Real estate agents who used a video in their property listings in the past year received a 400 per cent increase in enquiries and website page views, Domain has claimed.
“Video is a new way to engage potential buyers, maximise your audience and showcase property features in their very best light,” Tony Blamey, general manager real estate, Fairfax Marketplaces, said.
“Using video as a property marketing tool, better conveys the key selling points of a home, the lifestyle of the area and the personality of the selling agent.”
“Online videos also help people who cannot attend property open days, thereby maximising the number of potential buyers regardless of geographical or time constraints.
“Agents can use this technology to help differentiate themselves with vendors as they are seeking agents which offer videos as more people start to embrace the power of video.”
“Every week we are hearing more and more success stories from people using video as a major selling tool in their listings. Properties are being sold exclusively from videos and international buyers are purchasing sight unseen as a direct result of viewing videos,” he added.
According to Edwin Almeida, managing partner at Sydney-based Just Think Real Estate, while video does assist in boosting enquiries – in his case by around 200 per cent – he believed recent interest was largely based on the pending removal of stamp duty concessions for first home buyers in NSW.
“We ask the question at the opens and almost 90 per cent say they want to get the [stamp duty concession] before it’s too late,” he told Real Estate Business.
He added that prospective buyers were yet to truly capitalise on video listings. This is despite figures cited by Domain that showed YouTube has booked 6.7 million Australian visitors, and that over one billion videos are now watched per month in Australia.
“I truly believe people are not used to viewing online videos,” Mr Almeida said.
“In the main part Domain and [realestate.com.au] don't make these links as prominent as what they should be.”
He said this was based on his view and the feedback he gets from prospective buyers at open homes inspections.
Yet he acknowledged that video listings help provide more qualified buyers.
“The buyers, for the most part, are better prepared...to make an offer if they have see the videos of the property we produce.”
Tim Heavyside, director of Fletchers Real Estate agreed. “From an agent’s perspective the video also helps us develop a rapport with the customer before we meet them which helps make the negotiation process even easier.”
“By adding a video to property listings we are gaining a significant competitive advantage,” he continued.
“I have used videos for 90 per cent of my listings for the past two years and witnessed higher web traffic and an increase in sales from overseas purchasers as a direct consequence.”
A Queensland-based agent told Real Estate Business that while video listings looked great, “I am worried that it gives the buyers too much info.”
“I would rather they came and looked at the property in real time.”