Point2 Technologies has released the findings of its 2008 Point2 Photo Effectiveness Study. The results of this study should be especially useful for both real estate agents and home sellers.
Over 100,000 real estate listings were sampled!
The graph clearly shows that more real estate photos generate more interest. But look what happens when the photo count goes from 15 to 16. Amazingly, there is a 20% jump in Views, Interest, and Leads.
The purpose of this study, according to Point2 Technologies, was to examine the impact of photos in driving real estate transactions.
Below is a quote from the Point2 Technologies article about the study:
“Results strongly suggest that adding more photos generates better response to real estate listings, reconfirming trends observed in a 2007 study also by Point2.
The Study tracked three trends, namely consumer Views, Interest and Leads. All increased significantly as the number of still photos related to the listings increased.
Listings that did not include any photos performed very poorly, generating little consumer response and business. Specifically, the Study showed that listings with zero photos attract, on average, a mere 0.02 percent of the detailed listing views that listings with 21 to 36 photos enjoy. Listings that featured a single photo fared significantly better.”
Here is a definition of the terms used in the study:
Views: how many times a real estate listing was viewed online
Interest: how many unique visitors interacted with a real estate listing, i.e. going beyond the initial set of photos to see a virtual tour, do a mortgage calculation or access more home details
Leads: the number of unique visitors who contacted the real estate broker or agent
What does this mean for real estate agents and home sellers?
Very simply, ensure that the real estate listing has 16 or more photos for maximum effectiveness.
I did my own little study using homes listed for sale on the Pensacola real estate market. I did not sample 100,000 homes. I sampled 100 homes. All were between $150,000 and $250,000 and were in various areas of Pensacola, Milton, and Gulf Breeze.
To sample, I did a search for homes in the aformentioned price range and areas. I then picked every 5th home in the list. That seems random enough to me. There were a lot more than 100 homes available to sample in the list, but by the time I got to 100, I was sick of sampling.
The first column shows the number of pictures that were included with the real estate listing in the Pensacola MLS.
The second column shows the percentage of my sample that met the picture criteria. In other words, 10% of the homes sampled had only 1 picture. 20% had over 20 pictures.
Overall, this tells me that most Pensacola real estate agents are doing a very good job of including pictures. Around 68% included over 10 pictures.
However, with 16 being the magic number, 63% of the agents are missing a golden opportunity by including 15 or fewer pictures, according to the referenced study.
Is it always good to include pictures with your real estate listing?
Well agents, if your pictures are bad enough to end up on Athol’s Bad MLS Photo site, maybe you should just focus on working with buyers.
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