While the pandemic is having a huge economic impact, the real estate industry is still booming in many markets, with real estate prices skyrocketing in the second quarter of 2021 in the US alone, the race for outstandingly fierce.
Agents need to take advantage of wherever possible to maximize their performance, and many find that using social media effectively can give them that boost and strengthen their connection with buyers and sellers.
In fact, real estate publisher The Close conducted a survey of 135 real estate professionals in July 2021. The results showed that the majority (60%) of brokers now believe that social media is even more important to their marketing than their own website and referral efforts.
Of course, social platforms can provide more reach than a single branded website, so the finding here isn’t a complete surprise. However, it suggests that real estate professionals need to take social media marketing more seriously and focus more on social advertising and connections whenever possible.
Which, given this next statistic, suggests a significant void in the current market.
Although the majority of agents recognize the importance of social media in their process, many still lack the confidence and skills to maximize that potential. Only 35% of agents are convinced of their online marketing skills.
Keeping track of social media trends can often prove to be a challenge for agents doing all of their other day-to-day tasks, as constant platform updates, algorithm changes, and completely new apps come out that make things happen make it difficult again and again.
Understanding best practices is therefore an ever-evolving process. Some agents have tried to meet this need with industry-specific e-books and explanators. But as the numbers show, this remains a major area of concern.
The study also suggests that video can be an important way for agents to stand out. 79% of respondents said agents who use video on social media are more effective than those who don’t.
Many savvy agents are turning to video marketing, and Instagram recently found it expanding its focus to incorporate more video content, underscoring the need to align with it and tap into the latest usage trends.
Additionally, 73% of sellers say they are more likely to list with an agent who uses video.
Real estate agents are finding more and more ways to leverage the video content trend with neighborhood maps and other information elements in addition to traditional property tours and branded properties.
Some even use newer platforms like TikTok and Instagram Reels for their real estate marketing.
Standing out on social media is a top priority for agents because it helps them achieve their main goal – attract new customers. 64% of agents say they will get more customers through social media in 2021 than in 2020. This statistic is particularly impressive as many of them don’t feel particularly good at marketing online.
This statistic explains why the majority (60%) also said that social media is more important to agents than their website to their marketing.
The dates are clear. Real estate agents looking to maximize their potential in 2021 need to use social media to communicate their brand and offerings and to build relevant connections with their audiences. And video is the main medium of choice. Being able to learn more about a property from the comfort of the couch is a key benefit that social platforms can provide for more leads.
Will Agents Be Much More Confident With Their Online Marketing Skills By The End Of 2021? Given the importance of social media in attracting new customers, ambitious brokers are becoming competent online marketers.