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Building Value1864

Nfinitevr private msg quote post Address this user
We are BRAND NEW to the Matterport game. We met with a luxury tower property in San Antonio. We offered to do scans at a premium price. Unfortunately or fortunately it appears another company offering Matterport has hit the customer with a ROCKBOTTOM price.

After doing research on pricing it appears that Matterport specialist are driving down the price on a technology. I feel that there should be a premium price including a hosting fee for AMAZING tech. I am not a real estate photographer or agent, I am a tech geek. The possibilities of the Matterport camera are HUGE. When and if they release the GOOGLE CARDBOARD app for Matterport, it will be a game changer.

I feel that my success for today and the future will be based on relationships and helping agents grow.

I walked away from my first gig not budging on price! Maybe I am too idealistic, but I feel that my team must build on VALUE of service and not PRICE.

Maybe I will be at a .10 sf but today... I must build value.
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suncoastskyview private msg quote post Address this user
We just finished scanning a very large home. It took nearly 200 scans and 7 hours. We charge premium prices for those big jobs.
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htimsabbub23 private msg quote post Address this user
I have noticed the very same thing. Of course we would all love to make more money per job, but being competitive is important as well. We priced our services based on the others that are within 200 miles. I would highly suggest getting in the door with a discount coupon and the up sell them with all of the extras you offer on top of the VT. Good luck!
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aerialpixels private msg quote post Address this user
@Nfinitevr

You touch on a subject close to my heart. (And well, yeah I wanted to add 2 cents to the Google Cardboard/VR thing)

Competition.

Essentially all Matterport scans, at its core, is indistinguishable from another photographer's. We have very little 'core' differentiating factors. Thats where MUG/WP3D try to help out by giving us bells and whistles to add to our offering. But they are bells and whistles, not the core service.

And as tech and supply (photographers) increases, price comes down. Natural order of things.

I used to fly drones as a hobbyist tinkerer years before drones exploded on scene. The 1st few pioneers who strapped cameras under their multirotors (thats what we called them), could charge a cool 4 figure sum per gig. In the span of 4 years, that price has come down to a very low 4 figure, and some yahoos charging less than 1k.
Likewise, a drone that could take decent pics used to cost at least upwards of 10k. Now you have DJI Phantoms at 2k and work way better than what I paid 10k over 4 years ago.

Barrier to entry to be a Matterport photographer is very low.

If this is a business for you, I recommend reading this book 'The Personal MBA' by Josh Kaufman. Lots of insights about 'common sense' business principles.

Of which one of them, related to this topic, is "...at what price is the customer is willing to pay"

No point pricing something premium*, that although cool and groundbreaking (yes Matterport), but the (majority?) market doesnt want to pay that amount to use it, even if it is leaps and bounds ahead of the incumbent regular photo panoramas and hotspots.

*premium can probably exist in some demand vs supply scenario. eg - Demand high- due to increased public awareness of matterport; and supply low, perhaps due to being in the USA, the AREA you are in has little / no MP photographers.

I am sure other people may have other point of views...which I do gladly love to hear. Cos like everyone, I too wish to earn much more per scan job than 'minimum wage'.

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htimsabbub23 private msg quote post Address this user
I
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3Dwalkmethru private msg quote post Address this user
Every market is different as we know, demand drives price up, but increases demand for more photographers then the price war begins once that void is filled.

So if you set realistic expectations for your business and make that your goal you will be focused and work on hitting your target. Creating a balance for your pricing based on your market conditions may help you get high and low paying jobs but ultimately reaching the objective . I recently raised my prices in order to pay referral commissions, word of mouth is your best marketing tool, so get people talking about you and your prices will go up.

Good luck and welcome to the forum.
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Nfinitevr private msg quote post Address this user
Thanks everyone...!!!

@aerialpixels, we are getting in the drone game also. Thanks for the book recommendation. I am going to be on the road tomorrow. I will start reading.

@3dwalkmethru thanks for the info.

Again thanks everyone.
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htimsabbub23 private msg quote post Address this user
For everyone thinking of, or already offering drone footage be very careful. The new laws in America are ridiculous, and we have already been warned by the FCC. In order to fly for Comercial purposes you have to apply for a 333 exemption and required to have a minimum of a sport plane pilot license. Yes a real pilot license.
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frstbubble private msg quote post Address this user
There should be a minimum price per sq. footage for MP scans. The people that are offering low ball prices cannot sustain a business model and if you maintain your price point consistent with the price of running your business then you will be in for the long run. The others will have to fold.

I came across the MP as part of my business in aerial photography. I found the multitude of uses for a drone fascinating. Did some research and think that an aerial data collection business is a great idea. I found a partner, formed a company, and we applied for our FAA 333 exemption last November. We are still waiting for our exemption to be approved.

I know that the next couple years are going to be a test of endurance. Right now, to get our 333 exemption will provide us a competitive advantage, and that is what we wanted. But soon (next month to 18 months) the final rule on UAS will be out, allowing anyone that passes a background check and general knowledge test to use a UAS commercially.

This is when everyone and their brother are going to try and get into the business as it is a low initial entry cost. And I expect this influx to devalue the aerial data collection business but, I know that there will be few that succeed, and will just have to maintain our price points and wait for the market to come back to those that provide excellence. If we offer an exceptional product for defined price, we will establish an excellent reputation.

The MP is the same. Many will try, few will succeed. This is a valuable product and it should not be promoted to sell the property, it is to sell the realtor. It has a minimum value that should be respected.

The cost to produce a 30 second video in the real world cost $5,000 $10,000 up to and above $20,000. So why are people doing 3 minute videos for $150 and $200?

Anyway sorry for the long rant but back to the point.

In establishing the business we found that realtor's want everything provided by one vendor, easier that way. So we bought our MP and will be starting to offer the service real soon. A few sample tours and we will be off to the races.

I do encourage you to get to know those offering the product around you and work together to set pricing points and such. Remember if your unit dies and needs repaired or you become overwhelmed you will have someone to subcontract the work to. And you all can benefit from a pricing scheme that will get you the most $$$ for each project. If the other company would have talked with you, both of you could have shared the project or they would not have LOST so much by low-balling it so much.

Again sorry had a lot to say on this.
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Nfinitevr private msg quote post Address this user
@frstbubble

Thank you...i feel even more confident in our decision.
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3Dwalkmethru private msg quote post Address this user
FRSTBUBBLE I spoke to a drone guy in Northern Florida he got into the Matterrort game three months ago and has done one job, guy is discouraged after the fact. What do you say to him about pricing when the homes in his are are selling for $125K - $250K range ...

This is why we should not worry about everyone's pricing, but the pricing that affects you in your area. There I say we should unite and set a standard price, but you know that is not going to happen. We do not know everyone's financial conditions and bills need to be paid so people have to do what they have to do.

I think I will stick to "build your name" get people talking about you and ride the wave as long as you can.
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suncoastskyview private msg quote post Address this user
Here in Florida, one out of 800 citizens has a real estate license. That's a lot of realtors. A few of them are doing well, the rest are struggling. Some love the Matterport but just don't have the money. A lot of them are intimidated by technology and just don't "get it".

The more tech-savvy sellers will eventually start to pressure their realtors into having MP scans done.

A great many buyers for Florida real estate come from the North or even out of the country. Matterport tours can be a wonderful resource to market properties to these customers.

We offer great value and help move sales.

Best,
Rick Odato, Sarasota, FL
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3Dwalkmethru private msg quote post Address this user
Rick I am thinking that if we cross market here in Florida we can help each-other with leads. I do not work further north of west palm beach.

I have a guy in Venezuela that gives me work here in Miami because all his friends bought homes here or are in process of selling etc. I agree that most buyers are not local that is a fact here in South Florida so this technology is the best alternative to being physically here. You are also correct about the agents here don't get it, they want to sell make money, but won't spend on good resources like Matterport.

I think is a matter of time before they will see that our service helps. I am sharing the stats with my clients on weekly basis I report to them how the tour is doing ..
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Dreammachine private msg quote post Address this user
@Nfinitevr,

I 100% agree with your perspective on the matterport tech being undersold by the "competition." As a collective the price should be held at a premium, which positions everyone to make more 💰💰.
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ScanMan private msg quote post Address this user
My average charge for a job is $2000. Iv'e just taken on a job for $5000. This is premium product. Market it in such a way and stay away from the Matterport branding. Matterport as a company have sold out to the volume market which means putting their product in the hands of as many real estate agents as possible who are on a race to to bottom. Its inevitable that this will very very quickly devalue this tool. Be unique and market yourself differently.
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DanSmigrod private msg quote post Address this user
What else about building value?

Dan
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