The Spiro Podcast: Managing your Real Estate Photography & Videography Business
The Spiro Podcast covers the business of Real Estate Media. There’s a large volume of fantastic information on the creative aspect of the Real Estate Media Industry, but not as much on how to run the business side of a real estate media company. We’re here to help you grow and manage the business side of your business!
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Episodes
Monday Oct 17, 2022
Monday Oct 17, 2022
One of the most often asked questions we see is "How should I price my real estate photography?" Closely related to that is: "How do I package my services?" In this episode of the Spiro Podcast, we tackle both of those questions!
Show Summary:
0:00-3:52 Intro
3:53-14:35 Should I package by the number of photos I deliver or by the home's square footage?
Keep it simple
You know what you offer and what your packages mean; your Realtors don’t
Put yourself in their shoes- they are busy and want easy marketing
What do they need? What do they value?
Schedule coffee meetings to connect with Realtors and find out what they need
Brokerage meetings can also be helpful
Price and package based on what your client needs, not based on your competition
Wow has found that Realtors classify listings by average, above-average, and below-average and will want to market accordingly
They will want to see packages based on how they think- for example, “Luxury”, “Premiere”, or “Gold” for their above-average listings
They may be limited by how many photos they can post on the MLS, but they may want to use extra photos for other purposes
Shooting by number of photos is also more difficult
14:36-23:18 How do I determine package pricing and discounts?
Discounting can be a slippery slope- decide what your company’s mission is (to be the cheapest, best, most efficient, or something else)
Discount cautiously
Discounting may get you business in the beginning, but the Realtors who want the cheapest products are also likely to be the ones who complain the most and expect favors
Todd recommends reading The Pumpkin Plan, a book by Mike Michalowicz
You are selling to a salesperson who is used to negotiating- expect them to ask for discounts and sell them your value; show why you are worth what you charge and do not waver
Realtors see photography as a commodity and will seek the cheapest photography they can find, but you are their marketing consultant and represent them to their clients; when they see you that way, they will pay you to help them build their brand
Remind agents they will make money from you because you will help them grow
Sometimes you have to fire your clients
Set clear expectations with discounts- let them know it is a one-time discount, not the standard price
Do not feel bad for giving them good value in your services and products
23:19-28:31 Times Wow will discount
Clients in Wow’s social media management program receive a discount on social media video products; this is a win-win because add-ons have a higher profit margin for Wow and it benefits their marketing when the social media team posts the videos
Wow generally discounts on brokerage plans
Craig discounted based on the number of memberships (the client pays a fee for access to discounted pricing) a brokerage signed up for or referrals from clients and brokerages
Most companies have moved away from memberships; it can be beneficial in keeping clients’ business
28:32-32:18 What about offering mini-packages?
Make decisions based on metrics
Are you trying to entice new clients to order a full package from you? Or are you booked already and would have to trade a full shoot for a mini-shoot? Do you have a loyal VIP who needs one every once in awhile? Will you be able to use these to target a different market, such as builders?
32:19-35:48 How do you price and package? Let us know in the comments or by emailing us!
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
Spiro on Facebook: https://www.facebook.com/spiro.media
Spiro on Instagram: @spiro.media
Spiro on LinkedIn: https://www.linkedin.com/company/spiro-media
You can find out more about Spiro at spiro.media.
Monday Oct 10, 2022
Monday Oct 10, 2022
Like almost any industry right now, finding qualified contractor and employee photographers & videographers to help grow your business is a challenge. Todd & Craig speak with Ryan Lieurance, VP of Training at WOW Video Tours to discuss how to not just find, but also retain photographers and videographers that can help you grow your real estate photography business.
Show Summary Notes:
0:00-4:16 Intro
4:17-5:47 Ryan’s experience as both a photographer and VP of Training
5:48-7:04 Challenges WOW has faced
Picking the right person out of many good candidates
Finding qualified people to hire out of a few candidates
Don’t settle for someone who’s "okay"
7:05-09:54 Where do you start in looking for candidates?
WOW uses Indeed.com
Facebook groups can be a good resource
09:55-11:49 How do I use Indeed.com?
Create an account
They have a simple form to use
Email hello@spiro.media for the form WOW uses
11:50-14:23 What are applicants looking for in the job?
Most people are looking for consistent work
Consistency is not guaranteed in the real estate media business
Communication and expectations - be transparent and communicate exactly what the position is to build trust
14:24-17:51 How important is a good culture to employee retention?
Culture is everything
Treat people how you want to be treated
Anyone wants to know they have people behind them who care about them
Connect with your photographers and employees on a human level
17:52-23:15 How can business owners show that they care?
Be available
Check in with them, whether over the phone or in person, and find out how can you make their life better or easier
Let them know you appreciate them
Visit them at appointments if you can
The little things go a long way - don’t underestimate the value of the small things
Be deliberate
We communicate and receive love and appreciation in different ways, or love languages - discover what makes different team members feel appreciated, write it down, and use it
23:16-26:32 What is a 1099?
A 1099 contractor is paid per job
The company and contractor sign a contract of compensation
A W2 employee is paid hourly
As a business owner, decide what works best for you and make sure you talk to an attorney so you can treat your hires legally - it is worth the cost
You owe it to your company and employees to do it right
It varies by state
26:33-29:11 Who do I hire?
Hire for the quality of the person over the person’s experience
You can teach someone to use a camera; you can’t always teach someone great attitude, character, and personality
29:12-31:19 Reach Ryan at ryan@wowvideotours.com
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
Spiro on Facebook: https://www.facebook.com/spiro.media
Spiro on Instagram: @spiro.media
Spiro on LinkedIn: https://www.linkedin.com/company/spiro-media
You can find out more about Spiro at spiro.media.
Monday Oct 03, 2022
Monday Oct 03, 2022
It may not be the most glamorous topic in the world, but let's face it: staying on top of our accounting and having at least a basic understanding of our numbers, balances, reconciliation and the like is critical to running a successful real estate photography and videography business. Accounting may not be your favorite topic (but maybe it is), but knowing the basics of running your books is important. WOW Video Tours General Manager Derek Mayer joins Todd & Craig to talk about basic, solid accounting principles to help you get your business started, and to keep it running smoothly.
0:00-0:52 Preview
0:53-7:21 Intro
7:22-11:15 Why to not let accounting fall to the back burner
Need to prioritize accounting to know whether you are making money
Figure out whether you want to be the one to do it or find someone to do the numbers- Upwork, go local, get two or three quotes and clearly define what they will do for you
11:16-12:52 Generally costs $200-$400/month for a company shooting 300-2000 shoots/year
12:53-17:05 Business owners should have a basic understanding of accounting, even if they outsource
For those who want to do it themselves, it’s not that complicated
Take advantage of any resource you can find- YouTube has tons of videos, Google can help
Lots of software is available- QuickBooks (Derek’s recommendation, ~ $50/month), FreshBooks (~ $30/month), Xero (~ $35/month, bigger learning curve), Wave Accounting (free)
Try a variety to find what you like
17:06-18:52 What else does a photographer need to think about?
Get a business bank account and a debit or credit card for that account
Keep business and personal accounts separate- makes taxes easier
Software will help you import your transactions
Pick a payment provider- Derek recommends Authorize.net (no longer supported by Xero), Stripe and Square are also good
18:53-24:34 Basic reconciling
Reconciling is making sure every dollar is accounted for
Easiest way to know your numbers are correct
Whatever software you use, learn to reconcile, even if you have to pay someone to teach you
Easy to lose money when not reconciling
Don’t assume the bank is always right; they make mistakes, too
24:35-28:03 Find your system and lay a foundation
Sometimes you have to spend money to make money; you may need to hire someone to do your accounting
If you don’t focus on the numbers, things will slip by
One last tip from Derek: Have fun! Learn about your business and go make money.
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
Spiro on Facebook: https://www.facebook.com/spiro.mediaSpiro on Instagram: @spiro.mediaSpiro on LinkedIn: https://www.linkedin.com/company/spiro-media
You can find out more about Spiro at spiro.media.
Monday Sep 26, 2022
Monday Sep 26, 2022
One of the most common questions real estate photographers ask is about copyright and licensing of their photos. Who owns the rights to the photos? Do they need to be licensed? What happens if a listing changes hands and the new Realtor wants the photos the first Realtor paid for? Can the photographer use their own photos in other applications? Our special guest, Adam Taylor joins Todd & Craig this week to tackle these questions and give you some creative ideas on what licensing your photos can do for your business.
Check out Adam's Website at: https://adamtaylorphotos.com/
For Adam's Licensing Educational Resources, visit: https://adamtaylorphotos.com/education/
Show Summary Notes:
0:00-0:57 Sneak peek
0:58-2:55 Intro
2:56-4:04 Why copyright and licensing can feel scary
4:05-9:57 Adam’s story
9:58-13:47 Intellectual property
Your photos are not a tangible goods or a service; they are intellectual property
Licensing is selling the rights to use intellectual property
Music as an example- you have to buy the right to use it in a monetized YouTube video or commercial
13:48-15:39 Licensing makes sure you, as the photographer, get paid
When you take a photo, you have the copyright to that photo and must give others the right to use it
Working with an attorney is helpful
Know how the images can be used to set an agreement with your client
Licensing is priced according to the value of the intellectual property
15:40-18:04 How to compete with photographers who sign away their rights
Educate yourself and others
When you sign your photos away, you give up creative control and the money you could make from licensing those photos elsewhere
18:05-20:17 What other ways can you license your photos?
The “Licensing Mindset”: View every shoot as a way to make money- “I’m taking photographs that companies will pay for; how can I use the work I’m already doing to make more money?”
20:18-22:21 How can I license my photos to other companies?
Find the email address for the company’s marketing department and reach out to them
Craft a good cold pitch email- make it quick and easy to digest
22:22-25:59 Adam’s resources
Adam's website | Resources
Full course on the licensing mindset
Mini-course on cold pitching
Virtual workshop replays on architectural shoots, editing, portfolio-building, and more
Email templates
26:00-27:48 Licensing can be profitable
The types of homes you shoot will be a factor in how much you make from licensing
Set a goal for how much you want to make from licensing each year
Think about homes you’ve recently shot- were there any logos or new fixtures in the photos?
27:49-30:37 Be transparent
For photographers selling their copyrights, ask what their goals are
There might be a solution that can help you both
We can’t assume our clients understand copyright and licensing; they might be scared, too
Be open with your clients about licensing and how you incorporate it into your business
30:38-32:47 Contact Adam and us
Have questions? Email hello@spiro.media. You can find out more about Spiro at http://spiro.media.
Monday Sep 19, 2022
Monday Sep 19, 2022
Dominic Wilkerson of Dom Does Media joins Todd & Craig on the Spiro Podcast to talk about the upcoming PMRE Conference, and how he got into Real Estate Media. His story is an inspirational one that will encourage you to keep going after your business!
Dominic Wilkerson's Social Outlets:
Instagram: @DomDoesMedia
YouTube: https://www.youtube.com/c/DominicWilkerson
Website: http://domdoesmedia.com
Facebook: REPuNDERGROUND Group
Show Summary:
0:00-2:02 Intro
2:03-3:05 PMRE
3:06-7:26 Introducing Dominic Wilkerson
7:27-13:11 How Dominic has developed a social media presence
Created REP Underground- join by messaging Dominic
Realized a good conversion rate on Instagram is better than a large following- built 75% of clients from Instagram conversions
Three accounts on TikTok- yelling at traffic, gardening channel, and real estate photography
DomDoesMedia on all platforms | domdoesmedia.com
13:12-20:09
Targeting- find what hashtags niches are using and then use them in posts and interactions
Be sincere in interactions
Authenticity attracts people
Look at balance of profit and spending and how it helps your lifestyle over your numbers to measure profit
20:10-28:09 Preview of Dominic’s workshop at PMRE
Entry to advanced drone workshop through Drone Launch Academy
Hands-on and interactive
For people who want to grow their business by adding a drone service
Adding a drone service to an appointment increases ASP (average sale price), which is another method for increasing profits besides increasing shoots
Increasing ASP makes it possible to grow by hiring people and make lifestyle changes- moving from an apartment to a house
32:07-34:30 What to expect at PMRE
Registration the night before
Favorite part is socializing with people who aren’t local competition
Learning how to grow from industry specialists
34:31-35:42 Dominic’s workshop
On Monday of the conference
Sign up at pmreconference.com and click on the workshops tab
A few spots left- sign up today!
35:43-39:51 Drone Launch Academy
Online database of drone classes
Dominic is an instructor for the Academy
Just launched a course geared toward real estate photography
Teaches gear needs, theory of real estate photography and videography, editing, and more
Priced at $400, or the price of one or two invoices
39:52-42:54 Contact Dominic on Instagram, @DomDoesMedia
It takes the right mindset to succeed
Find a group or a mentor
Come find us at PMRE!
Dom's Workshop at PMRE: https://www.pmreconference.com/workshops/drone-launch-academy
Have questions? Email hello@spiro.media or craig@spiro.media. You can find out more about Spiro at spiro.media.
Monday Sep 12, 2022
Monday Sep 12, 2022
Jordan Powers of Jordan Powers Photography joins us this week to talk about marketing ideas that are on the more creative side, to help you build your client base for your Real Estate Photography & Videography business! Check out his website at:
http://jordanpowersphotography.com,
and his Instagram account at: @jrdnpwrs
Show Summary:
0:00-2:19: Podcast Open/Teaser: No One Cares about Real Estate Photography, except us.
2:20-3:53: Welcome & Introduction of Spiro Software
3:54-5:35: Introduction of Topic & Guest: Outside of the Box Marketing Ideas with Guest Jordan Powers
5:36-9:12 : Jordan Powers shares his business story:
Started Photography in 2005 with weddings and portraits
2011 was looking for a house in Minnesota, and had idea to shoot real estate because photos were so bad
Eventually got into Architectural Photography. Only difference between residential real estate photography and architectural photography is who the client is
9:13-10:58: How Jordan entered “educational” space of photography
Worked in corporate America for a time, and was part of award winning training program and coaching/mentoring others.
Has always had an interest in psychology
10:59-29:54: Outside the Box Marketing Ideas: How can we set ourselves apart from others in the industry in our market?
Do a “self-awareness” analysis. Identify what you are uniquely good at.
Make yourself more than just a photographer to your client
Created a Video Podcast/Show that featured his clients, and did a giveaway for commenting/sharing. Business doubled as word of the show spread.
Have to make people care about what you do
Marketing almost takes care of itself as you build authentic relationships with clients
Can go back to traditional marketing methods like presentations at brokerages, but have follow-up plan. Bring an iPad with you, and have a follow up event like a free listing shoot or headshot session. Pass iPad around to gather contact info, and get Realtor to take action while you’re there to follow up on.
Have a special page on your website for brokerage meeting you’re presenting at. Put QR Code up on TV screen and have them scan. Everyone that goes there can pick up FB pixel you put on page, that then targets ads to them for you. Be intentional in your follow up.
29:55-32:54 : Educational Resources from Jordan Powers:
http://jordanpowersphotography.com
Mastermind Calls & Coachings
Video Series on starting a business from scratch
Instagram: @jrdnpwrs
Eli Jones
Rich Baum
Rich Cool
Constantly be educating yourself and don’t take shortcuts
Don’t be afraid to experiment
32:55-34:39 : Closing
Have questions or comments? Email hello@spiro.media or craig@spiro.media. You can find out more about Spiro at http://spiro.media.
Tuesday Sep 06, 2022
Tuesday Sep 06, 2022
Realtors are asking for more and more in regards to services that Real Estate Photographers & Videographers provide, up to and including installing signs. Do we need to provide every product or service that a Realtor asks for?
Show Summary:
0:00-3:00 Intro
3:01-5:52: Introduction of Question: Do Real Estate Photographers need to offer every product or service a Realtor asks them for?
Real Estate Photographers today are largely offering more marketing services beyond photography than they used to.
Real Estate Photographers do need to adapt and change to what a Realtor needs.
But does every service need to be offered?
5:53-9:06 : Personal Story on Offering a New Product for Realtor Client
Most the home video tour work he did when company first started was in Northwest Ohio
Realtor in Dayton (hour and a half south) saw video tours and wanted WOW to shoot for him in Dayton
Realtor asked for Photos and video, and Todd didn’t offer photos, but agreed to job
If you don’t know how to do new service, learn first before trying to sell/offer it to clients
9:07-11:43 : How to determine whether a new product/service should be offered
Develop spreadsheet to share amongst company tracking client requests for products/services, to measure what is needed and what are one-off requests
Don’t create product/service because you think it’s “cool”, but market hasn’t expressed need for.
Ask clients what products/services they need. Send questionnaires to clients.
11:43-19:21: Is there a point of diminishing returns on how many services your company provides?
Look at how you can make your company “sticky” to a client (so they are less likely to leave you). Returns long term worth it.
Again, ask agents what they want to determine whether to offer service.
Gather data on the decision you need to make.
19:22-23:50 : Closing
Have questions or comments? Email hello@spiro.media or craig@spiro.media. You can find out more about Spiro at http://spiro.media.
Monday Aug 29, 2022
Monday Aug 29, 2022
The concept of an exclusive agreement to provide Real Estate Photography, Videography and other image marketing services for a large brokerage in your market can be a tempting one. But is it a good idea? Listen in as Todd & Craig discuss the pros and cons of Exclusive Agreements with Broker Clients in this episode of The Spiro Podcast: Managing Your Real Estate Photography & Videography Business.
Show Summary:
0:00-2:33 Intro
2:34-5:28: Introduction of Idea of Exclusive Contracts/Agreements - Craig’s Story
Top brokerage in town wanted an exclusive agreement for Craig to shoot for them and only them
What exclusive agreement entailed
Weighing the options
If tempted by such an arrangement, have agreement in writing and have attorney review
5:29-8:30: Can the brokerage asking for the exclusivity agreement “guarantee” a certain volume of appointments?
No. Brokerages can’t guarantee volume. Individual decision to hire a photographer lies with the Realtor, not the brokerage.
Ask for a retainer fee to protect against this. It’s a “safety net”.
This type of agreement can take you from being an owner of your own business, but really turns you more into an employee, but worse, still a 1099 with no real guarantees.
Do you really want to limit opportunities?
It might be a good situation for you by providing some security if there’s a retainer if your business is just part time/side gig.
Not an ideal decision if you want to take business full time and to grow it.
8:31-15:47: The Math of Whether to Take an Exclusivity Deal or Not
Look at current business, and breakdown of percentage of business amongst all brokers you shoot for.
What revenue are you giving up by taking Exclusivity Agreement?
Look at how much potential growth you can see both with Exclusive Agreement, and without it and growing through other brokers/realtors.
Decide what you’re comfortable with
Talk to an attorney about anything we haven’t covered in this podcast
How saturated with real estate photographers/companies is your market?
Write down the Pros and Cons of the agreement
15:48-16:50 : What is best for your business. There’s not just one approach to this.
If you’re facing this situation, feel free to contact us. We’ll whiteboard it with you and help you think through it.
16:51-19:41: Closing
Have questions or comments? Email hello@spiro.media or craig@spiro.media. You can find out more about Spiro at http://spiro.media.
Let's Talk About the Business of Real Estate Media
There is a lot of fantastic information online about the creative side of Real Estate Photography, Videography and Drone Work. You can find everything from camera body suggestions to what drones to use, to how to who a walkthrough video tour.
But what about the business side of our real estate photography and videography company?
-How do you handle sales?
-What about working with brokers?
-Hiring team members?
-The accounting that has to be done?
This podcast will explore all of this and more. We want to help you manage, maximize and enjoy the work you do each day in your real estate media business. Thank you for listening, and be sure to subscribe so you don't miss an episode!