Monday, August 10, 2015

Real Estate Marketing In The Age Of Social Media: Case of The Millennials


Real estate companies and professionals should strive to remain ahead of the market and improve their reach. In this digital age, the ideal market to penetrate would be none other than the up and coming "Millennials", as they are approaching the stages of homeownership with more disposable income while entering into their careers. Apparently this demographic is not partial to only purchase a home and hold minimal reservations about leasing, while they are still exploring life. These flexible characteristics are only helping to expand the market offerings. The question remains, “What’s the best method of attracting this impressionable group’s attention?"

A key attribute of this particular group, is their understanding that the degrees of separation among people have grown closer over time. They certainly helped to bridge this gap through the use of social media. For this particular cohort, not only would they prefer you were able to match their technical savvy, but it’s also about relationships and methods of engagement.

There are a myriad of social media outlets such as the well-known staples, Facebook, Instagram, and Twitter. The aim is not so much to reinvent the wheel and jump to the latest popular social app or website, but more so to use the aforementioned platforms more effectively.

For example, Facebook allows for localized market reach through targeted ads. In addition, you can join groups focused around Millennial interests and engage them. It is imperative that you do not come off as a pure salesperson and respect a particular group's restrictions on solicitation.

Instagram has been enhanced to support both picture and video platforms, ideal for showcasing the interior and exterior of a home. Many Millenials have flocked to this outlet for the latest updates on homes available in their area of interest or follow their favorite realtor.

Lastly, there is Twitter. Although the messaging characters are currently limited to 140, it is efficient and communication takes place in real time. Twitter now supports an app called Periscope, which allows for a live video chat session. How about hosting a live Q&A session or open house via the web?

Often overlooked, there is power in the hashtag, as this may serve as one of the best filters for marketing on both the seller and consumer side.

Here's a final hint. Limit the use of apps that allow for simultaneous cross-posting among these websites. Remember, it's about relationships.

Gennady Barsky is a real estate mogul from NYC.

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