How Real Estate Agents Can Take Advantage of These 5 Online Trends
Without a doubt, the real estate industry is very competitive. There are also a couple of large real estate agencies that dominate the market in practically every state that you observe. Some names that readily come to mind include the likes of Keller Williams Realty, RE/MAX, Century 21, and eXp Realty, just to name a few. Perhaps in the same way that the industry is or can be super-competitive, there is undoubtedly an equally high demand for the services of real estate agents as can be attested to by information gleaned from Google Ads Keyword Planner tool—a Googled-owned tool that provides certain insights like the monthly average search volume, competition level and advertising bid price of search terms that people type into Google.
It is, therefore, not too far-fetched to assume that the dominance of these large companies often leaves little scope or room for smaller or independent real estate agents who are not affiliated with any major industry player, to be competitive and fight for a share of the high demand that exists for their services.
This is why it is important for such small players to always be on the lookout for ways to stand out from the crowd and stay one, or maybe even 3 steps ahead of their competitors.
The Importance of Taking Your Business Online
The internet and the World Wide Web are arguably two of the most important inventions that have had the most profound and positive effects on our lives today. As can be gleaned from the above screenshot snippet from Google Ads Keyword Planner, this benefit extends to the real estate industry which has resulted in hundreds of thousands of people now being able to comfortably sit in their homes and perform an online search for a real estate agent and/or a property that they might want to buy, sell, or rent, and be presented with many options. This benefit is not only applicable to real estate agents, but also to brokers, real estate lawyers and other types of real estate businesses.
In the past, these people would likely have been limited to a referral from another agent, family or, friend, or the results from the yellow pages or local newspaper, all of which were not always reliable and/or did not provide as much information as most online platforms can.
It is for this exact reason that any real estate agent who wishes to take advantage of the huge opportunity that the internet presents should ensure that they have a robust online presence in the form of a website and other digital properties.
However, it is not enough to simply have an online presence. You must be willing to do the necessary work to maximize the usage of these resources. To this end, here are some tactics and/or online trends that will, in no small way help the smaller real estate agent business get ahead in the industry.
Online Real Estate Trend #1: Real-Time Updates
Before the proliferation of internet usage, print media was the primary medium that agencies used to advertise their services and whatever property listings they had. They would often buy advertising spots in local newspapers or yellow pages and list their services or properties there. Buyers would then check the property section of these newspapers to get an idea of what was available in the market. There was, of course, no (easy) way to mark a property as sold or indicate a reduction or increase in price, or any other similar change in the listing or service.
While such traditional methods are still being used today, the internet has become a faster, cheaper, more effective and efficient, and a more convenient medium to use to achieve the same objective. Sellers can provide real-time updates about a property and interested buyers can see that information immediately. While necessary changes to the property listing can easily be done without needing to take out yet another expensive newspaper ad.
It also opens more opportunities since today’s customers are often connected to the World Wide Web, meaning that agents have access to a much wider audience than they would have otherwise been able to reach with local traditional media.
Online Real Estate Trend #2: Advanced Social Media Use
In 2022, around 3.96 billion people worldwide will reportedly be reached by various social media websites. By 2025, that number is expected to reach approximately 4.41 billion. If there is something that agents can take away from this piece of information, it is the fact that their target audience very likely is on social media.
Exactly how this resource is used will greatly determine its success or otherwise in meeting the goal of the real estate agent. Simply publishing on social media one or several times a day or week simply will not cut it anymore. Some examples of more advanced ways to get the most out of social media might involve things like using social media listening tools to see what your target audience is saying concerning the industry or services that you offer, after which you can then strategically engage with them.
There is also the possibility of combining a paid social media campaign with a Google/Microsoft ads campaign that incorporates a retargeting function. One main advantage of doing this is that it gives you the ability to reach your potential clients or target audience several times over a period of time, thereby giving you several opportunities to convince them to consider using your service.
Online Real Estate Trend #3: Greater Mobile Use
Mobile devices are no longer exclusively used for calling and messaging other people. They also play an important role in the real estate industry, ranging from their use by real estate agents to communicate with potential clients while on the move to offering a wider array of services like providing virtual or 3D property tours, providing virtual open houses, video conferencing, and more. Mobile devices are also increasingly being used by people looking to buy, sell or rent a property, but just as importantly, being able to do so while being on the move.
To this end, an agent should ensure that they are well-placed to take advantage of this opportunity and trend.
Online Real Estate Trend #4: Enhanced Visuals
Visuals play an important role in the real estate industry. They help attract potential buyers by giving them a better and visual idea of what they can expect.
Customers can gain more insight into the different properties available on listings through:
Online Real Estate Trend #5: Convenient Transactions
Convenience is one the main selling points of most real estate transactions that take place online. The internet has opened up new vistas of opportunities and alternatives for making online payments and other real estate financing transactions without leaving one’s home.
Some real estate portals have started leaning heavily towards contactless transactions and this trend is expected to be adopted by more companies in the industry. This will have the effect of further streamlining the processes of buying, selling or renting properties, finding a mortgage, sending e-signatures, e-closing deals and much more.
Final Thoughts
The opportunities that the digital world has presented to the real estate industry are Indeed immense. There is increased convenience, accessibility, and a lot more features that are available to real estate agents in the running of their businesses as a result. The onus now rests with the agents to be able to recognize these opportunities and take the necessary steps to take advantage of them. One starting point is by being aware of and taking advantage of these online trends in the industry.
Posted in Real Estate