As of 2018, Millennials made up 66 percent of the market for first-time homebuyers, and 99 percent of those looking for homes use the internet to research properties. And we aren’t just talking googling — 86 percent of home shoppers say they would use video to learn more about a specific community they are considering. Over the last decade, the internet and social media has impacted the way people find and buy homes. Below, we breakdown how social media has impacted the way we do Real Estate.
Finding an agent
Before social media, if you were looking for a local agent you’d probably ask neighbors or utilize the real estate section of the local paper. Today, fewer people receive the local paper, therefore, agents are spending less money advertising in print, and instead spend the ad money on facebook and instagram campaigns. Additionally, old fashioned word of mouth is no longer as simple as asking your neighbors and colleagues. Instead, a simple social media post out to your entire network inquiring about the best local agents can lead to a number of suggestions.
One of social media’s largest impacts on Real Estate is the ability to give video tours, post countless photos, and promote inventory in a cost effective way. Prior to social media, the only way to show off inventory was to pay for ad space in the local paper or real estate catalogue. Now, agents can post inventory in real time, and update when the home has been put under agreement so that potential clients are aware the house is off the market.
Promoting Open Houses
Gone are the days of hanging open house signs and promoting in the local paper in hopes someone may come to the open house. Now, simply post on social media a few photos of the home with your open house date, pay a few dollars to boost the post, and everyone within a 10-mile radius of the open house will know it’s going on.
What are the negatives?
Though social media has been a largely successful addition to the real estate business, there are still some fallbacks. For example, local, old-school brokerages that don't have a full grasp on social media can take major hits by not keeping up with the Jones’s. These agencies may need to hire young talent to come in and revamp their social pages in order to keep up, which isn’t always cost-effective. For those who understand social media, it is an affordable way to keep in front of potential clients, but for those who don’t it can be costly to keep up.