How property video tours are reshaping the real estate business.
With the growing number of people turning to digital media as their primary source of information, real estate agents are finding it more and more difficult to compete with mobile media marketing. Agencies which have implemented new technologies and methodologies into their business are more likely to have success with securing properties than those which do not.
One way in which real estate agents are moving forward in the social media age is through digital Property video tours. I believe that it is essential that any real estate business have some form of a virtual property video tour and here is why:
Digital Tours expand the potential clientele base indefinitely
In the past, agents greatly relied upon open houses and physical property showings in order to secure the interests of potential clientele. The problem with such methods in real estate marketing is that the potential clients are few, restricted by the demographics of the area in which the property is located. However, with a property video tour, the amounts of potential clients are limitless.
Due to the fact that the internet is a global community, your real estate business may see interests in the property from as close as the next town over or as far away as another country.
Once interest has been secured for the property, then the real estate agent can schedule a physical viewing of the property.
Digital Property Video Tours increase productivity and profitability
Real estate agents who use digital property video tours have to spend less time and money in promoting the property. Costs which are usually allocated to the print marketing can be re-focused to other aspects of the business. Because the cost of producing a property video tour is relatively low, a real estate agent can use the extra money for point targeting in their marketing.
Real estate agents who use property video tours will also see an increase in productivity. The less time that an agent is required to spend on a property; the more properties the real estate agent can focus his or her attention on. By offering potential clients more properties, the margin for sales is increased the therefore your profitability will see increases.
How do property video tours work?
When creating a property video tour, a real estate agent should use the same techniques which he or she uses when showing the property physically. Ensure that you give ample time to each room, explaining the qualities which make the property worth investing in. As you will be showing the property physically later, do not focus too much on the negativities of the property. Such can be addressed on the physical showing. However, do not make a fixer upper sound like the Caesar’s palace.
Remember when you create your property video tour, the video will be offered worldwide once it is put on the internet. Try not to use terminology that limits your client base.
What a real estate agent should include in the property video tour?
Real estate agents should ensure that certain information is related to the potential buyer. Alongside the home, a real estate agent should:
- Open and Close with the company’s name and contact information
- Introduce him/herself at the beginning of the film and close with a thank you and by identifying him/herself.
- State the city and town only. DO NOT give a physical street address. This is a safety issue. Promoting that a house is empty and ready to sell may promote vandalism and theft on the property. Those serious in investing in the property will be more than happy to talk about the details when they contact your agency.
- Constantly present a contact number or email in which to contact your agency as a call to action for the buyer or renter.
Why should I make property video tours for my agency’s properties?
Making property video tours is a great marketing tool, but it is up to each agency as to whether or not this form or marketing would be best for their practice. However, here are a few statistics which should sway any agency to strongly consider producing a video tour for their properties.
Facebook reports that one out of every 7 internet users has an account. Videos can be shared easily and are daily shared through this platform. This is free advertisement.
YouTube has over 100,000 videos upload/downloaded daily. Again this maximizes your viewer base.
Unless really engaged in a television program, a television viewer will change the channel after 10 seconds from a commercial segment starting and return to the channel only after they feel that the commercials are over.
Posting a video tour cost only your time, print marketing materials can quickly get into the hundreds of pounds depending upon the marketing campaign.
The world has fused itself to the mobile and digital world. Agencies which recognize this fusion and change their practices and policies to best target potential clients within the digital world will see that their properties sell faster.
What technology should I use to conduct my video tours?
Most of the time you can use your existing technology to conduct a video tour. A lot of agents have the latest smartphone such as the IPhone 6 which comes with the 8MP ISight camera which can be used to conduct a video tour of a property. A good investment for an estate agent is to purchase a more professional camera such as the Nikon D3200 which is £235 on amazon.
When editing your video when using an IPhone you can download IMovie from the app store which gives you all the functionality to edit a video without the knowledge required to produce a good video tour. Also check out the blog Using Imovie to Market Your Property. If you are more serious about learning the basics of video editing, I would recommend getting an account setup with adobe premier pro cc which is a brilliant tool for video editing.
I know for some agents it will be daunting to have to learn some new technology to edit their videos professionally but you can learn at your own pace with the online learning site lynda.com. There is some great tutors here who can show you how to use the premier pro cc video editing tool.
Technology used to produce, edit and host your video.
– Canon 700d
– Editing tool
– YouTube or Vimeo
What about drones should we use them to conduct video tours ?
I think drones technology is going to be used by most real estate agents in the not to distance future. I already know of a couple of agents who are trialing this technology on some of their more expensive properties. There are some things you may need to know about using drones in Ireland and the UK and you may need to check out with the aviation authority before you decide to purchase a drone and begin to fly it around the neighborhood. To give you an idea on drone technology check out this new drone getting developed by a UK Company who are building the Micro drone 3.0.
What hosting platform do I need to use and how does it work.
When you think of video you immediately type into google ‘YouTube’ which has become the de facto hosting platform used by a couple of billion people worldwide to view videos. It’s free and it’s also a great way to get SEO for your estate agency as they are owned by Google.
Another great platform for video is Vimeo which is a bit more professional and way better designed. You can sign up for a pro account which gives you lots of advantages and it is something you should check out if you are serious about conducting video tours.
So where is the current marketing budget spent?
Most estate agents charge vendors an upfront marketing fee with prices varying from £300 to £1500 depending on the Marketing plan for the property. Most of the time this is a key factor for the vendor in choosing your agency over your competitor. Now imagine explaining to the vendor that you will organise a professional video tour which is accessible online to hundreds of potential buyers who are can view the video rather than scrolling through the listings on the property portals.
Some of the Marketing budget spend:
– Local newspapers
– Full color flyers
– Custom built websites
– 360 tours
– Window ads
– For sale signs
– Industry magazines
So will your real estate agency embrace all the new technology available and reap the benefits of using property video tours.