SOCIAL MEDIA'S NEWFOUND PRESENCE IN REAL ESTATE
June 11, 2017
Think back a decade or so… how did you traditionally find a house or apartment to buy or to rent? For those of you who went through this process in the early 2000’s, you know your most valuable resource was a trusted realtor. Estates for sale or rent were primarily advertised through real estate agencies, in newspapers, and on a few select websites like the MLS database. Since then, finding an apartment to rent or a property for sale has drastically decreased in difficulty. Websites like Zillow and Trulia make finding a home in any corner of the world a possibility. The age of the internet and digital revolution changed the real estate industry as we once knew it, most would say for the better. Interestingly enough, real estate is currently adapting to a new type of digital revolution that has begun permeating the industry within the last couple years. If you guessed social media, you’re right on the money. Social media’s ubiquitous nature and powerful reach would not be inhibited by the traditional real estate marketing tactics.
It’s hard to pinpoint where or when social media began taking a grasp on the real estate industry. Several factors that helped increase social media presence in real estate include: home TV shows intermingling with social media, the rise of luxury property content distribution, realtors using platforms to brand themselves and share properties, and of course the increase in consumer time spent on mobile devices. While we may never know how it happened so quickly, one thing we know for certain moving forward, is that social media in real estate will continue to grow and change how consumers reach their housing needs. Let’s explore how some of these factors catalyzed the rise of social media in real estate and how we can expect them to affect the industry in the near future.
Luxury Homes and Home Remodels
For those of you who remember MTV Cribs, you’re familiar with living vicariously through the life of the rich and famous and their incredible estates on television. MTV Cribs, one of the first shows to showcase luxury homes in a personal manner, helped set the stage for future shows and video productions. Nowadays, home makeover shows like Million Dollar Listing, Property Borthers, and more, are popular and have seen higher consumer interest. While these luxury homes and home remodels get significant attention from television shows, they have also paved the way on social media for similar interaction with consumers. With a quick search on almost any social media channel, you can find a stream of luxury estates or “how-to” home remodel guides and advice. Realtors, real estate investors, development companies, and real estate agencies have seen recent successes using social media to advertise properties on the market. When they use social media to showcase a property, they often times use it to tell a story about the property too. According to consumer trends, luxury properties and home remodel productions will continue to thrive on social platforms for the foreseeable future.
Video Content and Virtual Tours
As high definition photography and videography have seen significant technological advancements in the last several years, they have also become more accessible to consumers. This has spurred more content creation and production especially in the real estate industry. As an abundance of photo and video content began to accompany each real estate listing, there suddenly was a demand to store this content digitally for prospective buyers to view. While many sites like Zillow and Trulia have visual content for properties, social media has also grown into another source to store and share this content. Realtors and real estate agencies began sharing their properties on social media and due to good engagement from their target market, they will continue to utilize social media as an avenue for advertising properties. Last but not least, with more and more video content being created as well as virtual tours for real estate properties, social media can expect to see a rise in real estate content shared and promoted. As video has increasingly become the number one way to market to consumers within the last couple years, social media has been one of the most effective channels to promote video content.
Realtor and Agency Uses
One might assume that realtors and real estate agencies are only focused on promoting properties on social media. This may be true for some, however, many realtors and agencies are using their social media reach for their business more than just listing properties. Realtors and agencies are using social media to brand their services and business. One of the most direct reasons why realtors are doing this is because the process of buying or selling a house is most often times a very personal process. The buyer or seller of the property works closely with their realtor or agency to reach the desired outcome for months at a time, usually. Savvy realtors and agencies are taking these real estate experiences and displaying them on their digital assets like their websites and social media. As a consumer, we are more likely to buy a product or hire a service company after hearing positive word-of-mouth feedback from our peers. This consumer habit also applies to reading consumer reviews of a product or a service. Are you more likely to choose a real estate agency with over a dozen 5 Star reviews or one with no reviews at all? We’d be willing to bet you’d choose the former.
Social media marketing has just started to permeate the real estate industry and its early stage effects have been powerful for realtors, agencies, buyers, and sellers alike. Because of many factors supporting social media’s rise in real estate, we predict that we will continue to see many new functions and forms or social marketing in real estate in the near future. At Bloom Social, we work closely with many real estate agencies and realtors managing the social marketing efforts for their real estate business. We have seen firsthand the positive effects of consistent social media marketing for our real estate clients and believe with our professional touch you too can grow your real estate brand!