Dec 6, 2023
Maximizing Impact in Real Estate: Unveiling the Power of Social Media Marketing
Dive into the transformative role of social media marketing in the real estate industry. This blog offers a comprehensive look at how key platforms like Facebook and Instagram are reshaping property marketing.
The Evolution of Real Estate Marketing: Embracing the Digital Age
Ever since the inception of Facebook and the following boom of social media platforms, a new era of marketing sprung into life. An era where a single viral content could garner 1000s of users for your platform, catapult your brand awareness, and amplify your sales. Back in 2010, Old Spice released a commercial across social media platforms to increase its reach and relevance to both men and women. In just 6 months, it received 19 million hits and increased sales by 27%. Note that this was back in 2010, the early days of social media. Now, a research report from Statista shows that as of 2023 there are 4.89 billion users on social media, and social media advertising as a whole is expected to grow to $247.30 billion by 2027. But the focus in this article is to understand why social media marketing is crucial specifically for Real Estate.
Real estate marketing has evolved over time. In its initial form, you had “town criers” — people who homeowners would hire to speak to the public about properties for sale in certain areas, a much simpler time. Then came the printing press which transitioned to telephones and cold calling and then radio and television in the 20th century. In the 21st century social media marketing will be the dominant standard.
Why Social Media Marketing is Essential in Today’s Real Estate Market
But don’t just take my word for it here’s some data to back up the statement. A survey from 2022 carried out by the real estate publisher The Close, showed that 80% of real estate agents believed social media would be the #1 channel they use to grow their business. Why you ask? The #1 reason agents want to maintain a presence on social media is to stay top of mind amongst their sphere of influence. Generating leads and referrals were the 2nd and 3rd most popular reasons for engaging in social media marketing efforts.
A research by the US National Association of Realtors (NAR) provides further evidence to showcase the significance of social media marketing for real estate. From their 2022, technology survey, 89% of respondents use Facebook in their real estate business, 59% use Instagram, 53% use LinkedIn, and 26% use YouTube. 63% of respondents said the main reason for social media use in their real estate business was to promote listings.
The top three tech tools that have given respondents (or their agents) the highest number of quality leads in the last 12 months were:
Social media (46%)
Their local MLS(30%)
Customer relationship management (CRM) (26%)
For those curious the sample size was an enormous 2419 responses, taken from active realtors.
Engaging Millennial and Gen Z Buyers: Social Media's Role
Another concern when using social media marketing for real estate is that a majority of the user base is young while homeowners tend to be at the latter end of the spectrum. But is that still the case? Millennials have represented the largest generation of homebuyers in recent years. Combine that with a report by Transunion that showed the number of Gen Z buyers doubled from 2018 to 2019. From a 2021 report by the NAR, Millennial buyers 22 to 30 years (Younger Millennials) and buyers 31 to 40 years (Older Millennials) continue to make up the largest share of home buyers at 37 percent: Older Millennials at 23 percent and Younger Millennials at 14 percent of the share of home buyers. Millennials have been the largest share of buyers since the 2014 report. Combining this information with the data from the 2021 report by Pew Research Center which shows that 84% of those aged 18–29 use social media, followed by 81% of those aged 30–49, points to the fact that social media marketing is crucial for Real Estate.
Elevate Your Real Estate Social Media Game with Kendal
Now that you’ve reached the end of this article, you might be wondering, ‘How do I start with social media marketing in real estate?’ If you’re pressed for time and prefer to focus on sales, or if the whole social media world seems a bit overwhelming, then Kendal is your go-to tool. Kendal simplifies social media management with AI-driven insights, crafting custom posts that hit the mark with your audience. It’s not just about posting; it’s about posting smartly with engaging captions, a consistent content calendar, and creative ideas that capture attention. Plus, with features like video editing, scheduling, automation, and detailed analytics, Kendal ensures your social media presence is both impactful and efficient.
And if you need a helping hand or some friendly advice, simply fill out the form below. Our team at Kendal is here to guide you through every step of your social media journey in the bustling world of real estate.