Marketing: Video killing all the stars - Property24
19 Nov 2009
Is video likely to be the new real estate marketing tool?
Yes, says Tracey Green of Uchoose Property Marketing (Pty) Ltd., a statement that is backed up with the US release of the industry's first formal report on video. According to the report the use of video by real estate professionals and companies increased by 95% from 2008 to 2009 as a means of marketing property in the US. With SA's Internet set to improve 10-fold in the coming years, we are set to follow.
According to the same report, nine out of 10 respondents answered that "video improves the ability to win listings over competing agents/brokers", indicating a clear trend towards using video as a differentiation tool. Real estate video has proven to be beneficial to all parties involved; buyers love visiting properties before showing up in person and homeowners clearly state that they love not having to uproot their families every time a home hunter wants to do a walk through.
It was also determined that the largest hurdle facing real estate professionals with regards to the use of video is not enough knowledge (46%), followed by cost (33%), time (14%) and demand (7%). Photos were still valued the most by consumers when searching for real estate information at 48%, but video followed closely at 41% and virtual tours/slide shows and floor plans lagged behind at a mere 9% and 2%. This shows that video is rapidly catching up to photos as the most sought after media in real estate search.
According to statistics in the US, as discussed at the mybroadband.co.za conference held on 12 November 2009, traditional advertising is in steep decline, with newspaper and magazine publications being down 18,7% and 14,8% respectively. Meanwhile, digital advertising is growing rapidly, with mobile phone and internet increasing 18,1% and 9,2% respectively. Also, according to Reshaad Sha from Cisco, one of the speakers at the same conference: "Video traffic will dominate internet usage over the next 5 years".
"Video has countless benefits, potential, cost and time saving advantages, not to mention how it can really give a property and the estate agent or seller a real edge, which is crucial in the crowded property market," says Tracey.
"Buyers can conveniently view the videos on the internet or watch a DVD that can display up to 100 three-minute property videos, enabling all family members to view the inside and outside of many properties in the comfort of their own home, eliminating pointless viewings and saving time."
Video will also have a powerful impact on the way future show days will be conducted. Realtors will no longer be restricted to sitting show at the property – which has become extremely unsafe – instead, for example, a team of agents could gather at a busy road intersection whereby DVDs displaying all of their property videos could be given to interested buyers.
Other benefits of video include being able to send web links of the videos to interested buyers via email, featuring the videos on websites to increase search engine optimisation (SEO), creating a professional first impression and higher conversion rates than traditional methods.
Professional property videos are an ideal way of showcasing both commercial and residential properties globally to potential buyers.
"Mobile broadband video is the fastest growing application in the world. It is expected that 90% of all IP traffic on the internet will be video by 2013," says Brian Seligmann, senior manager: Data Bearers, Reseller & Roaming Solutions at MTN, wrote recently in a mybroadband.co.za article.