Numbers don’t lie; real numbers, that is, backed by valid research and data-gathering methods. And within the dynamic realm of real estate, where properties change hands and dreams find their foundation, there exists a silent yet commanding force of numbers that shapes perceptions, decisions, and, ultimately, transactions. Real estate agents and brokers, buyers, and sellers constitute the interconnected threads of this intricate tapestry of data and real estate photography statistics.
Within this numerical fabric, a crucial element emerges: Real estate photography. In an age driven by visual engagement, the power of captivating imagery cannot be underestimated.
This blog unravels the significance of real estate photography across its multifaceted landscape, exploring its impact on agents, buyers, sellers, and the ever-evolving market through the lens of unfailing statistics.
Table of Contents
Real Estate Agents and Brokers
The most active and, of course, influential actors within the field of real estate, agents and brokers, are probably one of the most important sources of information in their industry. Continuously interacting with both ends of the market spectrum, that is, buyers and sellers, and everything and everyone in between, the opinions and observations of real estate agents are priceless when it comes to studying real estate photography statistics from various aspects.
- A majority of 72.2% of real estate agents concur that utilizing top-notch real estate photography aids them in securing a greater number of real estate listings.
- Roughly 61.3% of brokers consider high-quality photography to be beneficial and ‘crucial,’ while 31.0% view real estate photographers as ‘significant’ contributors to home sales.
- Also, agents who delegate their real estate photography tasks to external sources experience a 2x increase in their commissions as opposed to their counterparts.
- Nevertheless, merely 35% of real estate agents choose to enlist the services of skilled photographers.
- According to the NAR 2023 Member Profile, 29% of Realtors® task their personal assistant to photograph their listings.
- But it appears that Realtors® are still not very big on 3D/virtual tours and virtual staging. According to the NAR, 65% of NAR members have rarely or never used 3D/virtual tours, and, even worse, a whopping 82% rarely or never opted to utilize virtual staging tools.
As one of the most important stakeholders in the real estate industry, buyers are the golden children everyone chases around. Their tastes and preferences are greatly valued by everyone, and their habits and attitudes are always closely monitored. Moreover, the satisfaction of buyers is the yardstick with which many practices and accomplishments are evaluated.
- Viewers allocate 60% of their time examining images and devote only 20% to reviewing the description.
- According to the NAR, in 2023, 47% of all home buyers stated that they looked online for properties as their first step during the entire process, and 51% claimed that they found the home they eventually purchased online.
- Quite interestingly, 85% of all home buyers pointed to property photos as the most valuable website feature.
- That’s quite believable, given that 43% of buyers made an offer on a house without physically visiting the property within the last two years.
- As for virtual tours, 39% of all house hunters mentioned them as the most important website feature.
The numbers above are more than enough to understand how precious property photos are. Without adding images to your listings, you stand very little chance against your competitors. But if you’re not convinced, continue scrolling…
- Also, based on the NAR 2023 Profile of Home Staging, in the words of buyers’ agents, 77% of home buyers emphasized the importance of property photos, and 31% stated the positive use of virtual staging in real estate advertisements.
- Based on the statistics of the same report, according to buyers’ agents, more than 75% of buyers rated photos as the most important visual element in listings, while almost 50% thought virtual staging is at the very least equally important compared to other visual items.
These numbers verify the real estate photography statistics given by NAR concerning buyers’ emphasis on property photos.
- According to buyers’ agents, their clients expected to view a median of 7 homes in-person and 12 homes virtually before making a purchase, stating the importance of suitable online property photos.
Homeowners and Sellers
On the other side of the aisle, we have the homeowners and sellers who are anxiously, albeit cautiously, waiting for the best offer on their property. Sellers are one of the groups who greatly benefit from enhancing listing visuals since every step taken toward an improved listing is progress made toward selling these guys’ houses!
- Similar to buyers, agents on the side of the selling parties stated that 89% of their clients considered photos as the most important element in a listing, while 34% of sellers believed that virtual staging was either equally or more important than other visual factors.
- Almost all sellers, that is 99%, believe that 3D tours are an advantage compared to other real estate listings on the market.
- Merely 15% of residences utilize top-notch photography, while half of properties valued over $1 million employ low-quality images.
- Roughly 82% of individuals selling properties opt for an agent who provides a 3D tour option.
- Properties showcased through a 3D tour experience a reduction of approximately 31% in the time taken to attract a buyer.
- About 90% of prospective property buyers express a stronger interest in properties that are presented through virtual tours.
Technology and Trends
In the 21st century, little could happen without the use of advanced technology. Real estate and real estate photography are no exception, and various types of high-tech gadgets, instruments, platforms, and professions have found their way to all four corners of this realm, heavily impacting the way all parties operate.
- Quite interestingly, approximately 80% of currently active listing agents employ drone photography and videography to promote their listed properties. 7% state that they personally use drones in their real estate business, and 43% delegate their use of drones to professional drone pilots.
- Based on reports from MLS, listings that come with aerial images sell 68% faster than those that lack this type of photo.
- NAR states that 23% of Realtors® use cellphone photo apps daily or nearly every day.
- Also, a total of 80% of real estate agents utilize social media25 platforms to display photographs taken from their property listings.
Understanding how the market behaves in different aspects helps all those interested in making more informed decisions. In terms of real estate photography statistics, it can be vividly seen that property photos and visuals have been making waves throughout the market.
- Roughly 32% of residences featuring high-quality pictures are quicker in their sale compared to those lacking real estate photography. House listings accompanied by just one photograph typically remain unsold for approximately 70 days, whereas properties listed with a minimum of 20 high-quality pictures in their description are typically off the market in around one month.
- Benefiting from superior real estate photography keeps viewer engagement for a duration of 20 seconds.
- Residences featuring expert photographs receive 61% more views and achieve quicker sales, even within a brief period of being listed in the market.
- Professional and top-notch images assist in selling properties at a value that is 39% closer to the initial price. Moreover, residences showcasing high-quality real estate photography attain a 47% increase in offers per square foot.
The lens through which we view the world of real estate has evolved, and the frames that capture its essence have become paramount. The trajectory of agents, buyers, and sellers is woven together by the threads of compelling real estate photography.
As real estate photography statistics illuminate the path, it’s evident that images transcend mere visuals; they are the currency of influence, the gateway to decisions, and the bridge between dreams and reality. In an era where technology shapes the very fabric of industries, the art of showcasing properties through expert photography stands as a beacon of value and a catalyst for success.
The clicks of shutters mirror the pen strokes of transactions, and as long as the desire for properties persists, the allure of high-quality real estate photography will continue to paint the canvas of this ever-evolving landscape.