What Video Can Do for the Real Estate Industry
The real estate market can be fast-paced and unpredictable, but one thing is certain: high-quality video can add a wow factor to your listing, increasing exposure and interest. The same revolution that occurred when property photos first began appearing on listings is now happening again, only this time with video.
It’s no secret that video is a booming industry. In 2020, the average American adult consumed 209 minutes of TV video content and 103 minutes of internet video content daily. One study even found that when it comes to digital marketing, online video marketing can be up to 600% more effective than both print and direct mail combined.
In several industries, video is still a seldom-used tool. Now is the ideal time to break into video in the real estate industry, ahead of the curve and just in time to target prospective millennial homeowners.
Learning the Basics of Real Estate Videography
Just as in cinema, no two real estate videos are created equal. Some are low-budget and low-quality, while others invest the time and attention needed to create a compelling story.
Before beginning, you’ll want to carefully consider the dos and don’ts of successful video marketing to avoid rookie mistakes like only sharing your video once. Familiarizing yourself with the basics also means you’ll be more likely to nail video and audio techniques and track performance right from the start.
For those interested in creating their own real estate videos rather than hiring out, it’s a good idea to get familiar with video filming and editing before taking the plunge. Online video editing classes can teach you the basics of editing, so you can go on to create engaging content.
If you want to explore more on the video production side of things, there are resources for that as well. Online tools can help you learn the basics of video production as well as teaching you how to create for social media platforms like TikTok.
Catering to Millennial Homebuyers
Millennials have been slow to break into the real estate industry, a trend that’s likely due to their high levels of debt and low salaries. But as millennials near 30 years of age, they’re increasingly likely to settle down, finally having achieved the financial and social stability necessary to buy a home.
That means now is the perfect time to explore what there is to know about catering to millennial homebuyers. When marketing to this kind of clientele, videos are key, especially short-form videos. After all, “Millenials are drawn to videography and are far more likely to watch a video of an agent giving a tour of a home vs. reading an article about a home or rifling through photos.”
Selling Luxury Homes
If you specialize in luxury listings, consider hiring a professional influencer as your videographer. Several YouTubers and Internet influencers make an income selling real estate video packages for both private and public viewing.
Take British YouTuber Ben Morris, who spent a few months of 2021 in Dubai, touring and videoing some of the area’s luxury homes. Or American travel vlogger Brett Conti, who showed off a $21 million mansion in the Hamptons on his personal YouTube channel with over 300,000 subscribers. You can forge agreements with public figures like these to advertise real estate on their platforms, increasing reach even further.
Social Media as a Real Estate Tool
Social media is another key aspect of marketing to millennials. On platforms like TikTok and Instagram, a younger audience is likely to be more active and therefore more receptive to advertising.
Social media live streaming is an excellent way to hook viewers in real-time; for instance, during open houses and home tours. Real estate agents and viewers can interact through comments and reactions, perfect for COVID-19 safety concerns or those buying across state lines. Even more essential is understanding how to use social media platforms. When uploading video to Instagram, knowing how to choose between a post, story, reel, or IGTV is crucial in generating leads.
Benefits of the Approach
With the above resources and methods at your disposal, it’s time to implement change and put your video skills into action. The benefits of incorporating video into your real estate ventures are many, including:
- Introducing your real estate team to prospective buyers.
- Giving tours during events like COVID-19 or natural disasters, when in-person trips may not be possible.
- Providing testimonials.
- Reaching new markets through social media and streaming platforms.
- Hosting remote viewings and question-and-answer sessions.
- Increasing responsiveness to listings.
The statistics are in, and they state that “85% of buyers and sellers would prefer to work with an agent who uses video, and home listings with video get four times the amount of inquiries.” If that’s not enough of an incentive to bust out a video camera, what will be? In an increasingly digital world, there’s no doubt that video has the potential to transform the real estate industry.
By Ainsley Lawrence