How Real Estate Photographers Can React To Bubbles

September 2nd, 2010

Eros Peterson, a Canadian reader, pointed out this article out to me that was in the Canadian press recently. It’s basically debating the possibility of whether or not Canada is about to have a US style housing bubble.

Eros, is convinced there already is a bubble in Canadian real estate, based on the rapid increase in prices in his Canadian neighborhood.

Having been through the nasty bubble here in the US in 2008 and 2009 I think there are some specific things to do when bubbles burst and there are down real estate markets:

  1. Refocus your marketing on successful real estate agents. Down markets hurt the agents businesses that are just marginal the most. So make sure your marketing is targeting to the successful agents.
  2. Change your marketing message to: real estate photography is more important than ever in a market where there is an over abundance of inventory. Homes need to standout from the competition.
  3. Shift some of your marketing to home buyers. You can do this by using rider signs or yard signs and area web sites that are targeted at home sellers in your area. Home sellers are always advocates of real estate photography!

Down markets definitely slow down the real estate photography business but it’s not game over!

3 Responses to “How Real Estate Photographers Can React To Bubbles”

  • Being a real estate agent in Canada, that is learning real estate photography I can say that prices are indeed high. Interest rates will be the thing to burst any bubble, we avoided much of the toxic loans that infected the US market. Right now rates are good so houses are still moving. I have picked up a lot of business from offering professional photos to my clients. I have even sold a few sight unseen from photos and videos alone (they put in a condition to view the property before closing) I have a cheesy little slogan P + P = P
    Price + Pictures = Purchase…

  • I’m a Realtor, not a real estate photographer, but I agree that anybody that provides marketing services for home marketing needs to spend some effort marketing directly to consumers. An awful lot of Realtors post bubble are more inclined to try to wait for the market to come back than actually get serious about providing more sophisticated marketing for their listings. The traditional commission structure also inhibits them since out of pocket marketing costs are usually absorbed by the agents with no guarantee that they will ever get it back. There is no reason though that an agent couldn’t ask the client to fund a marketing budget that would include photography and take a reduced commission. Agents typically spend their marketing budgets marketing themselves. 4PsRE.com or the 4 P’s of Real Estate Marketing is all about best practices in marketing homes and good photography is one of the necessary tools.

  • There is growing talk in the media about a Canadian real estate bubble. it’s really being driven by the rapid increases over past few years in Vancouver, Toronto and Montreal. However many economists say it will be a correction in the prices rather than a bubble bursting.

    And there are areas of the country such as St. John’s Newfoundland that are prospering due to a healthy industrial base.

    However the basic point of your posting is right on. When there is a price correction it’s the successful agents that are going to survive. The more competitive the market, the greater the necessity to make listings stand out professional quality pictures and videos become even more important.

    Great blog btw. Always an interesting read.

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