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In places like Colorado, the real estate market is thriving. Usually, there's barely enough houses on the market to support the demand. One of the common questions real estate drone and 3D photographers face is, "why do I need to spend money on aerial photography and virtual tours in this hot market?"
It's a fair point. So here are some reasons we think aerial and 3D is important, regardless of what the market is up to.
Do you think aerial photography and virtual tours are essential regardless of the market trends? Why? Let us know if the comments section below.
Is the market really that hot?
Yes, Colorado's housing market is booming. According to Denver Business Journal, Colorado suburbs ranked in the top 3 most-popular Zillow markets for 2022, but the trends point in a surprising direction, down-ish.
Denver suddenly has one of the most competitive housing markets in America - CNBC
In July 2022, 6,144 new listings appeared on the market, which is 5.6% lower than July 2021. Listings that were pending or under-contract dropped over 16%. So, even though we're all used to telling people that the market is growing, it may not necessarily be true.
Regardless if the market is trending up, down, left, or right, the way you market your listing matters— for reasons you may not yet realize. Here are the top 5 reasons you need high-quality aerial photography and 3D virtual tours, even in a thriving housing market.
1) Developing Your Brand
Branding represents more than how your logo looks. It's the complete experience your company offers, from the quality of your product, price point, and customer services. It's what your customers come to expect when they interact with or talk with others about your company.
The style and quality of your listing photography can send a message to potential customers and when it comes to messaging, consistency is essential.
It builds trust, more visibility equals transparency—nothing to hide
Creates a quality customer service vibe
Customers will ask themselves "Why don't other companies have these?"
Using aerial photography and 3D virtual tours on every listing can also develop your reputation of going the extra mile for your clients. They will come to expect it from you, and from your competitors! If you're lucky, people will be more likely to share your photos on social media, or people might even refer their friends and family to you because of your spiffy digital assets.
2) Listing Portal and Zillow Optimization
Like the big search engines, like Google, listing sites use rich content and SEO to rank their listings. They favor listings with more user-friendly details—ultimately serving a better experience to the viewer.
Maximizing your listing on Zillow and other listing portals will get you more views, clicks, and leads! The impact of getting more action than your competitors can boost your company in the long run.
3) Better Virtual Experiences for Transplants
How can you serve people looking to move to Colorado? Can you give them the same experience as someone who can physically view a listing? Absolutely not, but you can give them a similar experience using the right technology.
Many buyers that have larger budgets come from out of state. You want to provide them with the same experience your local clients have come to expect.
Let Us Paint A Picture
You have a high-value prospect from California looking to purchase property in Colorado, but they are too busy to fly out and tour home after home. So, you schedule an appointment on Zoom. During your Zoom conference, you use drone content to give them a 360-degree tour of their neighborhood, showing them their mountain view, their neighbor's homes, and the vast property size. Then, using 3D virtual tours, you take them into the house, spending extra time highlighting the key features of the areas that made their "must-have list," the open floor plan, the tub in the primary bathroom, and the finished basement. Your client is satisfied and is ready to move forward with a contract.
By combining aerial photography and 3D tours, you can do more remotely and will provide better service to potential clients from out of state.
4) Get Higher Bids
According to Redfin analysis, homes with professional photography get a 47 percent higher asking price per square foot. So, another answer to the question, "why do you need real estate photography when houses are selling so fast?" is because—you like money.
If all real estate investors did was what needed to be done, they would miss out on thousands of dollars in profit. Like any other industry, it is equally important to ask, "what CAN I do to earn more" and "what is my ROI?"
5) Record Keeping and Training
Another overlooked use for aerial photography and 3D virtual tours is for internal use. We're all guilty of focusing on the quick penny instead of the long buck; this is another example of that for real estate.
It may sound silly to think of photography as a data source, but it's not. Think of your old family photo albums. Photos capture information and emotions that words cannot. When you think of the $920,000 home you sold last year, you remember the dollars, but you may not remember that the fully finished garage was the reason it sold for so much.
It's not about the emotional aspect of remembering; it's about analyzing data, studying homes to make a better website description, and training future agents to learn WHY that home sold for so much.
How To Turn Images Into Data
You took good notes and captured all the qualities you think make the property unique. You spent a half day checking out a new listing. When you handed over your notes to your digital marketing manager to post on your website and Instagram, they focused only on your note about the "breathtaking view overlooking the water." They missed that the property is just 5 minutes from downtown. Providing aerial and virtual content allows your teammates who couldn't make it for the on-site tour to experience the property themselves, finding things that make the property special to them that may resonate with a potential buyer. That is one of the many ways images are also helpful as data points.
Wrap-Up
There is plenty of reasons high-quality photography is essential regardless of your market trends. It's necessary to think outside the box and consider how technology can benefit your business's different aspects. It's usually almost always about the dollar signs, but don't miss the long-term investment because you focused too much on today's deposit.