How Photos Can Increase Flip Profits up to $11,000
Real estate investors are required to make hundreds of decisions when it comes to selling a property. Everything from renovation choices like flooring, fixtures and paint colors, to marketing strategies must be carefully chosen in order to achieve one specific goal, maximize profits.
One of the quickest and most surefire ways to increase margins on any flip or liquidation is professional photography. According to home listing studies, professional photos can increase sales price by $3,400 to $11,000 and drastically decrease the days on market by up to three weeks.
Here’s why photos can drastically change home price:
Professional photos increase the amount of traffic to your house. First online, then in real life. According to NAR, more than 95% of buyers are first looking online. Homes with professional photos garnered 61 percent more online views as cited in a study from 2010. This increased online traffic translates to increased buyer visits to the property.
When it comes to a purchase as big as a home, buyers need to see the home in person. That first impression created by the photography will stick with the buyer throughout the visit to the home. They will be associating the “in person” experience to the mental image that was created when first viewing the home online. Positive initial perception driven by great photography will lead to positive associations for the buyer up until closing.
The real estate investor who uses pictures taken from his personal camera instead of going the professional photography route risks losing showings from buyers quickly scanning home photos online. By waiting 2-3 days on a pro photographer that will showcase the house in the best light possible, the real estate investor with a little patience will have his property looking great from the moment it hits the MLS. Many buyers set up searches for properties newly listed on the MLS in order to be the first through the door. By looking like a pro from the beginning, you’ll increase your chances of getting multiple offers off the bat.
The bottom line for real estate investors (or any seller for that matter): If something increases your profits and decreases your days on market, it should be a requirement in the home selling toolkit.
Looking for more tips on how to best photograph your home? Check out this article detailing some of the most common listing photo mistakes and how to avoid them.
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