Real Estate Photography Building Blocks: Know your Customers – Understanding the Home Selling Experience
Are you ready for our Understanding the Home Selling Experience in our Know Your Customers series? If you’re just tuning in for the first time, we suggest you also take a look at the previous videos in this series when you’re done. In today’s segment, Kevin Klages will be focusing on helping you to better understand your clients (Real Estate Agents) and your client’s clients (the home sellers) so that you can grow your real estate photography business.
In today’s segment, Kevin Klages will be focusing on helping you to better understand your clients (Real Estate Agents) and your client’s clients (the home sellers) so that you can grow your real estate photography business.
The 2018 NAR Profile of Home Buyers and Sellers Report offers us great insight into the thoughts, behaviours, and actions of home buyers and sellers. To access the report for yourself, just click here – 2018 NAR Profile of Home Buyers and Sellers Report and then select “Buy Full Report”.
**Please note that we do not receive any financial advantage through the sales of the report. We are just suggesting it as an effective vehicle for keeping up to date on the latest trends in Real Estate.
As real estate photographers, it is our job to convince realtors that our services are essential to their home selling process. We need to also help our clients explain to their home sellers how essential our services are to them, as well.
Chapter 6 of the Report offers some great statistics that you can use to explain your value to your realtor clients, and they can use to explain their value, to their sellers.The first statistic we look for is the method sellers used to sell their home last year.
- 91% of sellers used a realtor to help them sell their home. This statistic shows that the vast majority of home sellers continue to work with a realtor.
- Only 7% of sellers sold their homes themselves and in over half of these cases, the seller already knew the buyer. So, presumably if the sellers and buyers did not know one another, they too, would have used a realtor.
This statistic demonstrates that home sellers continue to rely on the expertise of a realtor to help them sell their home.
It tells us that your clients (the Real Estate Agents) don’t need to focus on differentiating themselves from for-sale-by-owner or another way to sell a home, your clients need to communicate their value, over other agents.
You need to help your clients explain to their home sellers sellers how your exceptional services will help their home sell.
The next chapter in the report tells us what sellers expect from their realtor:
- Sellers want realtors marketing their home to potential buyers.
- Sellers want help accurately pricing their home.
- Sellers want to sell their home within their specified time frame.
This chapter tells us what realistic expectations could and should be. Let’s look at some quick stats for perspective:
- In 2018 the average home took three weeks to sell.
- In 2008 it took 8 weeks to sell.
Three weeks is really fast, which was great in 2018, but not great in 2019 when market conditions aren’t the same!
People looking to sell their home today might be setting their expectations based on statistics from previous years that no longer apply. Realtors need to understand their local market conditions today so they can help their home sellers set realistic expectations. When homes sell quickly, one can also expect homes to sell for more money.
In 2018, 46% (nearly half) of all home sales sold for all or more of their asking price.
Compare this again to 2008, less than a quarter, only 24% sold for all or more of their asking price.
Here too, realtors need to know their current local market conditions so they can help sellers set realistic expectations. Unless realtors help sellers frame their expectations, they’ll wind up disappointed.
Realtors may have little control over how long it will take a particular home to sell or what offers buyers are willing to make, but fortunately realtors can control what sellers want most from them, marketing their home to potential buyers.
Using professional tools like those included in the iGUIDE, such as; photography, floor plans, room measurements, floor area calculations, and virtual tours, realtors can make sure their home listings stand out from others, engage potential buyers for longer, and have a better chance of selling faster and for more money.
We can help our clients communicate to their clients – the home sellers, that by using professional marketing tools, their home will be better positioned to stand out among competitors.
As real estate photographers, understanding this information empowers us to better provide for our clients; not only through exceptional services but through the knowledge they can use to win their next listing.