Demetrios Salpoglou is the CEO of BostonPads.com, an info-tech services company providing advanced resources to real estate companies.
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The real estate industry has undergone turbulent changes over the past year. The pandemic has real estate agencies and investors scrambling to find new solutions to operate effectively and safely. It’s a digital game of give and take amid massive relocation and record-low interest rates. The way agents interact with sellers, buyers and renters has shifted dramatically.
Now more than ever, real estate marketing and transactions are moving toward enhanced digital solutions. The companies that best adapt now will be the ones set up for success in the years to come. It’s possible to gain several years’ worth of territory and market share compressed into one year or less. The key to success is to rapidly pivot parts of your platform to systems that are delivering results.
For growth-minded real estate marketing, that means investors and agents must leverage technology in unique ways. Winning requires standing out in the digital marketplace. Successful companies are streamlining decisions and reducing the amount of face-to-face interactions. Here are four ways you can achieve just that.
1. Video Marketing
Well-produced videos have been a game-changer for lead generation. Listings with an attractive video will outperform those with static images every time, all other combined factors equal. Consumers tend to stay on your website longer and engage with more of your content when videos are used to display your inventory. Put more resources into your digital value proposition. That was true before 2020 and it’s 10 times more important now.
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The global pandemic is transforming how people buy and rent property. Research from the past year has revealed that people’s attitude toward buying and renting sight unseen has shifted. People are more open to the concept of virtual real estate shopping. I’ve seen that some consumers actually prefer less engagement from salespeople until they are ready to make a decision.
This means that companies must develop a winning strategy for video. They will have to create impactful virtual tours and syndicate content to the widest possible audience. Companies will need to embrace video sharing applications, including but not limited to YouTube, TikTok, Twitter, Reddit, Facebook and their local channels. Those that effectively find ways to reach their audience with video marketing will be rewarded with a greater number of transactions.
2. Social Media Marketing
Social media has created new opportunities to generate real estate leads. Platforms like Facebook Marketplace can provide a better visual experience and more potential to gain the trust of the customer through social proof. Consumers are utilizing social media as a tool for renting, buying and selling properties.
By creating local Groups and Pages on Facebook, agents are able to curate their listings and content to a specific local audience. Agents can post their listings and tap into a massive group of users searching classified listings. They can even use Facebook Messenger for instant communication, reducing barriers to initial contact. Individuals who learn how to effectively market on social media will tap into a wider lead source in 2021.
3. Proptech
The amount of capital investments into proptech in recent years is astounding. In 2012, the industry raised around $221 million in capital at about $3.1 million raised per firm. In 2020, those figures grew to $23.75 billion in total investment at about $56 million per firm.
For real estate marketers, that means new tools are emerging rapidly. Some of these apps can help with the creation of 3D tours, while others can help minimize contact via electronic signature and document storage. There are applications that can provide a digital portal where renters can communicate directly with landlords to pay rent, sign leases and request repairs.
Real estate leasing and sales innovation is also rapidly occurring at the local level where dominant players are sprouting up in cities across America. Many local real estate offices are developing custom feeds and syndication technologies that provide pinpoint marketing that national players simply can’t match. Innovative real estate companies are now offering advanced services that can be deployed at a moment’s notice.
4. Leveraging Data
Many of the nation’s biggest and hottest real estate markets have been negatively impacted by Covid-19. As a result, average prices for homes and rentals have been fluctuating drastically in different micro-markets as the population dispersed into the suburbs.
With excessive “noise” in the traditional and predictable data equations of real estate, finding new patterns of success are crucial. Real estate companies that are able to effectively aggregate and display useful data for property owners and consumers will benefit during this chaotic time.
Agencies that are able to provide consolidated, easy-to-understand data will be able to differentiate themselves in their local market. Being able to guide buyers, sellers and renters based on real-time market conditions will make them an invaluable resource to their clients. Real estate is making its slow but perceptible march toward more of a strategic advisory role. Leaders in the marketplace will operate from a data-driven perspective rather than simply being a traditional real estate agent operating out of gut instincts or feelings.
That means creating your own compelling local content that will compete in the digital marketplace. Use data and neighborhood trends to create hyper-local content that other companies can’t match. Be vigorous in writing blogs and delivering impactful and timely content that makes you the authority in your respective marketplace. This will make you a leader in your local space for real estate knowledge, and eventually, your trust factor with your local audience will skyrocket.
At the end of the day, people are rewarded with success through engagement, influence and impact. Before anyone can generate a transaction in the internet world, you have to develop that digital footprint that enables customers to know, like and trust you.
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