In this weeks blog, I'll be discussing how paying a professional photographer to shoot your listing can actually increase the price of a house and therefore generate further revenue for the realtor. The concept here is simple, professional photos attract a greater number of potential buyers which in turn may end up in a bidding war between multiple interested groups and thereby drive up the value of the estate. In this case, the supply is only one, however the demand has increased and so should price.
In 2013, REDFIN released a study regarding the price increases of real estate incorporating professionally shot photos in their listing. The article begins by stating that 92% of home buyers begin their search on the internet, so quite obviously this is the first place to make an impression or you've lost the interest of a potential buyer. The study determined that homes being listed between $200 000 and $1 000 000 with photos by a professional photographer sold for $3400 - $11200 more relative to their list price. For the $400 000 - $500 000 price range, 64 percent sold within six months that used professional photography compared to 46 percent whose listings contained amateur photos. Additionally, those in the $400 000 range sold three weeks faster than their counterparts with amateur photos.
A Chicago based study on real estate sales by VHT Studios was also conducted to analyze the effect on home sales speeds when the home is photographed in its optimal fashion. The study determined that houses "sold 32 percent faster, spending an average of 89 days on the market, compared to 123 days for other homes" VHT studios noted that the listings incorporating professionally shot photos "attracts more views and has a higher click-through rate by potential buyers". The reason for this is simple, VHT studios explains "Time-crunched shoppers are online and attracted to striking photographers, which simplifies their decision to visit a property in person and speeds up the buyers cycle".