Video or virtual tour? Which is a better marketing tool for the real etate agent, broker, or homeowner? We can all agree that neither is the champ in ALL circumstances. It is a situational decision. OK then—let’s explore in what situations video is a better choice than a virtual tour. For the purposes of this exploration, let’s assume professionals are producing the video and vtour— otherwise, the discussion diverges into “well, video is too hard to do right (it will turn out crappy) so I’ll go with the virtual tour”. That skirts the issue — let’s face it, you obviously don’t use something that’s crappy, no matter the situation. So, let’s assume no crap in either production.
I’ll get the ball rolling and say that Video whups Virtual Tours for client testimonials and selling luxury property.
Technorati Tags: video, virtual tours, real estate marketing, luxury property
Video can have a much stronger impact but it also depends on your audience. If your audience does not have quality high speed internet to display the video smoothly than the impact is lost. Also if you are trying to rent a small manhattan apartment you might have issues with video. It just might make a small apartment seem even smaller.
Good points mod man. OK, so those examples show where video may not be effective.
Any examples where it would work out better than a virtual tour?
Virtual tours are still the dominant form of real estate marketing on the web - of course, you would expect me to say that. But I think the numbers bear me out.
I have always held that video tours are in a relatively samll niche where it does well promotoing showcase properties and building affinity for locations and possibly RE teams or individual Realtors.
Beyond that, you have to look at the realities:
Quality comes before content.
Content must follow marketing.
Consumers follow aggregation.
Marketing is not activity, it is achievement.
You cannot make chicken salad out of chicken guano.
Even a blind squirrel finds a nut once in a while.
I am up off the canvas - ring the bell!
Obeoman
steven.stearns@obeo.com
But it’s not just luxury property where Video gives VT’s a run for the money. As video pro Fred Light points out, (360 degree) VT’s are an unnatural way of looking at a property, from a 3D point of view. His arguments can be found here:
http://www.wellcomemat.com/videographer/New-Hampshire/Nashua-03062/v/510
Disclaimer: I don’t work for or with Fred (unfortunately).
It’s really not a question of what works out better and when: video or virtual.
RE web tours already are becoming hybrids of photography, video and renderings.
Companies ( like mine ), Metropix.co.uk. , and Coldwell Banker are all pretty much at-or will be-the bleeding edge of the next gen of vtours.
The real question is who is going to drive the market for those tours, and which market will the tour producers face to sell their product.
Consumer expectation, ease of use and tour aggregation will be the determining factors of how this hybrid product is shaped.
Still up and swinging - Round 2?
Obeoman
steven.stearns@obeo.com
OK Obeoman, so you vote video for showcase properties? What others are in that small niche where the squirrels hide their nuts?
I agree Mark. But I am a VT spastic — I can’t help getting views of the ceiling and floors and often get a little dizzy. I avoid any VT that requires me to “steer”. Just ask Rudy about my sense of direction.
Video for showcase properties - yes.
But given the current market penetration and aggreagations of VT for all properites, I have to ask why.
…and the middle word in “hybrid” is why…or close to it.
Obeoman
http://obeoman.blogspot.com
Obeoman– if virtual tours are evolving to appear more like video, does that not indicate that video is a higher life force?
If it tastes just like chicken, why not order the chicken?
The point of the post is to try to isolate situations where video is a better choice. When and where are important– just like in home construction–when and where do you use a screw rather than a nail– or where will duct tape do.
Isolating the choice for video is up to the consumer, be it the Realtor, seller or buyer.
The better choice is always made by the consumer. Consumers decide when they are selling and where they want to market their homes and live in them - and consumers have decided on virtual tours for the vast majority of on line RE listings.
Remember that old commercial - Wendy’s, I think - where they talk about parts? Chicken parts in nuggets…To quote: “Parts is parts.”
Vtours/video are becoming the same thing - one is virtually rendered into the other right now, the blending process is refining.
In my humble opinion Who is the most important point of the post: The consumer is the highest life form. They get to decide if they want Cordon Bleu, Hooters wings or nuggets.
Yes, the consumer decides– but in what situation will they prefer video over a virtual tour? To say it’s ” RE listings” for the “vast majority” implies there are niches where video might be preferred by the consumer– you already suggested showcase properties as a possibility. Are there others? Or are you saying that’s it?
And we are talking marketing in the broader sense– beyond just listings– you gotta market yourself and your brand, no?
So far we have:
showcase properties (your vote)
client testimonials (mine)
luxury property (mine)
Imagine you are in grade school. There is a local bully pestering the playground. Your world ‘revolves’ around a small soccer field, a lunchroom, and a set of monkey bars. Your world is small. Virtual Tours is the bully.
You grow up. You join a boxing league. You take a few shots to the head. It hurts. You stop the bleeding. You evolve. You practice. You sweat. You keep training. Then one day you finally make it. You step into the ring for a title fight. You connect. The Champ goes down. You have made it to the top! Video is the Champion fighter. His world is bigger, grander, and ultimately much better than the bully’s playground. People don’t go to see the bully ‘whump’ around a grade schooler. They flock to see the real thing at MGM.
Until now there has not been a venue for “the consumer” to showcase their “luxury” property videos. Thus, the slow adoption in the upper-tier of videos over virtual tours. That will all change come November with the launch of LuxuryProperty.com. LuxuryProperty.com’s core competency and marketing emphasis is Video. Video showcases the story behind a luxury property. When was the last time a virtual tour told you a story?
This is quite simple. Agents need to ask themselves several questions. “What is my marketing budget?” “What is my property worth?” If neither of these fall into your definition of “luxury” perhaps the virtual tour is the more economical and logical solution. If you are marketing quality, an experience, and more than just a playground you must go with video.
I have written extensively on the emerging trend of video in the luxury market. To read more on this subject please visit my blog - blog.luxuryproperty.com
Rudy… I didn’t make it out to NYC for RIS. I missed seeing you guys in your element. What is the next stop for the Sellsius duo? Glad to see you guys are back on the blogging trail.
Sean
It’s a matter of money. Good video requires decent equipment and knowing how to use it, how to write a script, how to edit effectively, and etc.
I’m playing around with Real Estate Shows at the moment looking for ways to expand its viral potential. Though more limited than many products out there, it offers the average agent a means to expand their marketing tools without having to earn a degree in technology or cinematography.
Thanks Sean.
We have been attending various offline meetups in NYC, including the Rocketboom video meetup. We’re big on video. In fact, we are starting a meet up with WellcomeMat.
We live in a TV/movie culture and video is closer to that culture than virtual tours. It is has greater ability to convey emotion– and home buying IS an emotional experience. In fact, vts are using techniques to mimic video (check out Animoto.com)– why is that?
One must also consider the next generation of buyer, weened on YouTube. They may see virtual tours as “my father’s video”.
Of course, we recognize that video currently has certain limitations, namely cost and the talent to create an effective one. But if you get it right, it can be very effective. Heck, a unique video could go viral— I’ve never seen a viral virtual tour.
John–
Absolutely. Cost is always a factor and great video does require a professional— maybe an office that does a lot of business could hire a full time videographer. The benefits may outweigh the costs
Here’s a question— if the costs were comparable, which would you use? Would one help you get more listings than the other?
Also– consider marketing yourself and your brand—THAT may be worth a video presentation. It will last beyond the listing.
To wrap up yesterday:
Consistently, I have held that there is a small, special niche for RE video: showcase/luxury properties, building affinity or a “sense of place” and for the few Realtors/RE teams that are large and dynamic. (…or possibly funny. In this market we could all use a laugh!)
Sean obviously has a chip on his shoulder and I don’t know why. Virtual tours are not the bully - that is like saying the consumer is beating you up or maybe his big sister.
Sean, you are fitting the message to the medium, your niche market and have an excellent overall view of RE video and its current position as a marketing tool for sellers, buyers and agents.
But RE video market is currently far to splintered and every new, innovative - (and perhaps neccesary) - RE video company that opens its doors cuts the piece of pie a little thinner: there is no current effective aggregation of RE video tours and the vast majority of them are visual horrors - excluding, of course,the ones that done for the niche markets where the consumer money is available.
Marketing is achievement, not activity. Making an RE video is just activity if you cannot measure the achievement.
Obeoman
steven.stearns@obeo.com
One more thing, ok, maybe a couple:
…we live in a visual culture, and I find it hilarious that we are debating it with an alphabet.
…Beyond that: The blending of all these visual elements - Vtours, video and rendering is already here. The hybrid RE tour hasn’t gelled yet, but the people that do bring it together and offer the consumer the choices they want may not have to face getting beat up any more by virtual tours.
steven.stearns@obeo.com
Obeoman
Steven, the purpose of the post is to explore that “niche” where video would be preferred.
To recap, the niche so far includes:
1. specialty/luxury property — not sure what specialty means
2. dynamic/large realty teams PR (you)– I’d say any firm/person could use video for PR (if they can afford it)
3. client testimonials (me)— do you agree?
4. “sense of place” (you) — this one is fuzzy. One could say that most homes have a sense of place— even a lower priced one in a wonderful desirable community. What about a condo in a vacation/second home market? Do you foregoe video to convey the wonderful place because the home is not luxury? Perhaps “sense of place” can be applied to homes in a great or highly desirable neighborhood– w/o the need to be a luxury home.
Ok-to clarify:
-call them exceptional porperties based on location, size, contruction and amenities.
-Realtors are not a destination. They are a “roadmap” to resources and customer service specialists on the housing market. Based on the current market, I do not think consumers look for a Realtor before looking for potetntial homes.
-client testimonials gets a pass.
-”sense of place” - a video that builds affinity, a sense of any location and what it is like to live there in terms of residents, culture and housing mix.
Whew…
Obeoman
http://obeoman.blogspot.com
Sorry for trying to beat specifics out of you Obeoman.
Still don’t think we’re any closer to specific applications.
Trying to get a handle on Sense of place: pick one- let’s say NYC upper west side near the park and museums– worth a video for any condo or co-op in the area or just the high end ones?
Whew 2
Happy to keep the discussion going - live from General Mitchell airport at 5:30 a.m.!
-If you want some real specifics about what might RE video tolerable:
-First, a sense of place is usually derived from those who inhabit it.
Ask them why they like it there, grasshopper…
-any property on waterfront,
-any property with an elevated, reasonably unobstructed vista or view.
-and as you suggest any popular neighborhood destination near the property for sale.
You might end up with a RE video of the nearby park as people enjoy it, with a rendered, walk-through floor plan of the condo and a VTour to show off its hidden potential.
The coffee at this airport is horrible.
Obeoman
steven.stearns@obeo.com
Steven, you are a classic.
Great feedback. Perhaps video’s niche may not be that small afterall.
What, no Starbucks?
Who knew, who could tell…….while I am not as young as I used to be, I am not quite ready for collectors’ plates…but the sentiment is genuinely appreciated.
…and no Starbucks, well, not in my terminal anyway. Maxwell House is two bucks a cup - and a little dab will do ya there….
I am blogging from the road for the next ten days.
Why?
Because people have already stood in line to summit Everest…
steven.stearns@obeo.com
262-325-8687
Great post and some good feedback on this one. I have been following it for the past few days. Much of what Steven and Joe said I agree with.
Really what it comes down to is what is cost effective for your client. With few exceptions, people do not choose photos (spinning or keyframed) over video in any medium whether television, movies, or on the web. People prefer an experience that is as close to real life as possible. Is there a place for virtual tours now and in the near future? Definitely. As video becomes more and more economical however, the majority of people will make the transition to the content that provides the most visual information, and that happens to be video.
Our business caters to the high end luxury market. However, there are many different levels of video productions available at different price ranges and this will continue to allow video to saturate the market…real estate and otherwise.
…Eric!
Thanks for weighing in - I have almost forgot to ask the most importatn question any client or consumer would (or should )ask:
What is your stated marketing program and how do you measure your achievement?
It is really early in Utah…who elese is awake?
steven.stearns@obeo.com
http://obeoman.blogspot.com
Eric, you make a good point when you say video more closely imitates real life experience and can convey more information. I agree.
I also believe it is an effective marketing tool for your brand. A broker who was interviewed on TV used that video footage on his site to enhance his brand’s credibility.
Maggie Knowles in CA used it in her client testimonials. I think it is more engaging that just reading a testimonial.
http://sunnyspot.stardigs.com/?page_id=170
…this testimonmial gets a pass. It has some below average audio.
But If I was that Realtor, I would get that vgerbiage posted up on website where the world could see and link it to anything on my site that would stand still.
No doubt this discussion will continue, long past the point we are all alive.
I mean, I hope it does…
Steve
Well, fellows! Interesting read… I have a few things to add to this ever growing discussion. Where Does Video Whup Virtual Tours?
I truly believe that it is the ‘consumer choice’, with my years of real estate experience and interaction with both realtors and consumers…the preference is mixed. A wise man (National Real Estate Speaker - Verl Workman) once said and still does, “what do consumers want?” some want just photos, some vt’s, some video, some like to read details! So what do you do Mr. Realtor? Heck the answer is EASY….you give them all of it, in some way shape or form. Tours & pics on your listings, video presentations about you with testimonials posted to your own website…heck yeah, it is all attenable and affordable. Be sure you have them all, and cross market them effectively!
But now let’s think ‘outside’ the box, the now and next generation of buyers/consumers are extremely tech saavy and lets face it they are even getting bored with video (the new thing!). What the Real Estate Market needs is to WOW, the consumers and give them actual interaction with the presentation. Go to the BMW site, and create your own vehicle to your specs….well same applies to a home. Allowing the consumer entertainment while looking for their next home, having the consumer begin taking emotional ownership while interacting with the listings presentation. “Make that home their own!” This is the NEW and most exciting way to visually showcase real estate, and those features are being launched by Obeo at this year’s NAR event in Vegas. Check it out… most specifically the ‘SpaceDesigner & StyleDesigner”. http://files.obeo.com/obeo/2007/
Michelle,
That is truly a great comment. Yes, it is about the WOW– which leads to WOM.
I did visit the Obeo site and I think it is great and giant step forward. WOW