How Social Media Is Affecting Property Business?

How Social Media Is Affecting Property Business?

Effect of social media on real estate

A decade ago, social media marketing was still new. Facebook sure got the attention, but it was considered more of a fun thing. Businesses were curious about the idea and the lifespan of these platforms. A few years later, few businesses adopted social media marketing and reported great results. If not revenue, you can generate connections from SMM. You can build a loyal fan following which is mandatory for any brand.

Fortunately or unfortunately, the real estate industry adapts slowly to technical changes. The brick & mortar business responded slowly to social media marketing efforts but the connection was inevitable. Nowadays, people find their houses online. It is safe to say that 99% of people search for their homes online. Statistics say that 54% of millennials found their dream home via a mobile device.

We have heard this statement again, and again. Millennial buyers are purchasing properties. Now there is something special about this generation. It grew with the internet. Companies such as Google, Amazon, Alexa and several others are just in their twenties. The 1990s generation has seen the progress of these companies as well as the internet. This generation is the most optimistic when it comes to trusting digital communication. They will trust an online listing, and they can purchase a house online!

Our buyers are changed, and the industry is changing as a result.

Role of a Broker has Changed

Millennials often face, what we call, the “information overload”. The information is available. They can do anything they want. But, is it really possible? It’s not possible to do everything even if you have information available on your fingertips.

Homebuyers understand this concept. Despite the available information, a huge percentage of people acquire the services of a real estate agent. However, the role of a broker is no longer the same. Real estate agents are playing the role of an advisor. It seems customers value human relationships, trust, and communication more than the information, numbers, or figures.

The Social Circle Affects Our Decisions

We are more connected than ever. Distant friends, best friends, and family members are in our digital social circle. One resource says, that if your friend’s house appreciates by 5% then it’s possible that you’ll:

  • Pay 3.3% more for your new house.
  • Contribute a 7% bigger down payment than planned.
  • Buy a 1.7% bigger house

Social media is changing our business strategies. Real estate agents are offering digital ways of doing business. It’s no more a surprise to conduct showings through skype. Brokers are answering questions on WhatsApp, and messenger.

Our Workforce is Changing

The Internet is changing the business style. Many of us are no longer in a conventional 9-5 job. In the United States, 50% of the population is freelancing.

When a diverse community searches for a house, they settle for suburbs. You don’t have to be in the central city to have a great lifestyle. You can live a few miles away from the city center and still enjoy all the amenities. Living in the suburbs gives you access to quality education, and other facilities without having to break the bank. You can find a house at an affordable price, stay connected to the city, and your friends.

Heritage Home Solutions is a real estate solutions company in New Mexico. We acquire ugly houses and renovate them to match customer expectations. If you are looking to buy or sell a house in associated areas, please contact us or give us a call.

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