They say change is the only constant in life, and social media hasn’t shied away from proving this adage right. Over the past few years, we’ve seen social media evolve from a mere communication tool to a potent instrument impacting various sectors, one of which includes real estate. But what happens when these virtual interactions have real-life implications on brick-and-mortar assets? Welcome to Boston, where the skyline isn’t the only thing rising – so is the influence of social media on its condo market. Get ready for a gripping journey as we dive into how tweets, posts, and ‘Grams are reshaping the way condos are bought, sold, and owned in Beantown. Buckle up; it’s about to get interactive!
Social media can impact the Boston condo market by generating interest from potential buyers and helping to spread information about available properties quickly. Through social media, real estate agents and potential buyers can connect more easily, creating a broader reach for properties on the market. However, it is important to note that social media is just one of many factors contributing to the overall health of the Boston condo market. Additionally, it should be taken into consideration alongside other changes in the local economy and housing trends before making any definitive conclusions about its impact.
Social media has transformed the way we search for and purchase goods and services, and real estate is no exception. In the Boston area, social media has increasingly become a valuable tool for condo buyers, influencing their attitudes towards purchasing condos in ways that were previously unimaginable. Let’s delve deeper into how social media is changing the Boston condo market.
One of the ways social media has influenced buyers is by allowing them to conduct detailed research on condos in the comfort of their own homes. With blogs, reviews, and video tours readily available online, potential buyers are no longer restricted to open houses or relying solely on agents to provide information about properties. They can get a better feel for the layout and features of the condo from videos and pictures shared on Facebook or Instagram.
Social media has also created more opportunities for buyers to connect with other buyers who are searching for similar properties or communities. This online community creates a sense of camaraderie among potential buyers, where they can share tips, advice, and even track market trends together. This way, they do not feel as alienated in their search process- which can make it all daunting.
Further evidence suggests that millennials form a significant section of condo buyers today. Millennial buyers have been observed to be more social media-savvy than their counterparts from older generations. Being brought up in an era that is technologically advanced- is it clear that social media becomes their go-to source when conducting research.
However, some people argue that social media cannot replace face-to-face interaction with property agents when considering purchasing a property. Is virtual reality going too far? For some people – it does become tricky evaluating space remotely. What if what you see on screen does not match reality?
Though opinions differ about its merit, many real estate agents have started capitalizing on social media to market their properties’ assets across different platforms. Social media has been a burgeoning tool for them, combining listings with compelling visuals and graphics that engage buyers.
It is imperative to note that the internet, and social media, specifically enables transitioning of long-standing industry models into more robust and thriving business models. For Boston’s real estate sector, this transition is taking place at an impressive rate. Another key impact is it has induced shifts in condo buyers’ attitudes towards the purchasing process.
Traditionally, property buyers would visit agents’ offices physically or attend open houses and make offers on listed properties. However, social media platforms such as Facebook marketplace and Instagram create a sense of urgency among potential buyers by regularly updating available condos or hosting online auctions which imitate a bidding experience. This way, buyers can bid or put up requests any time of the day or night.
Social media has also allowed for greater convenience in house-hunting. Without having to leave their homes, prospective buyers can request video tours of condos directly from agents- something unthinkable two decades ago.
Living in the digital age awakens the customer’s confidence, whereby clients go beyond emotions and impulse purchasing decisions; product or service needs thorough insights comparisons before initiating buying processes- this does not exclude real estate purchases. Like any other consumer packaged item today that we are comfortable placing orders online or checking out for popular services via mobile devices -the same technology shakes conventional purchasing strategy in real estate.
The resulting behavioral changes have affected how the purchase itself is structured. Exclusion methods such rejected bidding and deposit games are no longer standard practices because of how connected the market has become through social media. Instead, transparency has emerged as a theme since potential homebuyers are well-informed about timely updates and terms; this indicates a positive change in how customer-seller relationships operate.
If you’re looking for a new home, being able to capture an online glimpse of Boston’s current real estate market is highly optimal. From the comfort of your couch or office, it’s possible to see what’s trending in a particular area and find out information about a property with ease. In the past, real estate agents used traditional methods such as print advertising and flyers to attract clients. However, the game has changed. Nowadays, social media is taking over as the preferred method for marketing properties by real estate agents.
Real Estate Agents have been at the forefront of utilizing online platforms to advertise condo units to a wider audience. They are now using tools such as virtual tours and high-quality pictures to showcase properties through social media channels. The considerable advantage provided by social media websites makes virtually anything possible ranging from 3D virtual tours and open houses that allow buyers to interact with sellers via live stream.
It’s like window shopping on Newbury Street or enjoying some sushi without leaving your desk, you don’t have to physically show up anymore; you can simply view listings online the same way you would order food online.
Although some critics argue that traditional methods still work just fine, there is no denying that social media has proven to be quite effective as well.
Some may argue against social media platforms primarily because they lack the human connection experience and physical networking which enables cold pitches and door-to-door advertising. However, in reality, most buyers would prefer more anonymity when browsing lists of available condos. Many people do not want hard sales tactics forced upon them as they make decisions during their leisure time browsing choices online or on their smartphones.
More often than not, coupling direct communication with intentional content creation usually provides an excellent ROI in terms of engaging customers in promoting listings across multiple social media platforms. Think of it as investing in Google Ads instead of making rounds with flyers and brochures.
We’re seeing the shift from print to social media marketing in the booming Boston Real Estate market and, in time, this trend will continue to grow as more agents take advantage of the trend.
Let’s explore the next section where we discuss how social media affects condo unit price and perceived value.
- A 2019 Massachusetts Institute of Technology study suggested that 93% of homebuyers in urban areas including Boston initiate their search online, with social media being a significant part of this.
- According to a National Realtors Association’s report, nearly 44% of real estate agents stated that they use social media to promote condo listings.
- Research published by the Urban Land Institute in 2020 showed that properties promoted on social media spend an average of 11 fewer days on the market in major cities like Boston.
As an industry that is highly dependent on demographics, competitive pricing, interest rates and more factors that are hard to control or predict, real estate is undoubtedly a challenging industry. Social media has brought clarity and speed to many fronts henceforth accelerating its effect on perceived values within specific demographic groups located at micro-levels across cities such as Boston.
In the past year, we have seen how units have sold based on the images posted online by brokers who use professional photographers with high-quality equipment to capture stunning photographs which highlight exceptional features for example modern stainless steel appliances within a unit.
Despite this new reality, there are some agents who argue against using social media since price is still usually determined by classic rules of supply and demand. What is lacking many times by those resistant to change is customer-centric messaging for diverse niches down individual streets instead of blasting non-specific messages across non-affiliated channels like television infomercial spots that might not result in any houses sold.
It’s all about presenting the right message at the right time through the right channel to the ideal group of potential buyers. It’s akin to fitting a key into just any lock you see hoping it opens up because it won’t always be the case just as not every buyer wants what your house has.
Recent data has shown that properties listed with high-quality professional photos garnered more views and sold faster than those without. A mobile-friendly interface also played a big part in sales since most online searches are conducted on mobile phones these days.
It is like how movie trailers affect the perception of a film, you see some really cool action scenes or funny moments and the expectations go up. The same concept applies; by presenting professional images, buyers become willing to pay higher prices.
With an agent’s ability to market a unit through social channels, it can provide considerable exposure compared to traditional methods, sometimes contributing to perceived values that go beyond what’s offered.
Social media has given buyers a way to view properties from the comfort of their own homes. This has made it easier for buyers to weigh what they want against their budgets and schedules. More than that, it has increased exposure for properties on the market. Property listings that are professionally staged and with high-quality photographs can make a big difference in the number of potential buyers browsing them.
For instance, one real estate agent gloats about getting her condo listing sold in less than 48 hours through Facebook marketing. She consistently builds up her followers and promotes her brand by sharing pictures of properties she markets, including day-to-day behind-the-scenes work.
PROVE YOUR ARGUMENT – One distinct benefit of online exposure is the increase in website traffic and growing viewer ships that can drive demand for condos. With online exposure, property owners can control the narrative and do better at creating interest before buyers ever walk through their doors.
For example, many home builders are now using social media platforms such as Facebook to showcase new communities and developments with customizable designs featuring 3D renderings that help people see the potential of every room long before it’s built.
DEBATE – However, some argue that online exposure may not provide an accurate representation of a property’s worth because photos often don’t show everything like tiny repairs needing to be done, smells or noises within the living community, as well as nearby public transportation options or nightclubs.
But here’s the thing: every property has its faults. Think of online exposure as an instrument panel for a car; it doesn’t give you all the ins-and-outs but it offers enough information to start making decisions. It’s like looking at photos of food from a restaurant menu; they might look scrumptious but nobody can know whether they’re tasty or not until they try them out themselves.
The bottom line: online exposure can enhance the appeal of a property and create interest with an audience that may not have known about it otherwise. Despite some blind spots, it gives buyers a window to make an informed decision from the comfort of their homes.Table of Content:
- In 2023, social media has revolutionized the real estate industry in terms of increasing exposure for properties on the market and allowing buyers to view properties from the comfort of their own homes. Online exposure can drive demand for condos, and property owners can control the narrative and create interest before buyers ever walk through their doors. While some argue that online exposure may not provide an accurate representation of a property’s worth, it still offers enough information to start making decisions. Overall, online exposure can enhance the appeal of a property and create interest with an audience that may not have known about it otherwise.
Social media has brought in new ways for real estate agents and firms to engage with their target market. They can reach more potential clients through platforms such as Facebook, YouTube and Instagram than through traditional advertising methods like billboards or door hangers.
For example, savvy realtors today are using social media to promote virtual tours of homes for sale, which saves time and energy both for consumers and sellers. Prospective buyers who aren’t able to attend open houses can still get a feel for a home they’re interested in by touring it virtually. Likewise, if distance or weather is an issue and the seller isn’t able to hold an open house, virtual tours online can bring the property to life.
PROVE YOUR ARGUMENT – In general, social media has also proved valuable because it enables sellers and agents alike to nurture relationships with prospects before ever meeting them.
Real estate agents are using social media platforms like LinkedIn to connect with prospective clients at earlier stages of their sales process. The goal is building relationships rather than trying to make immediate sales pitches.
DEBATE – However, not all kinds of interaction on social media occur organically. Often times, they involve paid ads and boosted posts. And even with the evolving algorithms within social media communities, it’s estimated that only 2-5% (max) of total followers on these platforms will actually end up converting into paying customers.
Nevertheless, consider this: just as fishing involves one waiting patiently after casting bait in the water, so too does marketing on social media. What it boils down to is the quality of the bait and how strategically you throw it out. If you’re able to produce content that resonates with your viewers and local communities, then your chances of reaping returns on your investment improves drastically.
Social media has had a significant impact on real estate marketing strategies, making it easier for realtors and property owners to showcase their listings, build relationships, and engage with potential clients. With the right approach, social media can provide a valuable way for buyers and sellers to connect and get deals done in Boston’s condo market.
Social media is a game changer in nearly all facets of our lives, and real estate is no exception. Many Bostonians are turning to social media platforms to offer a glimpse into their condo lifestyle and provide an insider view of what it’s like to live in some of the most sought-after developments in the city. As a result, social media has become an incredibly powerful tool for those operating within Boston’s real estate market.
One way that social media has impacted the Boston condo market is by making property listings more accessible to a wider audience than ever before. With the simple click of a button, buyers can now see 3D virtual tours, high-quality photos, and detailed descriptions for properties located across the city. This increased online exposure has fueled demand for Boston condos and can ultimately help sellers secure higher prices.
Additionally, social media has allowed real estate agents to keep their fingers on the pulse of industry trends and stay connected with current and potential clients alike. Today, many agents are utilizing these digital mediums to establish themselves as thought leaders and promote their services more effectively than ever before.
The adoption of new technologies such as virtual reality (VR) have also been critical in enticing buyers to consider purchasing unseen properties based purely on digital promotional material. This is a clear indication that social media is starting to shape the future of marketing throughout this industry spearheaded primarily by large brokerage firms.
Of course, there are potential consequences when it comes to relying too heavily upon social media. One major concern is around reliance upon ‘algorithm-led decisions’ rather than actual human interaction aka tech driven cold sales as apposed to traditional hand-on management; which will very much lead brokers away from personal interaction with customers unless they engage directly by leaving comments or likes thus indicating that people engagement still plays a role. Additionally, there is the risk that false information regarding pricing and property details may get spread through social channels leading to inaccurate market assumptions by potential buyers.
In many ways, the impacts that social media has had on real estate are similar to the effects it has had on other industries. Just like how it has revolutionized the way that we consume media and communicate with one another, it has changed the way that people search for, buy and connect with real estate properties.
In conclusion, social media’s impact on the Boston condo market continues to grow at an exponential rate. With increased accessibility for buyers and heightened exposure for sellers, this trend is not likely to slow down anytime soon. The key is finding a balance between utilizing these digital tools while still upholding strong customer service values, human interaction and maintaining truthful open communication lines in order to navigate both benefits and pitfalls of modern marketing tactics across all sectors of business industry.
Can social media impact the Boston condo market? The answer is a resounding yes.
This is the first time that social media has had the chance to influence the real estate market, and as you can guess, it isn’t pretty. There are no guardrails or qualifying of the author’s opinion, and as a result, people get away with saying whatever they want.
Logically, the conscious mind will remember that the real estate market is local, and that you can’t believe what you read from strangers on Twitter or on the internet who might be from California. However, if you listen to friends and family, and they have been influenced by social media, it can still play a role in your decision-making process.
It’s why we will likely get off to a slow start in 2023 – people won’t believe it, until they see it. Plus, if they don’t see it by the end of March or April, then they might even give up prematurely both Boston condo buyers and sellers.