While it was probably unthinkable 20 or 30 years ago, it is becoming evident that social media is playing a larger and larger role in the real estate market. A report about the New York real estate sector confirms that more companies than ever before are using Instagram as well as the ever popular Twitter and LinkedIn to sell properties. This now begs the question, will social media play a more prominent role in the real estate market going forward and is it a more personal sales channel?
Images sell real estate
There is no doubt that the ability to sell a good story about real estate is certainly enhanced by eye-catching images. This plays into the hands of websites such as Instagram which are now ordained with an array of eye-catching and very pleasing images of real estate. We all know it is very easy to Photoshop an image, to enhance the good images and hide the not so good elements. However, it is very often the first image you see which will dictate whether you have any interest in a property at all.
Even if you were to turn up and see the property in person the eye-catching images at least show what it could look like with some tender loving care. This is why social media is becoming an ever-growing part of the worldwide real estate market.
Sharing with friends
In many ways it is not difficult to ensure that a quality property is well advertised and seen by as many people as possible but you cannot beat a viral image or a viral post on social media. As people share with their friends and family it is not inconceivable to see an image of a property put in front of millions of people. While the vast majority are unlikely to have a firm interest in acquiring the property there will be some people looking and an eye-catching image certainly does you no harm if you are an estate agent!
How many times have you seen friends and family sharing properties put up for sale by their acquaintances? Very often these are properties you have not come across before but you may click on the link and check out the real estate agent for more information. Indeed, it may well be that the property advertised on social media is not actually to your liking but there may be something else which catches your eye.
Alternative sales channels
The Internet has changed the way in which real estate around the world is bought and sold and perhaps more importantly researched. Information is now available at the drop of a hat and very quickly you can check things such as Google maps to see what the area looks like as well as local estate agents to see the price of similar properties. The chances are that by the time you actually visit a property you will already know the area, the fair value and the potential going forward. In some ways it would take a very bad viewing to change your mind which has likely already been made up before you arrived!