With more than one billion tweets being posted weekly and over 700 billion minutes spent on Facebook ads every month, it is hard to deny that social media is taking over. Even companies that have been wary of switching to this form of online marketing are rapidly changing their strategies. After all, the fact that the vast majority of the world’s population is present on some platform of social media gives brands an ability to effortlessly broaden their targeted audiences.
Consequently, the likelihood of finding a small percentage of people who would be interested in the offered product or service grows exponentially. To better understand how exactly these tools are leveraged, however, it is important to analyze a real-life example. So, what are some of the ways in which social media is influencing the real estate market, per se?
The Visual Appeal
According to a residential real estate expert from Homelife Eagle Reality, Hans Ohrstrom, there is a reason why open-house events and virtual tours are the most dominant form of marketing. The prospective buyers’ ability to learn about the property and ask questions in real time is what leads to higher conversion rates. Not to mention that it permits the real estate agent to put their sales techniques to use in a face-to-face setting.
Well, social media can be seen as another extension of this form of advertising where the visual appeal is prioritized. How so? Well, consider the number of photos and videos that are posted on platforms like Facebook and Twitter on a daily basis. Not to mention the fact that YouTube specializes in this type of content. Thus, the real estate market is benefiting from the visual displays of properties that can be witnessed across all social media destinations.
Accurate Marketing with Laser-Focused Targeting
The process of buying a home will almost always come with a strict set of requirements that the buyer must adhere to. For instance, these can include everything from the location, size of the house and surrounding property, price, number of bedrooms, and more. Well, this means that one could waste a lot of money trying to sell a house that does not fit the requirements of the intended audience. Fortunately, interest-based targeting is making it possible to select the characteristics that advertisement viewers must possess.
So, if the viewer has a history of looking into homes with two bedrooms, they will only be shown ads with similar size in the future. This is made possible by complex algorithms that are helping the world of marketing evolve. In return, real estate experts can reach out to their ideal customer much faster than they used to be able to.
Establishing Trends in the Market
One of the most notorious abilities of social media is to categorize things that are happening in the world by popularity. Twitter, for example, has a state-of-the-art discovery section where current stories are listed based on the number of tweets dedicated to them. How is this helpful for real estate professionals? Well, it allows them to build a stronger market presence by relying on some Millennial marketing techniques. A great depiction of this would be establishing a hashtag that will be used by the company on a perpetual basis. After a while, it is undoubted that it will help increase brand awareness and may even go on to become a trending topic.
Information Availability
The fact that social media is becoming more common for marketing purposes means that businessmen and women will be able to easily find what they need. In translation, there is almost no other online database where the size of the Big Data systems would come close to giants like Facebook, Twitter, YouTube, and similar. So, how exactly is this beneficial to the parties involved in transactions? Well, it makes it easy for the buyers to get the right input about their buying decision.
Similarly, individuals like Hans Ohrstrom associate people’s ability to conduct high-quality research to the fact that all of the high-quality materials are available at their fingertips. These include platforms like specialized websites with real estate focus and online experts who share their opinion frequently. The final outcome? A smaller margin of error and a practically non-existent risk of miscommunication between parties that are going to be transacting.
