Has property killed the video star?
Here's an unpopular opinion to kick off the year... Video marketing is declining - dare we say it, dead, when it comes to selling property in Perth in 2021.
Why, I hear you ask? You've been telling us to include video in our marketing for years and now you're telling us it dead!?!?
Here are our top 4 reasons we think video is going the way of our office fish (RIP Biggie) in 2021.
1. Social media is saturated.
If there is one thing that came out of Covid is was that small businesses who were dragging their feet on social media marketing started doing double time to get online. There is more content than ever before. So your property video has to be something pretty special to compete in a space that is overflowing. The average video watch time on Facebook is <10-seconds. Is that a good use of your sellers' money?
We have also seen a significant shift in the performance of ads using video - where before the reach of those ads was comparable, or better than ads that used still imagery, we are now seeing a number of video ads significantly underperforming when compared with other creative types.
2. The market is moving
Days on market is coming down and sales activity is increasing and we hope to see this continue. When the market is moving quickly, selling video to your vendors becomes a more difficult prospect. Why should they fork out hundreds of dollars more on marketing when there are eager buyers waiting to see their property, regardless? We are seeing this reflected in our own business, where bookings for key products like photos and floorplans are increasing, clients who usually book videos religiously, are doing so less frequently.
3. Agents are busier
It's hard to get creative and stand out from the crowd when you are writing your 6th offer for the week. While it's great to stand out from the crowd, it requires a little outside the box thought and some extra time - and that may be better spent on more long-lasting personal marketing, rather than your property video.
4. Sales or ego?
In the same vein - if you are only shooting videos to showcase yourself, is that the best investment? If a video is only likely to be relevant for a week before the property sells, you may be better off thinking of another tool for self-promotion. By all means, it could be video! This is still one of the best ways to get personal, showcase your creativity, inform and educate. But rather than using your property video to self promote, it might be time to include some more personalised video in your marketing plan.
Let's make this clear. We're not saying video doesn't have a time and a place! But that time and place may not be property marketing in Perth this year.
What are your thoughts on property video in 2021? Are you still having VPA wins with your clients or will you be sticking to killer photos and floorplans to sell property this year?