Technology

The Impact of Social Media on Real Estate

 

In recent years, millennials have become the largest percentage of homebuyers. From 2018 to 2019, the number of Gen Z buyers doubled, with more than 300,000 Gen Z’ers taking out a mortgage. Almost all of these people are social media savvy. So it should be no surprise that decisions about buying or selling real estate are now heavily influenced by what they read and see on such media. 

In fact, the Pew Research Center reports that almost 80% of people between the ages of 18-29 use Facebook. Some 67% use Instagram. Facebook and Instagram are also the leading favorites among 30-49-year-olds; over 80% use at least one social media channel. 

We can describe people in these two generations as “social media-centric”. That is, how they consume information centers around social media. Such people will represent the majority of homebuyers for the foreseeable future. Consequently, social media and real estate buy or sell decisions are becoming irrevocably intertwined.

Social Media Matters

If you are planning to sell your home, or perhaps are looking to acquire a new property during the summer months, you’ll almost certainly start by searching the internet. Indeed, the internet is probably the most prevalent factor in the home buying/selling process today. 

For example, as a starter, when you are ready to speak with a real estate agent, most people turn to a successful online site such as Upnest. This digital platform uses comprehensive transaction data to match owners looking to sell a home with a reputable, professional realtor.

Yet there are other things affecting the choices and decisions sellers and buyers make in today’s market. Social media is one of the leading “influencers”. In fact, “influencing” is one of the most favored new buzzwords among millennials and Gen Z’ers. In reality, it’s just another way of saying promoting or advertising, albeit in a subtler way! 

Real Estate Agents Are Social Media Dependent 

Typical modern homebuyers start by researching neighborhoods they like on social media and real estate agents they want to work with. Many real estate agents are very active on social media. Here, you can find the most effective recommended brokers through platforms such as Upnest. Buyers and sellers will take advice and be influenced by what others think about neighborhood activities, nightlife and what trends for home styles are prevalent in that area. They may even search for properties by reviewing Hashtags in the niches they are particularly interested in, whether it be lofts or penthouses. 

Social media, therefore, offers an excellent way for real estate professionals to brand, advertise and distinguish themselves from the competition. Buyers and sellers want a broker who knows everything about what they are selling, about the neighborhood and home values. Plus, importantly, that, as a professional real estate agent, they are assisting them in making the best investment. 

Social media has also enabled individuals to become their own businesses and brands without the need for big companies or budgets behind them. It’s not about the company brand anymore; here on social media, the individual real estate agent can become the one who influences buy or sell decisions and drives business growth. 

One final point. Over the last decade, there have been more and more programs or videos on TV and social media (YouTube) about buying homes, renovating and selling on for a profit. The millennials and Gen Z’ers who make up the majority of the target audience perceive this topic as “cool”. So the effect of this cannot be underestimated when it comes to driving demand in the real estate market.


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Word Of The Nerd

Word of the Nerd is your source for all things nerd!!! Whether it's comic books, cosplay, gaming, pop culture, movies or television. If it happens in nerdom, Word of the Nerd will be there to cover it.

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