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 p.1 #12 · Real State/Architectural Photography pricing | |
cineski wrote:
even the ones who rep top tier expensive housing, find no value in photos.
In my experience this comes as little surprise. The good ones value their time trying to find sellers to secure listing contracts, and finding prospects/buyers to provide the other side of the transaction necessary for them to receive their commission (completed transaction)
For many, you are doing the legwork that allows them to spend their time doing the work that only they can do. BUT ... for those who are the kind that don't value their prospecting/marketing time, they will only see the images as a convenience factor, for which they really don't want to pay much money for.
Because the transaction of real estate ALWAYS includes the opportunity for negotiation, it is not a typical retail type product. Imo, this is important to understand. The value our images add to a retail product is more significant, because the prospective buyer almost never feels as though they have any opportunity for negotiation, and accept it as such. Thus, the price acceptance decision is more directly influenced by the marketing efforts to increase value.
In a more directly negotiable transaction between buyer & seller (cars, houses, etc.), the active aspect of the buyer is now dealing with the real product and the image of the product has little bearing on that negotiation. Thus, for the seasoned real estate agents that know that the value of the real estate is vastly dependent upon the negotiation, they do not place significant value on the images to be able to enhance the value of the property.
Suggesting that better pics increase property values makes a good pitch on our side of the equation, but, imo the reality is that a great pic will not impact value of a property, unless we are talking about a transaction in which the prospective buyer NEVER actually sees the property before beginning negotiations (as if that ever happens).
Instead, great pics will generate interest (greater emotional response) in the property than poorly lit, color cast images of the same property do. THIS is the value that better imagery brings ... it increases the emotional response to take the action to call the agent and set up a showing. It also helps minimize a property from being "weeded out" by keeping it from conveying a negative emotional response to prospective buyers as they cull through the internet.
Beyond that, the images have largely served their purpose and the remaining determination of the value of the property is in the hands of the agent, seller and buyer as the players in the negotiation process. The images are now OUT of the valuation/negotiation process.
As I've written before, I believe that better agents use better images. In this regard, there does seem to be a correlation between quality of images and property valuations. However, I do not believe that better images are the cause for the valuation increase. As stated before, it makes for a good pitch from our side, but I don't believe it to be true.
If you have an agent that believes the images are the reason for valuation increase, then you certainly can harness that in your pricing. But, if you have an agent that only sees the time that you are restoring to them as the inherent value to them, the you should likewise strive to harness that aspect of attaching valuation to the services your are offering.
You place a value on your time. The agent places a value on their time. The seller places a value on the property. The prospective buyer places a value on the property. When it comes time for YOU to negotiate a valuation (price) for the purchase of your next property ... are YOU going pay more for a house just because the pics were awesome? Or, are you going to negotiate the valuation of that property as best you can regardless of how awesome the pictures are? ... relative to market value, condition of the home and your negotiation skills.
I realize that I'm swimming upstream against the "pitch" that better pics make for higher prices in property values. But, finding seasoned real estate agents that truly believe that isn't always the case. Some believe that the value of the property is contingent upon the negotiation, not the pic.
Just something to consider.
NOTE: This is largely referring to shooting for real estate agents and individual property listings. Shooting for architectural / development marketing productions is a different animal, with a different dynamic at valuation as those properties tend to be sold more in line with "retail" and less "negotiation" impact on the transaction valuation.
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