Facebook has evolved from just a fun social platform to a thriving business platform for numerous businesses. The platform has made marketing incredibly cheap and precise, and this has significantly aided the growth of small businesses and revolutionized certain industries. The real estate market has not been immune to the effects of Facebook. It has opened up new marketing fronts and eased accessibility to the market for both customers and realtors.
Consequently, certain significant aspects such as growth and performance have been changing for the best. What’s more, the industry is expected to become more integrated with social media as a whole, and more change is expected over the coming years. Here are ten ways in which Facebook is affecting the real estate industry.
It has eased marketing
The very essence of Facebook has transformed marketing for the better. It makes it possible to directly reach a wide group of people at any time and from anywhere. Even better, one can easily refine the target group when it comes to aspects such as gender, age, and social class, which increases the chances of success. Finally, marketing on Facebook costs virtually nothing when compared to other marketing streams such as TV advertisements.
Smart realtors have taken advantage of the numerous marketing opportunities in Facebook, and it has worked out positively for many of them. Consequently, they have registered higher sales and lowered their advertising expenses.
It has increased transparency
Unscrupulous realtors are notorious for hyping houses regardless of whether or not they bear negativity. For instance, many people have ended up renting houses in unsafe or noisy neighborhoods without their knowledge after being sold in on an ideal picture. Fortunately, however, this has been changing thanks to Facebook.
Today, customers are able to assess more information about the environment they intend to live in beforehand by monitoring the residents’ Facebook community pages. Hence, a customer is able to make a more informed decision and unscrupulous realtors are changing their bad ways.
It has led to growth
The real estate industry in the U.S. and across the world as a whole has been growing at an impressive rate. This has been aided by, among other factors, the proliferation of communication technology. As one of the most popular social media platforms, Facebook has made it easier for realtors to network with other realtors and customers, and this has eased interaction and transactions.
Consequently, the industry has been able to grow faster than in the past years when social media was still but just a concept. It has also helped to ease the challenges of some of the industry’s obstacles and possibly delayed collapse.
It has boosted competition
There is stiff competition in the real estate industry thanks to the numerous opportunities that it offers. And, unlike in the past when only major realtors controlled a large segment of the market, small-scale realtors are finding it easier to climb up the ladder thanks to the numerous opportunities that Facebook offers.
For instance, it is now easier and cheaper to find customers and market to them unlike in the past when marketing cost hundreds of thousands. This has boosted competition as each realtor strives to outdo the other and make a better impression on potential customers.
It has eased customer feedback
Customer feedback has become more common in the real estate industry thanks in part to Facebook. Unlike in the past when buying a house ended with making the payment, today customers can give reviews of their experiences in their new homes. For instance, there are many community pages on Facebook where residents of a certain region can socialize and exchange views on their houses and neighborhoods.
It has exposed emerging trends in the customers’ demands
Thankfully, some customers use the Facebook community exchange platforms for more than just complaining about bad housing. In a bid to express their feelings, customers (and especially millennials) have been giving their opinions and ideas of what would make ideal housing. Consequently, this has aided in exposing emerging trends and demands. For instance, realtors have discovered that millennials prefer an urban look and feel and are more concerned about accessibility to amenities and affordability than space.
It is influencing new designs
Thanks to the growing number of customer reviews as discussed above, the real estate industry has been making some much needed changes in housing designs. For instance, more and more millennials have been expressing need for urban housing designs that are not necessarily large but moderately sized and, hence, affordable. In response, smart realtors have been adopting new designs in a bid to appeal to the growing millennials market. These changes have boosted diversity in the real estate industry, and they are expected to revolutionize living as more and more people chip in with new ideas and needs.
It has opened up the industry to the young generation
Inman, one of the leading research companies in the real estate industry, reports that most realtors are over 40 years old. This is somewhat expected considering the financial obstacles that stand in the way of young aspiring realtors and the real estate industry. However, more and more companies are realizing the need for young blood thanks to emerging game changers such as Facebook. This is because young realtors are capable of making the best of Facebook and better understand the needs of equally young customers.
It has encouraged cohesion
Real estate is about more than just figures; it is an industry that caters to one of man’s primary needs. And, while in the past people came together as communities through neighborhood clubs, nowadays social platforms such as Facebook cater for this need. To this end, it has been instrumental in enhancing unity and cohesion in many neighborhoods, thus fulfilling one of the most important roles of real estate.
It has created new job opportunities
Since Facebook has proven to be such a major part of the real estate industry, realtors have decided to invest in their Facebook business pages. Consequently, this has led to the creation of new jobs such as customer liaise on and Facebook marketing, just to mention a few.