Utilising Social Media in Reviving Real Estate
Like every other industry, the phenomenal growth of social media has changed the way the real estate industry functions. Agents have started using these channels at every stage of marketing, be it for lead generation, sales or brand building. It allows realtors to develop their enterprise as they are able to instantly connect with existing clients, potential customers and their competitors. Further, majority homebuyers today have taken to the Internet whilst looking for their dream house. While businesses of all shapes and sizes can benefit from a smart social presence, the importance of social media for real estate really cannot be overstated. The potential customer pool at your disposal with social media is unprecedented compared to any other marketing tool. Social networks allow you to engage in ad campaigns, promotional offers, word of mouth marketing, and customer referrals simultaneously.
The reality is, if you’re working in real estate, you’re crazy busy. You need to prioritize your time and focus on the social media marketing platforms that make sense. Based on the previously noted National Association of Realtors (NAR) study, Facebook (97%), LinkedIn (59%) and Instagram (39%) are most realtors’ top picks. The NAR study also found that, social has become integral to scoring clients and closing deals across the industry. Here’s a brief snapshot of the report’s findings:
- 77% of realtors actively use social media for real estate in some way, shape or form
- 47% of real estate businesses note that social media results in the highest quality leads versus other sources
- 99% of millennials (and 90% of baby boomers) begin their home search online (as opposed to in-person referrals)
Translation? Social media is an absolute goldmine for real estate businesses.
Lim Boon Ping, president of the Malaysian Institute of Estate Agents, said companies needed to learn the value of social media as a lead creating tool, which could assist agents in closing deals. “If you are a player and you want to boost your posts, you will have to learn how to generate organic reach, and that’s through social media to create a brand for yourself. Online, there are no borders, you can create an international presence easily to reach out to international buyers.”
Once you sign up for social media accounts, you will have to make a commitment to posting high-quality material on a regular basis. A consistent interaction with your followers will go a long way in establishing a solid local reputation. If you do not want to be burdened by the daily responsibility of social media, assign it to someone else in your office. Some businesses even hire social media experts on a full-time basis. With that in mind, the best move is to have at least a presence on each of the major platforms, and from there, strategically choose which ones to double down on. We’ve listed down some key benefits that you can reap from having a social media platform to enhance your career in real estate:
- Improves Brand Visibility
The primary reason behind using digital media platforms for promotion is that it assists in building the name of the brand. It helps position oneself in the market, subsequently catching the attention of new clients.
- Helps in Networking
Successful organisations have a very strong network base, and are very well connected with everyone present in their internal as well as external business environment. Social media does not only help in retaining current clients, but also allows one to reconnect with consumers from the past, attract potential buyers and keep a tab on the activities of their peers and competitors.
Further, digital media sites are great for gaining competitor insights. They help with understanding the strategy employed by other agents and how they are marketing their product. An individual can also communicate with their business peers for exchanging ideas, sharing experiences and getting into collaborations.
- Diversifies Marketing Efforts
Marketing offers business ventures with a large number of methods for promoting their product. Employing multiple marketing modes can prove to be beneficial as the returns will come from varied segments. Apart from merely using traditional ways, realtors can use a mix of online advertising and social media marketing to expand their outreach.
- Offers Platform for Flow of Verified Information and Content
Information is the key in today’s time. Reaching the right audience and sharing information in the shortest possible timeframe with accuracy and cost effectiveness is important for any organisation. Social media enables companies to share and broadcast news, information, updates, and progress to its customers and all stakeholders seamlessly. Also, it enables likes and shares by social media followers, which increases the reach amongst friends and peers.
Real estate on social media involves a lot of moving pieces and keen attention to detail. With that said, it’s also a prime place to prospect and generate leads. With so many clients flocking to social in search of their next property, you need to be able to meet them there.