Social Media in the uk estate Agency Market Executive summary
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Despite the many obstacles in marketing conditions, the number of estate agencies and agents in the UK has drastically risen (Renshaw, 2018). Statistics from Companies House show that 80% of younger Millenials, 81% of older Millenials, and 78% of Gen X found new homes through social media. It might not be the correct channel to use in some industries, but for real estate, it has numerous benefits. There are over 4 billion people that use social media platforms globally, and every person that uses them spends approximately two and half hours browsing. This means that most of the audience or customers are on social media and the most brilliant move is to go where they are. Social media has evolved, and it currently offers targeted advertising options to audiences in specific locations. This is a critical factor for agents as they need people who are close to their property. Brand awareness is something that social media platforms do well to win loyalty from audiences, and with loyalty comes referrals, which aid in marketing an agency's property. This is also vital because people tend to feel safer and more confident when they are given personal experiences from other people. Some of the audiences may not even be interested in buying houses or having a conversation with an estate agency, but when they keep bumping into the advertisements because the agencies are consistently active, they develop an interest and make a mental note of what the agency offers and definitely will come back when they need the services. However, it might be hard for a person to remember when they see the advertisement once, and this, therefore, requires one to be constantly active, keeping in mind that there are other agencies doing the same. From earlier statistics, the percentage increase in the number of agents that resolved to improve their media platforms was 36%. This means that the number of agencies committed to working with social media keeps increasing, and that means more competition. There was a notable change in trends since Covid 19, especially for real estate agents, because the number of people using social media increased by over 1 billion. One of the drastic changes in the sector was the rise of virtual showings. Most agencies had reserved online viewing for only luxurious homes or with particular circumstances, but currently, it has become a common practice. Agencies found out that it adds to the home buying experiences because any type of house is shown in virtual viewings (Bodnar, 2021). When the safety restriction and lockdown were lifted, virtual showings were adopted by agencies because they saw the benefits of using social media and the significant changes it brought to Real Estate. They gained more clients at a reduced cost. Buyers do not have to waste time traveling and to look for houses as the whole process of searching and purchasing can be viewed online. The searching process also was made simpler because clients can view the homes they want from social media within a short time, book, and pay through the same platform. Given its relevance, the next step is to look at the several social media platforms that can be used in estate agencies and how they can be effectively used. It is natural that more people would buy goods and services through social media throughout the world. A rising number of firms are selling products through social media, where customers can engage with them through photos and videos and make instant purchases. According to a survey conducted by Facebook, Inc., 83 percent of respondents claimed that Instagram, a visual-first platform, helps people discover new products and services (Rodriguez et al., 2021). Is it possible that someone will buy a home through social media at some point? Well, we can say that a lot of property purchases begin online, thanks to the internet and sites like Rightmove and Zoopla - who's to say that someone doesn't get interested in a house because of a Facebook post or a Google search? Facebook itself has a dedicated commercial section where you can look for not just family (often used) items for sale but also automobiles and real estate for sale. I doubt that, at this time, and very soon, we will see property offered for purchase on and acquired directly through social media, that nobody will push the purchase button on a Tweet for a three-room metropolitan semi? Download 63.5 Kb. Share with your friends:
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