How social media is affecting the property market
by Housesimple on 4th July 2017
With more than six out of ten adults logging onto social media each day, online networks have fast become a huge part of our daily lives. From chatting with your mates to ordering a Saturday night takeaway, there's not much you can't do with social media. It's even had an effect on the housing market – here's how it's impacted selling a property.
Image is everything
With photo-heavy social media channels like Snapchat and Instagram taking the world by storm, property photography is in the spotlight like never before. Online pictures are the new kerb appeal, after all. What's more, the artistic aspect of these networks has changed the way professional photographers approach property.
While styling your home for photography traditionally meant snapping outside shots during bright afternoons, this new breed of property pictures focuses more on lifestyle and beauty. Outdoor photographs are taken at twilight with all the lights on, or at dawn with the sun peeking out over the horizon.
Lifting time constraints
Instagram and Facebook stories have made it easier for real estate agents to give house tours to busy professionals. This increases the pool of potential buyers, as those who don't have time to attend viewings in person are able to check out your property from the comfort of their own home or office.
Changing the way we buy
These changes aren't just about marketing, either. An American study found that Facebook activity also has the ability to influence buying decisions and market confidence. The National Bureau of Economic Research surveyed 1.4 million Facebook users in Los Angeles and found that people would change their property decisions based on the situations of their friends. If their friend's house price dropped, they themselves would keep renting, or if their friend's property saw a price boost, they'd be more likely to spend more on their own home purchase.
This isn't completely new – in the past this would occur based on what was happening in the local neighbourhood. The change is that people are now influenced by widespread networks. They're making property decisions based on their friends' activities, even if they live in different areas.
Social media has expanded the pool of potential buyers and has encouraged a more experimental approach to marketing. As new networks rise and fall, we can't wait to see what social media has in store next.
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