15 responses so far ↓

• 1 Allen Benson // Mar 5, 2007 at 10:40 am

  Kevin that is priceless.

  I found some other VERY valuable information out as well. Did you know that offices which have a greater then 100 day average days on market for their sold properties hire agents that are better negotiators?

  Here are the list price to sale price results. You will be blown away :).

  Greater than 100 DOM 98.73% List Price to Sale Price.

  Less than 100 DOM 99.96% List Price to Sale Price.

  Less than 50 DOM 100.25%List Price to Sale Price.

  Less than 30 DOM 100.47% List Price to Sale Price.

  Less than 10 DOM 100.70% List Price to Sale Price.

  So if you want a good negotiator find an office that has agents that specialize in homes that have been on the market for along time.

• 2 Matt // Mar 5, 2007 at 2:34 pm

  Ha, that came out of left field…I’m sure there will be more hard hitting data from you soon…because the people need to know!

• 3 Russell Shaw // Mar 5, 2007 at 11:30 pm

  LOL. Love this study. I have to get more digital cameras now.

• 4 Christoph Schweiger // Mar 6, 2007 at 7:14 am

  A fallacy of composition perhaps???

• 5 Tony Arko // Mar 6, 2007 at 2:36 pm

  This is the type of data I need to take with me on listing appointments. Keep the analyses coming.

• 6 Lenore Wilkas // Mar 6, 2007 at 11:12 pm

  Oh Kevin, with the number of listings on REIL, you must have a lot of time on your hands to sit down and crunch that data! I find it interesting to still see how many listings come on without a picture of at least the front of the property. Even if they’re waiting for the virtual tour to be shot, they can at least take a picture by themselves and upload it and then delete it later. I guess those are the agents who don’t understand how to upload pictures. Perhaps these are ones you’re talking about?

• 7 Sunil Sethi // Mar 7, 2007 at 2:29 am

  Kevin,

  did you check to see if there was any correlation between how many mega-pixels the picture was shot in? Also any impact to price if a virtual tour was included? Thanks.

• 8 Daily Links at Maury Properties - San Francisco Real Estate // Mar 7, 2007 at 8:28 pm

  [...] A Year’s Numbers Come In From The MLS: Agents Who Take More Pictures Negotiate Better | 3 Oceans — The San Francisco Bay Area Real Estate Blog More pictures = higher average sales price. (tags: realestate realestateagents) [...]

• 9 Lucy // Mar 16, 2007 at 9:47 am

  Good post. I think a “traditional agent” who takes lots of pictures, uses technology to their advantage, and communicates effectively with a customer has the ability to close as many sales as any Redfin “real estate consultant”. The main key in these ever changing times is just that — keeping up with change.

• 10 Redfin Launches Consumers’ Bill of Rights | 3 Oceans -- The San Francisco Bay Area Real Estate Blog // Apr 2, 2007 at 8:06 am

  [...] Not because I am uncritically accepting of everything Redfin foes; quite the contrary, I have called them out on blurring the distinction between correlation and causation (see my articles Redfin Numbers Food Fight and Agents Who Take More Pictures are Better Negotiators), I have criticized their advertising as needless stick-it-in-the-eye tactics, and I have criticized Glenn for making reckless statements to the media that do nothing to endear him to the real estate community. [...]

• 11 The OC Coastal Real Estate Blog » Real Estate Statistic of the Day // Apr 25, 2007 at 1:55 pm

  [...] Posted on March 5th, 2007 by Mike Simonsen. Categories: General Real Estate News and Info. Kevin Boer points us today to the most insightful real estate statistic I’ve seen in a while. The evidence is in and it proves that the more photos you take of your home, the higher the price you’ll get for it. Kevin credits this value add the realtor; our hypothesis is that the pictures improve the value of the property itself (clearly this amount of price increase can’t be attributed to negotiation!)   Want a more valuable home? Take more pictures.   We’ll be incorporating this variable into an AVM regression and patenting it (with license royalties to Kevin of course) before Zillow tries to ape it into their zesitmate.0 comments. [...]

• 12 Michael Devlin // Jul 15, 2007 at 5:25 pm

  Although I agree that more pictures are better, couldn’t your correlation be caused by more valuable properties having more to take pictures of? Less valuable properties may just not be as photogenic.

• 13 Frank Borges LL0SA- Virginia Broker Blog.FranklyRealty.com // Nov 17, 2007 at 8:08 am

  Have you run an analysis of DOM and how it correlates to a lower % of (original) list price?

  I’m looking for that data. I plan to run my own numbers, but wanted to first see if somebody has run the numbers.

• 14 Kevin Boer, Broker Owner, 3 Oceans Real Estate, Inc. () // Nov 17, 2007 at 11:03 am

  Hi Frank,

  I have run some numbers like that, but I don’t have them handy. Generally, they’re pretty unambiguous:
  1) The longer the home stays on the market, the lower the ratio of sales price / list price.
  2) Even more interestingly, the longer the home stays on the market, the lower the sales price per sq ft.

• 15 Frank Borges LL0SA- Virginia Broker Blog.FranklyRealty.com // Nov 24, 2007 at 5:01 pm

  Hey Kevin,
  I ran the numbers. I didn’t publish my DOM correlation yet, but I did run stats based on # of photos.
  And based on % of Original Asking price (the REAL Original price, adjusted for relisting), a home with 1 photo sold for $15,000 (for a $400k home) less than homes with 10+ photos.
  I made the link to my name go directly to the blog, or go here:

  http://blog.franklyrealty.com/2007/11/buyers-dont-skip-photoless-listings.html

  Frank

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