For a while now I’ve been on the hunt for some research data that backed up my contention that professionally photographed properties sold faster than those taken by a realtor or other non-professional photographer. Well I finally found some. And as more fuel to my hypothesis , it also indicates that the homes shot professionally sold for more money. Now this article doesn’t get into what else is involved when a professional shoots a property. This article contends that it’s the “DSLR Advantage” and while I agree there is significantly more involved when a professional photographs a home. Yes there is the camera. But just because you own a DSLR doesn’t mean your images are automatically better. What this article doesn’t say is that it’s not just the camera. Lens choice, composition, and lighting all contribute to a better image. Not to mention years of experience and hundreds if not thousands of houses shot by the photographer all contribute to better images. Then there’s software and processing the images so they look as good as possible. There is no way a realtor or assistant is going to spend as much time (OK any time) trying to make the images look as good as possible. They have better things to do. This is why as realtor it pays to hire a professional photographer to bring you better images. Remember, better images don’t just make the property look good, they make you look good too.
I’d like to thank WideIPhoto for finding and initially posting this article.
Daily Real Estate News | Wednesday, December 04, 2013 REDFIN.COM
Professionally photographed homes tend to sell for more money and sell faster than homes listed with point-and-shoot cameras, according to a new study by the real estate brokerage Redfin.
The study found that homes priced between $200,000 and $1 million sold for an average of $3,400 to $11,200 more than their list prices when professionally photographed than homes with amateur photos. For homes priced between $400,000 and $499,999, the study found that homes professionally photographed sold for $11,200 more.
In an analysis of 22 markets, the Redfin study evaluated the sales success of homes shot professionally with a digital single-lens reflex camera versus homes shot with amateur, point-and-shoot cameras. The study evaluated homes priced between $200,000 and $1 million.
The study also found that homes that were professionally photographed also tended to sell faster. For instance, homes in the $400,000 range that were professionally photographed sold 21 days faster than those photographed with point-and-shoot cameras.
As The Wall Street Journal reports today, “listings with nicer photos gain anywhere between $934 and $116,076.” The graph clearly shows that you are likely to receive thousands more if you list your home using DSLR photography than if you used a simple point-n-shoot camera to take the photos yourself.
Since the price of a DSLR camera (anywhere from $500 to $5,000+) is generally out of the price range of your average hobbyist, let us assume that photos shot with DSLR cameras are shot by professionals. Since professional photos could net you thousands more on the sale of your home, it stands to reason that spending the $100 – $500 on professional photos is a worthy investment of your marketing dollars.
Given this obvious upside, it is shocking that only 15.4% of homes in our data set were marketed using professional photography. The majority of listings, 80.9%, were photographed using point-n-shoot photography, and still another 0.7% used just a camera phone. Let’s not mince words: If you are not using professional photography to market your home, you are not really marketing your home.
A few more interesting tidbits that came from our analyses:
Homes shot with a DSLR camera:
Receive an average of 61% more views than their peers across all price tiers.
Have a 47% higher asking price per square foot.
Have an increased likelihood of selling for homes priced above $300,000.
So, what does this all mean to someone selling their home?
Invest in nice listing photos. A professional-looking photo can dramatically increases the likelihood that a potential buyer will click through to view your listing and drives more buyers to tour your home. Ultimately, the more people interested in your house, the better your chance of receiving an attractive offer. A photo really can be worth a thousand dollars.