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Mainstream Agents Starting to Get The Importance of Photography - Sort of

In: 
Published: 05/11/2010
By: larry

Thanks to Christopher Bradbury of Glenwood Road Studios, LLC in Weston, CT for pointing out this article on the StyledStaged & Sold blog site of REALTOR Mag.

This article is an interesting commentary on the recent study where Tim Ellis at Redfin showed more data that shows what anyone in real estate that was paying attention already new; good photography sells homes faster and for more money. Tim's study was the second study that shows a similar result. The first I pointed out was here. The evidence is mounting!

What I think is most  interesting about this article is the comments made by real estate agents that read the Styled Staged & Sold blog. You get to directly see the whole range of agent attitudes about marketing and photography. Everything from a rant that the study is not scientific, to "I can do just as good with my point-and-shoot", to "I want to save my marketing money".

The truth is that most agents never understand this marketing thing. There is an old economic principle called the Pareto principle (also known as the 80-20 rule) first stated by Vilfredo Pareto that says, "For many events, roughly 80% of the effects come from 20% of the causes". In the real estate industry Pareto's principle can be restated to, "20% of the agents make 80% of the money". And I've added a corollary to the principle called Larry's corollary that says, "Pareto was an optimist, 10% of the agents make 90% of the money". The significance of all this to real estate photographers is you only want the top 10% of agents as customers. The other 90% will drive you crazy because they will always be ranting about something irrelevant, using their cell phone to take listing photos or wanting to save their marketing money.

I get a lot of questions on how to find the top 10% of the agents in your area. I already have a significant amount in my Business of Real Estate Photography eBook on how to find the top 10% and I'm expanding this chapter in the next edition of the eBook because I think this is a key real estate photography business strategy.

2 comments on “Mainstream Agents Starting to Get The Importance of Photography - Sort of”

  1. Larry, it's great to see more evidence of the importance of professional photography in real estate marketing. Thanks so much for passing along the article, and Larry's corollary. 🙂

  2. It still baffles me how most brokers will have a professional photographer shoot the photos for their agents profile picture, but drop the ball on photos of their listings. I'm looking at offices in my area showing homes in the 700K to 1M+ range where the photos are horrible. When these brokers are approached, they say they're happy with who they have doing the photos. Either the broker is blind, cheap or his nephew needs something to do. If I was looking to buy a home in the above price range, I wouldn't be to impressed with a photo of a vase on an end table against a wall.

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