In the modern era of technology, we have never been more connected than we are now. It therefore comes as no surprise to know that online marketing has been a game-changer in the way we do business, and the real estate market is no exception. So with the evolution of the digital world still under way, here are eight interesting facts about property online marketing that may (or may not) surprise you.
1. Millennials make up the largest home-buying segment
Millennials cop a bit of a bad rap for being lazy and self-entitled, but it may shock you to know that this younger audience owns the majority of buying power. Millennials make up 32 percent of the home buying market, which is officially the largest segment. It’s no wonder that traditional marketing methods are nigh on obsolete; the digital age is here and it’s Millennials who run the show. Which brings us to our next point…
2. The internet is responsible for 83% percent of homebuyer’s purchases
Looking to buy or sell a home? Look no further than the internet. Real estate apps and websites allow users to find, filter, explore and save potential property interests at the touch of their fingertips. The process of buying, selling and renting has never been easier. By meeting your audience where they are, you are statistically far more likely to engage with them.
3. Real estate websites don’t always bring in the goods
A whopping 72 percent of real estate agents said they were unsatisfied with the number of leads their websites generate. So if online marketing has made significant improvements to business, how is this statistic possible? The answer is that not all real estate agents put in the same amount of effort. Websites that are optimised for searches and provide personalised, original and helpful content, such as a blog, often do better than generic sites with nothing more than a headshot and contact number.
4. More than half of real estate agents don’t put in the required effort
If 44 percent of homebuyers find their purchase online, it is surprising to know that 54 percent of agents invest no more than five hours per month on their own websites. With such a large slice of the market up for grabs, a real estate agent who utilises online marketing strategies to their full advantage will see much better client results. This is one example of when the juice is definitely worth the squeeze.
5. Content is king
Paid advertising still has its place in property marketing, but nothing brings in the crowds like some well-crafted content. In fact, 70 percent of people would rather engage with a company through online content over paid advertisements. And why wouldn’t they? Creating a professional and engaging blog that provides useful (and free) information across a range of topics is a great way to engage both those who are in the market, and those who are not yet, all in the one place.
6. Photo quality counts
It’s rare that anyone would buy anything sight unseen, so unsurprisingly, 83 percent of homebuyers want to see pictures of the property online. However, there’s more to it than snapping a few shots and uploading them to the website, it’s how you do it. Professional property images displayed in a professional, easy-to-share and load across all devices make a huge difference to buyer interest.
7. Social media is anything but social for property online marketing
Say what now? Only nine percent of realtors use social media to market their listings. Nine percent. But isn’t every man and his dog on social media? Yeah, pretty much, which means if estate agents who advertise on social media platforms are tapping into a market that 91 percent of their competition are not. There is nothing quite like meeting your audience where they are by sharing listings and blog posts on a Facebook page. The bottom line? Get on social media and be present.
8. Homeowners would prefer to list with an agent who provides video services
YouTube isn’t just for cute cat videos and makeup tutorials. A staggering 73 percent of homeowners say they’d be willing to list with a realtor who offers video services, but here’s the kicker… only 12 percent of the current real estate industry has an active YouTube account. Of course there are other visual mediums available these days, such as a virtual tours or live Facebook tours, but the data undeniably suggests that homeowners want an agent who is willing to go the extra mile to find the right buyers.
In short, property online marketing is a highly valuable strategy for buyers, sellers, renters and real estate agents. And as technology continues to evolve at break-neck speed, anyone who is not yet utilising the digital world is at risk of being left well behind.