REAL ESTATE

How To Get 47% Higher Asking Price On Your Real Estate Listing

Circumstances have changed since the pre-crisis days of 2006. This last decade has definitely not been the easiest on real estate but this last year’s sales surged to the highest level since those catastrophic days. Considering in 2017, 608,000 new homes were sold, 8.3 percent more than in 2016. According to Statista, 2017 has had the highest existing home sales since 2006, with 5.57 million existing homes being sold. But where might these sales be coming from. Technology has had a large contribution to the selling of homes in the past years and will only continue to rise. According to the 2017 Real Estate in a Digital Age Study by the NAR (National Associations of Realtors), 66% of new home buyers are millennials, 26% Generation X. Not to mention millennials are the largest generation, the estimated number of U.S. millennials in 2015 was 83.1 million people. In 2016, the Pew Research Center found that millennials passed Baby Boomers to become the largest living generation in the United States.

Image Credit: Meero 

Technological Era

The NAR also provided that, 99% of millennials search on online websites compared to 89% older-boomers and 77% of the silent generation. It has become the standard for the first step to buying. More than ever, home buyers begin their search online and homes without pictures are passed up immediately. Imagine you’re in pursuit of purchasing a home and you’re online checking out what's available. Would you even bother to click on a listing with no pictures? You might ask yourself, “What’s wrong with the house?” “Why would I go visit a home where I don’t know what to expect?” Information is key. Information through imaging, I mean. A picture is a source of legitimacy for buyers. Great photography is one of the foundations of a successful listing, and it helps buyers make the right decision, too.

 

Fewer words, more pictures.

We now live in a 140-character world. Most buyers are under the age of 40 (Millennials). They’ve grown up with the fast-paced, skim-and-move-on mentality. Traditional ads in the newspaper retired long ago, if you want to sell a home today, it’s on the ‘magical’ internet. You have two seconds to grab the buyer’s attention without a photo, and 20 seconds with a photo. As reported by The Wall Street Journal, buyers spend 60% of their time looking at listing photos, and only 20% each on the listing description and agent description. According to NAR (National Association of Realtors), 89% of all generations said that photos were very useful. 82% found virtual tours very useful. This opens doors for all the listings that may have an average photo or none at all. If people are asking for this feature, it definitely means it’s working. With that said, listings with professional photos receive 118% more online views and listings with professional photographs sell 32% faster, spending only 89 days on the market compared to 123 for other homes. (PR Newswire).

Image Credit: Meero 

Homes with high-quality photos receive 47% higher asking price per square foot. (cbsnews.com). Listings with high-quality photos can gain anywhere between $934 and $116,076 more on the market. (The Wall Street Journal). Agents who outsource photography earn twice as much commission as those who do not. Only 35% of agents use professional photographers. (inman.com). Only 15% of listings have high-quality photography, with half of over $1 million listings using low-quality photos. (The Wall Street Journal)

Internet users first look at the visuals of the goods before taking interest in the rest. The competition on the various platforms is such that the slightest mistake can be eliminatory. Professor Michael Seiler, founder and director of the Old Dominion University Experimental Real Estate Behavior Institute who led the study, says, "Without an eye-catching picture, the battle is lost in advance. You have 2 seconds to grab the attention. "

Image Credit: Meero 

Invest in professional photography!

If realtors think that it’s enough to take out an iPhone to obtain satisfactory snapshots for their announcement, it’s not true. Photography, especially in real estate, can not be improvised. Nothing replaces the expertise of a professional especially since the cost of the service is often largely over-estimated. From $75 for a Photoshoot, a professional photograph is a reasonable investment in which results are observed immediately. A professional photographer will position themselves in the shoes of a prospective buyer. It has been said that, “A picture paints a thousand words.” With this in mind, you can simply see how imperative it is to have the best possible pictures available for the world to see. Potential buyers are not going to continue looking at any home that has less than perfect pictures. They simply will not spend time looking at your listing if you don’t have high-quality pictures to catch their eye. A beautiful image always increases the engagement of the visitors, its proven. On average, agencies that have used Meero's services have seen the clickthrough rate of their ads increase 2.8 times and receive 2.1 times more calls per property. And that goes further. Thanks to the photos, the buyer has a more precise vision of the property and this can be decisive when we know how much the people searching are cautious. With professional photos, agencies have received more offers for the same property and record 1.8 times more sales per semester.


Eight out of ten non-homeowners indicate that owning a home is part of their American Dream. Fulfill their dream by making it eye-pleasingly easier to purchase.  

04 Apr 2018 by Lisa Scarpa

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