Real Estate Video Increases Perceived Property Values
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 $300 from your vendor can lead to dividends of thirty thousand dollars.
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