to market their property …
• It’s up to you to make the MLS and other online photos of your listings both eye-catching and memorable!
You can’t change the real estate market …
… but you can change how you market real estate!
“If your listing is not ready for a photo shoot, then it’s not ready for visitors either.”
Lew Corcoran, ASP®, IAHSP
Accredited Staging Professional
Professional Real Estate Photographer
Phone: (508) 443-1332
Serving the Boston South Shore, Southeastern Massachusetts, Cape Cod, and Rhode Island
Decora Photography – Home Staging, Real Estate Photography, Walk-Through Videos, Floor Plans, and Virtual Tours