One of the significant areas in the past 15 years where there has been considerable expense creep is the area of vendor-paid advertising. Vendor-paid advertising should mean precisely that – that the vendor pays it. However, this is not the case. I know there are real estate trainers that stand on stage saying they have never paid for a vendor’s advertising. But the reality is we all have kicked in at least something before. Outsource your photo editing is one of the ways to cut down on the costs, as taking your own photos can be time-consuming and costly. It’s an excellent way to save money and improve the quality of your listing.
If you got a listing 15 years ago, you would go out to the property and, in most cases, take your own photos. You’d come back to the office, write a script, and start sending it out to potential buyers. It was a standard listing on realestate.com.au, not a highlight for thousands of dollars. There was no property styling, dusk shots, 3D floor plans, drone shots, and all the rest of that stuff. Did the properties still sell? Of course, they did! However, with the advancement in technology and the increased competition, it’s essential to have high-quality photos to make your property stand out. Outsource your photo editing can save you time and money, while also helping you to present your property in the best possible light.
Now getting back to the vendor paid advertising.
Yes, it should be paid by the vendor; however, that does not mean you will not lose out in other areas even if you collect every cent of the advertising. The more expensive the upfront costs are, the more likely they are to turn around and look at your fee. It is a fact: there is a direct correlation between an average lowering commission and an increase in advertising expenses. So, what can you do about this?
There are many ways these days that you can achieve the same result for a lot less upfront cost. I will not talk about web portals right now as that is a whole other issue in itself. Today I want to talk about going back to the old days of taking your photos and the advantages of doing so. Here are two quick benefits that we will discuss in detail: speed and cost. Outsource your photo editing is one of the ways to cut down on the costs, as taking your own photos can be time-consuming and costly. Before I get on to that, I would like to explain why it is a viable option now and when people started to steer away from taking their photos.
When professional photography became a big thing in real estate, the cost was reasonably high as there were not that many players in the game. With anything, as demand increased, so did a competition. New players enter the market undercutting each other until it gets to a price that the market determines fair. When it first was a thing, say ten years ago, the reasons were evident as to why you would use a professional. They had far better equipment and far better skills in photo editing.
When using a professional photographer, the usual package sits between $350 and $600, depending on a few factors. But there is a way where you can take your own photos, and they will turn out as good as if a professional took them. You’ll need to invest in some good equipment first and there is a tonne of cameras on the market that will do the job. At the very least, you must have a wide-angle lens, a tripod, and a flash.
Next, you’ll need to do a bit of research, so you know how to take a good photo. You don’t need to do a course or anything. There are many tips on the BoxBrownie blog which tell you exactly how you can produce a high-quality photo. And that’s the third step – you’ll pass your photos onto expert photo editors to process. You will be amazed at what high-quality editors like the guys at BoxBrownie can do to a photo with the cost still being minimal. Check out the example before and after below.
If you decide to set yourself up, once you’ve made the initial outlay, it will only cost around $50 per property for editing. That depends on how many shots you take, of course.
You can take two approaches to this. Either you charge the vendor less, which lets them see you are working for them, and they are less likely to ask you to reduce your fee. Or you charge them the same and make a little bit on top. It is really up to you. Personally, I think the first will put you in an excellent position to show the owner that you genuinely care about how much they get left with at the end of the transaction.
The 2 reasons ……
You can market the property almost instantly
A low-cost solution that protects your fee.
Not only is this a cost-effective solution, but it’s also super speedy. You don’t have to book in the professionals, wait around for them to do the work, process the shots, and send them on to you. You take the photos when it’s convenient for you and the vendor, the offshore processing team edit the raw files overnight, and bam – you’re done.
There are many little avenues that you can look at to reduce some expenses in the vendor-paid advertising space; however, this is a straightforward and speedy one to implement. If you like this tip, feel free to share it with a friend or on your social channels.