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Punchline: Buy homes with No Additional photos= Save $15,000 on a $400,000 house.

Buyers LOVE seeing tons of photos for each listing online. I think Realtor.com said that listings with multiple photos get seen 6 times more than listings with 1 photo. The tendency for buyers is to see a photoless house and think it is garbage and skip to the next listing, when in fact it might just be a sucky listing agent or a foreclosure with an underpaid agent. (see the Arlington foreclosure Megan bought, it had no extra photos and she almost skipped it)

I've vented previously about Sucky Listing Agents that use free "drive-by" high school photographers to post one default photos on the MLS. Well sucky listing agents are GOOD for buyers!

Fewer photos= Fewer showings=Fewer buyers= LOWER PRICE!

Therefore, DO NOT skip photoless listings. I know it is a pain (also a pain for the buyer agent, which should be making a photo album for each viewing), but take the extra effort and potentially save $15,000.

I painstakingly reviewed 268 Sold listings in Fairfax since 5/1/07 from $400k to $500k.

24% had NO ADDITIONAL PHOTOS!

This is embarrassing! Also note that 57% of FORECLOSURES, Bank Owned, REOs etc had no extra photos.

Only 12% of agents posted the maximum 20 photos. This amazes me (FranklyRealty.com Requires All 20). Note that the local MLS just went to 30 photos, and now they are free. So if the $12 was too much for your agent, now they have no excuse.  

I also found listings with more photos sold faster (duh). Here are the photos to Days on Market (DOM, not the champagne) analysis:

  • 1 Photo  = 70 DOM Avg
  • 6 Photos =40 DOM
  • 16-19  =   36 DOM
  • 20 MAX=   32 DOM

The Closed NET Price as a % of the Original Price also showed a direct correlation.

I scrubbed the data to find the REAL Original price. I manually adjusted the 20% of listings that were relisted (see my best of 2006 blog on MLS DOM data fudging), and I adjusted for seller subsidy.

Listings with fewer photos sold for less.

  • 1 Photo= 91.2% of Original Price
  • 6 Or more= 95% of Original Price

Therefore on a $400,000 home, Photoless listing sells for 3.8% LESS.
(Now one can argue that a sucky listing agent also might suck at proper pricing, but come on, you get the point)

Bottom line for Buyer: Just like I've said staging gets you MORE $ for your listing, the opposite is true for buyers. Buy unstaged homes (see Don't Buy Staged Homes) when you can and consider the poorly marketed homes to get a better deal. 

Bottom line for Sellers: Duh, at the very least, make sure your agent puts a ton of photos. 

Bottom line for Agents: Keep up the bad work, it makes me look better. 

Make sure to sign up for this blog as next week I'll show more of the data and how Days on the Market correlates to price. Also more on DOM-M vs DOM-P Relisting tricks. 

- Written By Frank Borges LL0SA Broker FranklyRealty.com

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31 Comments on Buyers! Photoless Listings= $15,000 "Sale"

I am with you on having plenty of pictures as you know many are going to search the web to see what is going on.

11/21/2007 01:13 AM by Gary Bland R (S) E-Pro, ABR (Century 21 All Islands)


This is one of my pet peeves too.  Even showing the one required photo is nowhere near good enough but the no-photo listings, what are they thinking?!  I say the sooner those agents are out of business the better for the rest of us.  They can't possibly get referrals with so little effort; I have no doubt your DOM stats are correct too.  That won't enhance a realtor's resume!

11/21/2007 01:48 AM by Susan Walters (Keller Williams Realty, Ann Arbor, MI)


HOOORAHHHH!!!! Finally someone who told it like it really is!  I too believe in the, "If I can post 12 photos...dang it I am going to post 12 PHOTOS!" theory.

I have actually had buyers tell me that it was the photos that sold the home so I know it works. 

Go ahead bad listing agents....keep posting none or one....I don't mind, I am going to do what is best for my client!

11/21/2007 06:54 AM by "JT" Prevatte, REALTOR, ABR, ASR ~Fayetteville, NC Real Estate (ERA Strother Real Estate, Fayetteville, NC)


Banks are now wanting to know  what the agents are doing to market the properties.  Maybe they will get savvy to this!

11/21/2007 07:51 AM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)


Frankly, as a stager, I do my best to stay away from such agents.  Whatever the excuse, ( now I understand the bank owned and foreclosures, thanks Frank), it's just unexcuseable to not post as many photos as possible.  Like you, I take an excess of photos of the homes I work on, in the hopes of a couple of good ones.  My husband use to be a broker and NO photos for a listing did not happen in his office.  If the agent couldn't get out to get the pictures before it hit the MLS, then the listing waited. 

Many realtors in our area have gotten better but I still find the ole' "no photo available", and I just don't get it.  LAZY, you betcha!

Thanks Frank, now I feel better too!

11/21/2007 11:33 AM by Ginger Foust- Dream Interior Redesign & Staging (Dream Interior Redesign & Staging by Ginger Foust)


Frankly, you always tell it like it is and I love it! I wonder what excuse the drive by shooters are going to have for not utilizing the free 30?  Since this is new to MRIS, I wonder what your stats will look like this time next year.

11/21/2007 01:20 PM by Chelle Gassan-NOVA Realtor and Stager (Weichert, Realtors and Staged Homes VA)


Frank, interesting post. In our MLS, we can only add six photos, but on top of that, I add a RES virtual tour which holds lots of photos and a floorplan and more details on the listing. You're right though about the turn off for those homes with only one photo. Laaaaaazzzzeeee Realtor for sure. My buyers typically don't even want to see those with one photo for the reasons you mention. Good post.

http://www.GlitterMaker.com/ - Glitter Graphics

11/21/2007 01:32 PM by Mesa, Arizona Real Estate *** Teri Ellis, Broker, ABR,CRS,GRI,ePRO,MRE (Homes Arizona Real Estate LLC)


Frank,

Can I deduce that only 12% of agents are providing more than a minimum level of servicing to their sellers?

Thanks,   Fran

11/21/2007 01:52 PM by Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.)


Amen!  I just love those listing agents that let the MLS photographer take the photo a week after the listing is entered.  Of course, the prospecting e-mails went out on the listing the morning after the listing was entered!  D (DELETE)  ENTER

11/21/2007 04:55 PM by Mike West (Avalar Real Estate & Mortgage Network)


Great stats.  This is a wonderful talking point with potential clients.

11/21/2007 04:56 PM by Adam Brett - Fullerton, California Realtor (RE/MAX NOC)


Frank - Great advice for buyers.  I think my local MLS allows 9 photos.  If there are not 9 or 20 different shots in a home it is nice to do a close up on an architectural detail, molding or fireplace.  Kind of breaks things up.  

I know you are not a huge fan of the Virtual tour, but do you have any stats on homes sold with and w/o virtual tours.  I'd be curious.  Here is my theory (keep in mind I'm not even an agent so I could be way off) - I think homes in the lower price points, where virtual tours are uncommon, will sell faster if they have a virtual tour. I think people will think that the home is somehow better than the tourless homes.   Can you prove me right or wrong?

11/21/2007 07:06 PM by Maureen Henry - Rockland Home Staging (www.rocklandhomestaging.com)


Frank,

Great advice.  Obviously you spent a lot of time working on the numbers for this blog.  Thanks for sharing.  This makes me wonder about listings in my area.  Might be a good point to use when going after expireds!

11/22/2007 06:00 PM by Kim Peasley-Parker (AgentOwned Realty)


Frank,

I love sucky listing agents. I have buyers right now who are probably going to get a great deal on a wonderful house that has only so-so pictures and no lockbox. 

11/23/2007 01:45 AM by Susan Peters - Seattle Realtor/Staging Specialist (Re/Max Mutual Realty)


Hey Maureen,

No, I don't have any stats on Virtual Tours. The problem is there are so many of them. Some will make their horrible 4 photos into a "tour." I would have ot open up all 250 houses and decide which ones I determined to be real tours or not.

 

Also I don't really think that the actual photos is 100% of the reason for the difference. I think a lot of it has to do with the agent. An agent that goes out of their way to post 20 photos, probably will go out of their way to fight for a higher price.

Frank 

11/24/2007 05:48 PM by Northern Virginia Homes - FRANKLY REAL ESTATE Inc


Thanks for the reply Frank.  I thought maybe it was some kind of information that you could access.  I think you are right about a lot of the credit going to the agent also.  Chances are if they are posting more photos they are willing to try harder with everything.  It really is about getting the right people working for you.  

11/24/2007 05:52 PM by Maureen Henry - Rockland Home Staging (www.rocklandhomestaging.com)


Maureen,

And a listing agent that posts 20 photos, is probably more likely to... STAGE!

Maybe I'll go through all 200 and see if I can tell which are STAGED and which are not. That would be interesting!

 

Frank 

11/24/2007 06:26 PM by Northern Virginia Homes - FRANKLY REAL ESTATE Inc


This makes perfect sense!  The thing that always gets me is that it's usually the older agents that slack on the pictures.  We're allowed 24 of them on our MLS, and sometimes we're lucky to get two.  It's really just slack.

11/25/2007 08:09 PM by Jim & Maria Hart ~ Charleston, SC Real Estate (Agent Owned Realty)


Frank, Thanks for sharing.  I hate sending listings to clients when there is only 1 photo.  I am one of those Realtors who puts in as many pictures as MLS will hold.

11/25/2007 09:01 PM by The All Pro Team (EXIT Realty Leaders)


Frank- I certainly agree about photos, but also about your conclusion that the agent who puts in lots of photos is probably much more proactive in many other areas.

11/26/2007 06:58 PM by Sharon Simms St Pete Florida CRS CIPS CLHMS (RE/MAX Metro)


There is no excuse in this tech savvy world for listings without photos.  Wonder what the stats say about virtual tours?

Andrea

11/27/2007 02:09 PM by Andrea Thompson (Realty Executives of Killeen & Temple)


Frank great post. You make a very valid point. This approach will work very well with expireds if the homeowner is convinced that this is one of the many reasons the house didn't sell while it was listed with ABC or XYZ Realty. Best of luck in 2008.

11/27/2007 10:51 PM by Vincent Martinez (Prudential Network of Homes)


A+ On insight really ..never thought as a listing agent I use as much visual as the house will allow .. sometimes a room is just a box and does not play well visually but we never skip a good photo. However as a buyers agent I steer a 100 miles clear of a photo-less listing .. just see it as a bad listing... when it more then likely is a bad agent

Thanks for this one

11/30/2007 10:57 AM by Eric Reid Lawrenceville,GA (Renaissance Realty Group)


Hey Eric, Good point. In regards to taking a photo of a box, I still take it. Why? If you don't show a boring box, their imagination goes crazy and they will think it is a triangle. So, they might just skip over it as "expected," but that in and of itself is information. Also I shoot the box to also show the size of the closest, the size of the windows, ceiling fan.

Agreed on the photos.  I have a video from one of my agents that bought her bank owned property. She didn't even what to see if because it had 1 photo.

Also, as predicted, when I go into photoless houses, there are FAR fewer business cards. And you know the agent is also going to be too lazy to pick up the cards.

I also say, BUY THE SMELLY HOUSE~! 

Frank 

11/30/2007 01:30 PM by Northern Virginia Homes - FRANKLY REAL ESTATE Inc


One of my pet peeve is no pictures, I have had buyers who won't even condider a liting with no photos, and have gone to take some myself if I thought it might be a good fit

11/30/2007 03:42 PM by Michael Eisenberg, Bellingham Realtor (Fairhaven Realty)


One of my pet peeve is no pictures, I have had buyers who won't even condider a liting with no photos, and have gone to take some myself if I thought it might be a good fit

11/30/2007 03:42 PM by Michael Eisenberg, Bellingham Realtor (Fairhaven Realty)


Late poster...thanks for inspiring me to do my own case study in the Georgetown market (Greater Austin area).

02/18/2008 10:13 AM by Edward W. Lui - Georgetown Texas Real Estate (Lone Star Properties)


Ya know...more photos can actually be a problem!!  Seriously!  We had an agent who put 102 photos into a listing.  If any of you are familiar with Rapattoni MLS system, get this:  Over 99 photos busts the system to the point where you can't submit changes due to the SUBMIT button disappearing.   This was about 6 months ago, so maybe it's fixed....but we had to jump through hoops to get that working again!

So careful, keep the photo count under 99!!!! :-)

02/18/2008 11:14 AM by Nick Ruta - Coldwell Banker Heritage Real Estate (Coldwell Banker Heritage Real Estate)


Thanks for sharing the statistics.  I think it shows quite clearly the advantages of using photos with the listing.  I'll use these stats as backup the next time I have a client who's hesitating about having photos taken of their house.

02/18/2008 11:19 AM by Max Douge (Exit Realty Enterprises)


I hate seeing the no photo also.  I usualy skip them, Unless I drive by them, but then that costs in gas. The single pics are a pain also. Lets see something inside. 

02/18/2008 11:36 AM by Mary Pichardo (Adobe Country Realty)


Great stats and an effective premise. It's amazing how many agents will list someone's home and risk thousands of dollars in commision by not even bothering to post a photo. It's no longer 1985 and the days of marketing homes with flyers on windshields and business cards at the cleaners are long gone. - Mark Selmi Avanti Films - Custom video profiles for business websites. mark@avantivisuals.com

02/18/2008 11:46 AM by Mark Selmi (Avanti Films)


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Real Estate Brokerage: Northern Virginia Homes - FRANKLY REAL ESTATE Inc
FRANK LL0SA- Northern Virginia Broker .:. FranklyRealty.com
Arlington, VA
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