As more and more real estate agents are using video marketing and virtual tours it seems consumers are finding them less and less useful according to the statistics. The overall percentage of prospective home buyers that find virtual tours useful is only at 40%, but if we look closer at the numbers, the trend is going down not up.
So who’s watching the virtual tours? 45% of Baby Boomers say they find virtual tours to be very useful during their home search, by far the highest percentage. Millennials only have 36% of their peers who find virtual tours useful. So what’s working? Professional Photography still continues to be the most valuable tool in marketing properties. 83% of home buyers say the find photos to be most useful during their home search. Detailed information about the property receives 79%, followed by interactive maps at 41% and coming in last… neighbourhood information at 37% of homebuyers.
Reading these numbers you’d say virtual tours are not giving you the ROI you’d hope for however, that’s simply not true, we’ll not completely anyways. Depends on what your goal is. If your goal is to sell the home, double down on professional photography and use the money you’d spend on a virtual tour to boost the listing on popular platforms like Realtor.com and Zillow. BUT if your goal is to get a return on that investment and grow your real estate business, you’d be nuts not to do video marketing!
Here’s why. Real estate listings with video receive 403% more inquiries than those which do not include video. That’s a huge number! It might not get the home sold, but it will definitely get your phone ringing! It turns out that 85% of both buyers and sellers prefer to work with an agent who uses video marketing. Infact 73% of homeowners say they would be more likely to list with a Realtor who uses video to market their home. So why are only 9% of agents actually using video in their marketing?
How are agents marketing their listings? Aside from the standard MLS entry and yard sign, open houses still come in at #1, followed by syndicated sites (Realtor.com/Zillow..etc). The rest of them (social networking, magazines, newspaper, TV…etc) have extremely low numbers including video marketing at 9%.
While video marketing may not get the home sold, or only slightly increase the percentage of it getting sold, there’s still a massive opportunity and great potential to grow your real estate business using it. We all know that magazine ads don’t sell homes, we do it for our sellers. The same applies for video marketing the only difference is, video marketing will actually impress other sellers, is dirt cheap, generates more buyer leads and looks awesome at a listing presentation!