Online Video Is Next Big Thing In Real Estate
Prediction: Most sites all-video within 3 years
By Janis Mara, Inman News
SAN FRANICSCO – Online video is the next big thing in online real estate marketing now that most people have high-speed access, panelists at Real Estate Connect 2005 said Thursday.
"Eighty-six percent of people have high-speed access at work, so there's no problem viewing videos now," said Joel Starks, president of UCIt. He predicted that video will become "huge" on the Net, and within three years most Web sites will be almost all video.
Starks made his predictions at a panel on innovations with video and digital photography that took place at the convention, which highlightsinnovation and technology in the real estate industry.
The cost of making videos for the Internet, and digital film in general, has dropped dramatically, making it possible to create online videos for a reasonable amount of money, panelists said.
"Using video can help agents differentiate and brand themselves and get more listings and leads," said Starks. His firm creates videos of houses, along with scripts and voiceovers, for $500 apiece. "Most people start their search for a home online. By providing them with these sophisticated tools, agents can reclaim their own time."
"First, real estate agents started using photos of houses," said William Meadow of Real Data Center. "Then they started using virtual tours. Video is next."
Meadow's firm is building a drive-by database of the U.S. residential real estate market – videos of not just the houses, but also the streets and the whole area.
The panelists touted their offerings as quick and easy to use – both for consumers, who don't have to download plug-ins or players to see the videos, and for agents to create them.
Meadow said agent and brokers need only send him a street address and his firm will send back a link to a video tour of the house, the street and neighborhood.
Skye Winslow of GoLookInside.com said she or one of her videographers meets with the client, and then shoots the film. Her company adds a professionally written script, as well as adds music and logos, delivering the video to the client for $199 per house. (Costs are lower for larger numbers of houses, she said.)
Inman Stories, which shoots films for luxury properties and corporations as well as more middle-of-the-road clients, charges $5,000 for a video including an agent profile and a house, according to John McWeeny, the company's vice president, business development. Bradley Inman, publisher of Inman News, owns Inman Stories.
The Inman Stories team meets with customers and goes over their ideas, then shoots the video and provides a script, music, logos and voiceovers. The videos are presented in different formats, one of which is a magazine with pages that turn when the reader clicks on the corner of the page.
Reflecting the nascent quality of video, Inman Stories is only a few months old, UCIt and Real Data about a year and a half, and GoLookInside.com is two years old.
Mario Villena of HomeKeys, a Florida site that shows independent buyers and sellers how to manage real estate transactions on their own, found the workshop helpful.
"The most important element is the script," Villena said. "Video for video's sake doesn't make it." Villena is considering using videos to explain the offerings on his site.
Brenda Florida, broker-owner of Century 21 Alliance in Lansdale, Penn., said she started thinking about using videos after attending an earlier panel at the convention.
"I've had a number of ideas for videos," Florida said. One possibility is for recruiting new agents. Another would be for educating consumers on the home buying process.
"For example: 'Here's the steps you take when looking for a home. You come in our office and meet your agent. Then you look at homes. When you buy one, you'll go to the settlement table.'"
Florida said, "It is the mystery of the process that consumers don't like."
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