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FORUMS Post Processing, Marketing & Presenting Photos The Business of Photography 
Thread started 23 Oct 2015 (Friday) 11:05
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njstacker22
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Oct 23, 2015 11:05 |  #1

I'm a real-estate photographer that has been in the business for a few years but mostly stick to shooting residential real-estate. I was offered a job from a broker that I have been working very closely with since day 1 to go and shoot local landmarks/highlights. The job is done but I'm having a difficult time pricing it and just looking for some opinions. The job included the following: 55 still images, 10 aerial images (from 3 different locations) and 15-20 different locations. Everything was shot within a 20 mile radius. The images have no expiration and it was under strict instructions that they cannot be sold to any competing offices. The images will be put into a database for the entire office to pull from and use for listings (80 or so agents, probably 30 full time) and will also be used for online + print advertising (local magazines, newspaper, mailers, etc.). Basically, the way I'm thinking about pricing it is charging $25 per image and $50 for the aerials. This comes to approx. $1875 before tax. I personally feel like this number is about right but I've asked a few others and they think it's too low and should be more in the $2,500. For the record, my standard rate per picture for residential real-estate is about $5.60 so at $25 I'm about 4.5x's my normal price. I don't want to throw a huge number out there and potentially hurt the relationship since I was trusted enough to do this without a budget. Actually, when I brought up the word budget he calmly said "We don't have to talk about that. I trust you" and that was the end of it.

Any one have any experience with pricing this type of work?


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Scott ­ Spellman
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Oct 23, 2015 12:56 |  #2

You have put yourself in a terrible position by not agreeing on a price for a large exclusive project for a big client When you considering a price 4X your normal rate and have no mathematical method to justify your price, you will probably have an unhappy client. If anything, I would try to price this job based on the time and expenses so you can at least have some explanation for it. Convert your current rate into an hourly rate and then multiply that by the time required for this job to get a price. It would be logical to have a higher rate for aerial work.




  
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JacobPhoto
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Oct 23, 2015 13:15 |  #3

Scott Spellman wrote in post #17757388 (external link)
You have put yourself in a terrible position by not agreeing on a price for a large exclusive project for a big client.

agree 100%

That being said, the part of the licensing calculation that is most important is this part:

The images have no expiration and it was under strict instructions that they cannot be sold to any competing offices.

This job is one that you will never encounter again. Your few hours of work will be used for not just months, but years to come. Additionally, the exclusivity request requires an additional premium to be charged, as again, these images cannot be re-monetized again in the future. a typical 3x to 5x multiplier is common for exclusivity, and another 3x to 5x multiplier for non-expiring rights. Licensing these images for 5x to 15x your normal rates would be a MINIMUM, in my book.

Is the end price likely to be a really big number that might scare the client? yup. However, if they agree to relax either of their requirements (exclusivity / non-expiration), the number drops quickly and dramatically. 1 or 2 year non-exclusive licenses are the norm. Asking for unlimited, exclusivity should be priced at a premium.


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njstacker22
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Oct 23, 2015 16:16 |  #4

I did make it very clear that he would be charged for the unlimited use and no expiration and he was absolutely fine with it. What Im concerned about is at what multiple do people price this type of work at


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Latebraking
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Nov 29, 2015 20:19 |  #5

What eventually happened to this situation? Did both parties end up in mutual agreement and satisfaction?


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njstacker22
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Dec 01, 2015 10:03 |  #6

Latebraking wrote in post #17801088 (external link)
What eventually happened to this situation? Did both parties end up in mutual agreement and satisfaction?

Perfect timing for an update. We went back and forth a few times and currently I'm in the middle of setting up different licensing options. He wasn't thrilled with the price but in his words "if I have to pay it that's what I'll pay" but he would like to see if we can get the price down a bit. Personally, I think the price was more than reasonable but I guess it came to be a bit of a shock when he saw the total. He thought it would be about half the final figure.

We both agreed that a budget should have been discussed in the beginning and we were both naive not to do so. Lesson learned.


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