Everyday I look at properties online, and everyday I wonder what some real estate agents are thinking when they take pictures of their clients property. That constant pondering led me to do a little research.
Within the MLS system (where an agent lists your property for sale) an agent can post 0-10 pictures. Some agents only post one picture of their clients' property while others post the max of 10, leaving the majority of agents who fall somewhere in between the range of 1-9. You would think that the more pictures the better. However, my research suggested otherwise.
I maintain my own database on all available MLS data. I do it so that I can dig deeper into data and create reports that others can not provide me with (what I like to call "the real dirt on real estate"). I used that data to analyze all sold properties on Oahu for 2007 YTD. I broke the range of 0-10 into three categories. The categories were 1-3 pictures, 4-6 pictures, and 7-10 pictures.
The question I wanted to answer was - Does the number of pictures that an agent posts directly affect the time that it takes for a property to sell? Here are my results.
1-3 pictures - 61.5 DOM*
4-6 pictures - 66.5 DOM (8.1% longer to sell than 1-3 pictures)
7-10 pictures - 70.3 DOM (14.3% longer to sell than 1-3 pictures)
As you can see the more pictures that are taken the longer it takes to sell the property. This runs contrary to what most of us would think. Why would more pictures increase the time it takes to sell a property, would they not help sell the property faster? There are two reasons I can think of.
First, keep in mind the old saying of, "A picture is worth a thousand words". Are the photos that your agent is taking saying the right things about your property? The purpose of taking pictures is to intrigue potential buyers to come look at the property that is for sale so they can experience the property and all its intangibles that a photo can not convey.
Second, agents taking too many photos. Homes might not need 10 photos taken of the property. You want to take photos that portray your property accurately and make potential buyers salivate so that they will come view your property. Quality is far more important than quantity.
The longer it takes to sell your house the more it costs you. It's clear that photos are very important and they may say a thousand words, but they also can cost you thousands of dollars.
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That's an interesting statistic! I wonder if it has to do with the quality of shots the agent is able to take?