What does aerial actually buy, days or dollars?
I've been trying to put the aerial line item somewhere sensible in a marketing budget and I can't get the benefit to sit still.
The case that it buys days off market goes like this. Aerial makes the listing photo set stop the scroll, more people click, more people show up, and the property clears faster. On a deal carrying $2,400 a month in debt service and taxes, two weeks earlier is worth about $1,100 and the aerial package cost me $350. That version is easy to defend, and it doesn't require the buyer to pay a cent more.
The case that it buys dollars is different. On acreage or an estate, the aerial is the only way a buyer understands what they're getting, and a buyer who understands the parcel bids on the parcel instead of bidding on the house with some trees. That's a price effect, and it should show up in the number rather than in the calendar.
The problem is that I've never seen either one isolated cleanly. Every listing that got aerial also got better ground photos, a better description, and usually a better agent, so I have no idea which lever moved. And roughly a dozen states don't publish sale prices at all, so depending on where you are you may not even be able to check the price side after the fact.
So I'm curious how the room accounts for it.
In your underwriting, aerial marketing spend mostly buys:
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