Market update video courtesy of Denise Mai in working with Roomvu
What are market update videos for real estate and how can realtors use this new and upcoming trend to penetrate online demands from homebuyers and sellers
If you’ve been keeping up in the world of real estate marketing you may have heard that with the emergence of Netflix, Youtube and some social platforms like Facebook and Instagram, videos have been shaking up the playing field. And by this, we mean, that consumers are consuming online content more than they have ever been in the past due to its convenience and ability to relay information with the simple click of a button.
This being said, industries, as a result, have been changing their marketing plans to adapt to this new video market. But how exactly has the real estate industry been impacted and what are the results for the industry moving forward?
Real estate videos have changed the way realtors interact and reach out to prospective clients, maintain relations and even gain referrals. This is because home buyers and sellers are reaching out to the web before they are even contacting an agent for their real estate needs. As a result, realtors that shy away from branding and advertising their existence on the web are reducing their chances of penetrating this new market and, instead, are relying on the few percentages of home buyers and sellers who still use the yellow pages and other means of print outbound marketing.
In addition, because of the increase in the number of real-estate agents throughout the country, clients are presented with too many options. Since purchasing a home is such a big investment, clients’ choice of whom they choose to represent their biggest investment will come down to who they think is most qualified eliminating the risk if something were to go wrong on their biggest investment.
Moreover, market update videos are professionally made videos where realtors are coached to talk about the facts and figures to the market which could be city or neighbourhood specific. By having these kinds of videos, it shows clients’ expertise of the agents, demonstrating credibility and thus creating trust. It is this trust that engages prospecting clients to choose you over other realtors, maintain relations and even refer you to others. This is because, in dealing with such a large investment, clients want to feel like their money is in good hands and is safe.
5 Benefits for agents who produce and broadcast market update videos:
1. With monthly market update videos, both buyers and sellers are more likely to trust their realtor’s credentials and expertise, thus leading to more efficient sales.
The digital marketing transformation in the real estate marketplace has improved the overall efficiency of the residential real estate market (Zumpano et al., 2003 as cited in Gravett, D, 2018).
2. Buyers and sellers already expect agents to have videos as a part of their marketing plan. Market videos are a good way to host videos that are different than the average listing video as it can show exclusive details to city and neighbourhood insights.
A 2017 survey by Zillow revealed that 75% of sellers expect that a video or some other media will be part of the marketing strategy used to sell their property (Zillow Group Consumer Housing Trends Report 2017, as cited in Gravett, D, 2018).
3. Having market update videos displayed on YouTube means that your listings and brand will have a broader outreach and thus, will help to bring in more prospective clients and brand recognition.
YouTube also has a beneficial increase for the seller with additional agent earnings of about $600 (Gravett, 2018).
4. With homebuyers using Youtube for fast, informative and visual information, having market update videos helps to penetrate the large YouTube real estate market and stay on-trend as an agent.
YouTube is the “top video research destination for home shoppers” according to the 2013 collaborative report by Google and NAR (Gravett, 2018).
5. Staying on-trend as a real estate agent means helps beat the competition who fails to do so. It also shows clients that you are willing to keep up in the industry and go the extra mile for them.
As of 2017, YouTube ranks in the top eight platforms for real estate purposes with the highest percentage of participation; it is also increasing the marketing potential for agents who are competing with real 64 estate marketplace giants like Zillow, are already being heralded by real estate professionals for its search engine optimization (Gravett, 2018).
Do you want to get in on this trend?
Check out Roomvu’s latest service — Personal Market-Update Videos — which allows you to appear on camera every month to share the latest trends with your clients and impress them with your market expertise. Click here to learn more.
Gravett, D. (2018). The Impact of Digital Marketing Decisions on Market Outcomes in Residential Real Estate. The University of South Florida, U.S.
Zillow Group Consumer Housing Trends Report (2017). The home search process. Seattle, WA: Zillow Group. Retrieved from https://www.zillow.com/report/2017/buyers/the-homesearch-process/
Zumpano, L.V., Johnson, K.H., & Anderson, R. (2003). Internet use and real estate brokerage market intermediation. Journal of Housing Economics, 12, 134-150.