How do I determine if there is demand for offering a video production service for real estate agents?
I'm considering offering a video production service for real estate agents. Video is all the 'rage' online. But not everyone agrees, especially, reality agents. Some feel, when people are looking for a house, they want to see pictures and not videos. I would think home buyers want a full video 'tour' of the home, rather, than snapshots of the rooms. How do I determine if there is demand for offering a video production service for real estate agents? How do I show these agents the value of offering video? Does anyone have any experience with this?
Interesting concept and a very slow trend in this sector I'm afraid.
In my own experience, (and as you quite rightly pointed out) most reality agents do not see the value in this service.
As a business developer and Creative Producer, i have been trialing this for a number of small business owners with convincing results, however, the problem comes down to costs against (additional) benefits.
Truth is, whilst the market is booming, they are selling without the additional costs involved in subscribing to this service.
I'm sure most creative professionals will agree, these days, anyone can pick up a half decent camera and call themselves a film maker (innovative) I'm sure but, we know there's a lot more that goes into creating a masterpiece - the value of which I'm afraid, realtors cannot justify (at least for now).
Most agencies these days don't even hire a professional photographer to take pictures of properties - they DIT.
Having said that, I still believe there is a market for professionally produced videos in Real Estates Sales, but it's probably with properties worth a lot more than the average and reason is because, there is a lot more at stake and those agents need to hit those targets with higher sales commissions. Sadly, these are few and far between.
This model however, has yielded better results and interests from property developers who tend to showcase their developments to potential investors (especially if they're not able to physically attend viewings) or commercial developers looking to push their presales valuations for potential buyers prior to build (and even they use virtual modelling and CG).
Hope this helps and feel free to connect if I can be of further help. Happy to share some more...
Best of luck
The biggest problem I've had with realtors is that most of them are too poor to afford anything. Of the small number that are somewhat successful, a good chunk of those that are interested want to pay IF the house sells or WHEN the house sells, neither of which is a payment plan I really care to embrace. I've had one realtor client over the years that I've gotten to know a bit and trust, and several that have promised the moon if I do the first one for cheap. Surprise surprise when I agree, they take it and run. Subsequent videos somehow never seem to happen.
It is interesting to see/hear realtors notions on video. They all seem to want boring lifeless bland video. The kind that holds an attention span for about 30 seconds. Somehow, agents have the notion that RE video has to be different, because somehow most normal humans become abnormal when they look for houses and none of the usual rules apply.
I generally avoid realtors now, too many of them are just too poor to pay, and the video they want is just so boring and lifeless that I just can't see anyone engaging with it. ymmv though! I hope it does!
Since you've already identified your target audience, the next thing to do is to approach and ask their opinions. You can also have surveys over social media. Ask directly your target persons to know if they will consider your offer or what they really think about it. Gaining the exact thoughts from the right persons can help you identify if your service is in demand or not. And about convincing them, gather data that will prove your service is really needed in some ways. Have some presentation or share some articles related to video production. The best way to prove something to people is providing them with facts.
The bottom line is will your offering directly help the real estate agent get more listings, and help the seller achieve a higher price. Can you demonstrate and prove this value? It needs to be a win / win for all key parties.
If it is just a fuzzy thing to have it will be an up hill battle to get them to come on board. It is just as easy to ask an agent to do a walk-through video on their phone if the buyer can't attend the open for example. Any motivated agent will do this.
The next deal breaker for this vertical market could be how 'augmented reality' can be applied to real estate.