Video listings are meant to reduce inquiry rates while revealing qualified buyers, the results of a recent survey suggest.
More than half of respondents to the latest Real Estate Business strawpoll survey believe that video does not increase the rate on inquiry on a listing.
According to the results, just 21 per cent of agents agreed that it does, while 56.9 per cent of respondents said videos don’t increase inquiry rates.
After Nick Dowling, CEO of Jellis Craig, claimed that his company had witnessed video listings experience 400 per cent more inquiry, debate erupted over the contentious issue.
James Holt from CENTURY 21 Menai in NSW is firmly on the side of the majority of respondents, claiming that less is more.
“Videos are simply a listing enticement for potential vendors and if anything do more harm to the inspection numbers by giving the buying public too much information,” Mr Holt said.
“It allows buyers to make a snap decision on property before they even speak to an agent. That’s one less enquiry you will get to speak to and one less inspection for your owner and potentially one less listing lead for the agent.
“Agents should only publish three or four photos of each property and generate a lot more enquiry and opportunity for all.”
However, Aftab Vahanvaty from Ray White Cherrybrook disagrees, claiming that the point of video is to reduce the number of inquiries and distil buyer interest down to only qualified buyers.
“It's not as important for video listings to get a 400 per cent more inquires,” he said. “It is to use video to sell homes faster for more. In fact, I combine video with mobile marketing to cut back on tyre kickers.
“I don't want inquires...I want qualified buyers. If they need to be educated on the area, I would rather they go to the competition than come to me. Video has done this for me.
“A buyer, who is not ready to buy, views a property video. You think he is going to pick up the phone and ask the agent to educate him on the area? Of course not. So he tells his wife, let’s go for the open home on Saturday and also have a coffee at the shops.
“Now the serious buyer picks up the phone after viewing the property video and arranges to take time off work during the week to view the property. My aim is not to generate inquires but to get rid of the tyre kickers as soon as possible.”