02 Nov The Digital Chronicle Episode 14 – How Social Media Is Impacting The Real Estate Industry
Want to know how social media is impacting the real estate industry?
Social media is not a new trend. In fact, did you know it’s actually over 20 years old! It might not be new to us but social media is constantly evolving and has a significant impact on business – and that includes the business of real estate.
Here’s where we’re seeing the most significant impact:
1. VENDORS NOW EXPECT IT
Vendor paid advertising on social media is on the rise and we’re now seeing many agencies include it as a standard element of their marketing packages. This is becoming standard practice with around 17 million active users on Facebook and 9 million on Instagram in Australia.
Vendors know that social media can provide the leverage their property needs to find a buyer or achieve a premium result, especially in a stabilising market. If you’re an agent running your VPA through your agency’s social media channels, you could be missing out exposure for your profile.
Setting up your own social media channels and promoting your listings there would be in your best interests if that’s a possibility for you.
2. IT’S BECOMING A VEHICLE FOR ATTRACTING MORE BUYERS
As the market continues to stabilise we are seeing more and more agencies shift their focus from attracting vendors to looking for new ways to attract buyers.
Social media not only has the power to give your property exposure to more potential buyers, but also to build up your buyer database, an asset for any business. More properties on the market, expert advice, connections and thorough buyer work have become integral in putting deals together.
3. IT’S IMPACTING THE WAY CUSTOMERS COMMUNICATE
It is even possible that email could be redundant in the next 5 years. I know it seems crazy to think that but studies show that millennials find email ‘too slow’ and prefer to communicate via messenger platforms.
It is not hard to see that the way real estate businesses communicate with buyers and sellers is set to continue to transform over the next 5 years. People now expect to be able to communicate with brands instantly through social media.
4. IT’S BECOMING CRITICAL FOR BRAND EXPOSURE
Traditional marketing methods such as DL cards and newspaper advertising are becoming more expensive and less effective, and are also difficult to track results from. As such, digital channels are essential for brand awareness and exposure to vendors, buyer and landlords.
Agencies who aren’t using social media effectively to leverage their profiles are missing out getting in front of more vendors, buyers and landlords.
Unfortunately, the longer that you put off building your social media profiles the harder it will become to catch up.
Need help with your digital marketing?
Chronicle Republic Communications is a boutique Sydney marketing consultancy for real estate, property and interiors professionals. We specialise in social media, content marketing, email marketing, blogging, search engine optimisation, social media advertising and much more!
If you are looking for social media for real estate, property or interior design our digital marketing experts can help you bring your brand’s story to life.