In 2019, The National Association of Realtors completed a study titled Real Estate in the Digital Age which analyzed the trends in social media and technology used within the industry by realtors themselves and potential clients or buyers. The study concluded that 82% of realtors do not use social media, whereas a very large majority of their buyers do. Navigating this new unfound territory of social media can be a little daunting, but we’ve picked out the most important takeaways from this study to help solidify why the big step of promoting your business on social media is vital for you as a realtor.
Social Media is 15% more effective than MLS Sites and 18% more effective than Brokerage’s websites
Understanding where your ideal buyers congregate is the most important thing to consider, when you want your business to be prominent where they spend a lot of their time. What better way than having your business be present on social media? Not only is it more time and cost effective, but also more efficient! You’re able to reach much larger audiences in the click of a button. Plus, out of all buyers and clients 98% use the internet and a very large percentage of those are also on one or multiple social media platforms. Different platforms appeal to different demographics. For instance, Facebook is more popular amongst older demographics of Baby Boomers (1946-1964), Generation X (1965-1979) and some Older Millennials, also known as Generation Y (1980-1989). Whereas Instagram is more heavily used amongst Younger Millennials (1990-1998) and Generation Z (1996-present). Of the realtors that already use social media to promote their business and listings, 97% agree that Facebook is the most used and effective social media platform for real estate.
Real-time data analytics which can help in calculating return on investment
With the exception of paid advertising, social media is entirely free! The cost of starting up a social media business page is absolutely zero (on most sites) and comes with many free analytics tools to keep track of the traffic and engagement on your pages. Real-time data including how many people your posts have reached, number of clicks, changes in followers, number of likes and even opportunities to direct them to your website, can be super helpful when it comes to really understanding potential buyers’ behaviours. After all, people are more open and honest online. Having your business present on social media provides you with the competitive advantage of having a way better ability to gauge your potential clients’ interests and tastes.
Social media assists in building long term relationships
The study outlined that over time the duration of a realtor-buyer relationship has increased to approximately ten weeks in 2019, looking at an average of ten homes during that period of time. Although social media might seem fleeting and temporary, there is actually the opportunity to develop long term relationships through fostering a loyal following. The same standards of being a realtor also apply on social media. Communicating effectively and professionally while also being attentive to clients’ needs. Along with posting good content consistently while responding to messages in a timely manner, this demonstrates transparency and trustworthiness. By promoting your business on social media, you’re able to communicate with a large audience and individuals all at once. Directly communicating with potential buyers or clients through the in-app messaging features available adds a personal feel that will help in building long lasting relationships.
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Source: Real Estate in a Digital Age – 2019 Report. National Association of Realtors – Research Group. https://www.nar.realtor/research-and-statistics/research-reports/real-estate-in-a-digital-age