Brett Clements showed me this new video that his crew just shot for Chris Hinds of ReMax CBD, who recently when out of business because of the crashing Brisbane CBD market (CBD is Australian for downtown, you know, Central Business District). The girl on the couch is Cassie Cochrane who use to be Chris Hinds' business manager but now is without a job.
Cassie's comments in this video about e-mailing this video to all your friends got me thinking about what the best measure of real estate photography success is. Brett said that the video they shot for NEO (the one that got all the media attention) now has over 489,000 views and still doesn't have a buyer.
Is the number of viewings of a tour or video your measure of success? Indirectly yes. I think a the best measure of real estate marketing is how many showings occur. For several years I tracked a bunch of statistics for all of our listings. I tracked views on our broker's web site, views on the MLS, the number of showings and the time on the market (time until the seller signed off a contract). By the end of the first year of tracking this data I could predict almost exactly how long a property would take to sell just from just the number of showings it had in the first week. There was also a high correlation between the number of views on our brokers site and the number of showings. The more views the listing page had, the more showings. As views on the MLS and our brokers site declined, so did the number of showings.
I believe, showings of a property are the very best measure of how good the marketing is but I've found that at the time I was tracking showings, almost no other agents payed attention to the number of showings. It's to much work. I tracked showings by capturing the number of accesses to the MLS key-box online. An agent access to the key-box meant an agent took the key out for a showing. But views of the marketing media are much easier to track so that becomes the default measure of marketing success.
The beauty, from an agents' point of view, of tracking showings is that once you collect a showing history in a market you know that a property will usually sell after getting shown X number of times so after being shown 2X times without selling you know it's time to start working on the seller to lower the price. You are also able to see the results of making changes in your marketing. Like having platinumhd.tv shoot a property video for you that delivers more showings than the average marketing. I would love to know what effect 489,000 YouTube views had on the number of showings of this property. And on the average, how many showings are required to sell a $4.2 M property in the Brisbane market. I suspect the price needs to be reduced since the market in Brisbane is falling.
The message here is that, your job as a real estate photographer or videographer is to deliver potential buyers physically to your client's listings but you are almost never going to get hold of that showing data to know how you are doing so the next best measure is views of the listing site, video, or tour.