Real Talk: How 2020 Changed the Real Estate Market
Today’s chat is going to be a little different. We want to get real with the times and talk a little about real estate during a pandemic and how the market currently looks and how you can use social media to amplify your business. 2020 has brought BIG changes to marketing in general. Internally and externally, when money becomes tight, marketing is usually the first to go. While this cannot be said for every industry, marketing has also become so much more important for other businesses, and real estate falls into this category. Shocker, but 2020 has actually been a popping year for real estate. Virtual home tours and contactless payment options have increased 400% since March and the interest rates for a mortgage are lower than ever. People are investing in real estate if they have the funds and it’s truly a buyer’s market.
So in a unique market position, what can social media do to help the real estate industry? Using Facebook to its full potential is a must. Keller Williams directly partnered with Facebook and produced millions of leads for under $2 a piece. This was successful because people are spending more time on social media than ever before. Over 800 million people are watching lives on Facebook and Instagram because they don’t have much else to do. When a real estate agent or a brand connects with viewers and makes genuine content, that’s when their marketing is the most successful. Consumers prefer smaller, more genuine marketing than “big-budget productions”. These are the customers that interact with smaller businesses on Facebook. "Three out of four Facebook users in the US actually visit the page of their local businesses, and eight in 10 interact with businesses on those pages” according to Facebook VP of Global Marketing Solutions, Michelle Morris. Using a business account rather than a personal account makes a big difference.
While it might be a prime market for real estate right now, things change quickly. Brand loyalty is not guaranteed, especially in a pandemic. It’s predicted that about 80% of consumers are going to use a different company once this pandemic is over, so it’s important to generate leads, follow-up with them, and establish connections that last now. It’s important to do this without overwhelming the customers and sounding too “sales-pitchy”. So, find your clients and figure out a way to keep them however that may be. And for you, that might be commenting back on Facebook and setting up a Zoom happy hour to celebrate closing a house.