Last week Kevin Barnes in Louisville, KY told me that he'd been laid off from his job of 15 years as a broadcast videographer and wanted some advice about pricing and packaging real estate video.
Here's What I Told Kevin About Pricing
Pricing must be based on your cost of doing business first, your local market second and the quality of your work third. That, said there are some particular issues with selling video to agents.
- Video still needs some selling in most markets. Agents need to be convinced that video will do a better job than what they've been doing... I think this is possible.
- You probably need to focus on the top 5% of agents. The marketing job is probably easier to top agents that are already spending more on marketing.
- Most agents I know that are using video are also doing stills. Agents are not likely to pay for a separate photographers, one for stills and one for video... best to so both at the same trip and it makes sense to give a price break over two trips because you are doing both while you are at the property.
- There are some markets this will be video will be a harder sell than others. The big metro areas where the population is younger and more tech oriented will be an easier sell than more rural less tech oriented areas.
- Checkout Fred Light's pricing page. Fred has been doing real estate video for a long time, he does a great job of marketing video, he has a distinct style (narrated walk through video) and works in a high tech high population metro area (Boston).
- Video is much more difficult (time consuming) to create and edit than sills so this means you'd better be charging around $250 to $300 USD for you cheapest package or you are likely to not be recovering your time costs.
- As I've talked about recently, I think you'll have a marketing advantage if you can provide a tour that presents both sills and video.
I think there are a bunch of obvious packages all with different pricing. #1 is the lowest priced:
- Walk through or cinematic style video with music background.
- Walk through or cinematic style with professional narration. You don't have to do the narration. Here are a couple of good professional narrators: Bob Taylor and Jill Tarnoff. Just send them your script and they will record a narration track.
- Agent profile. Be careful, these can be time consuming because many agents need a lot of help with script and direction.
- Neighborhood profile.
What are your experiences with video pricing and packaging?