The face of real estate advertising has changed drastically over the past few decades. The marketing mix now tilts digital, and real estate professionals must be ever-vigilant about coming up with relevant, innovative ways to reach potential clients.
Millennials – those individuals born between 1982 and 2004 – make up a large portion of the home buying population and their share is growing each year. These young adults represented 32% of the market as of 2015. At the same time, the median age of real estate agents is 57. The disconnect that is created by this age gap has caused a challenge for real estate professionals who are attempting to strengthen their target marketing to Millennials. Expanding your advertising campaign to Instagram can bridge that gap and significantly increase your business’s exposure to this increasingly important demographic.
This social media community was launched in 2010, and in the short span of its existence has garnered over 400 million users worldwide. The premise is simple – users can follow each other, and by doing so they can see photos and videos posted by those in their feed. If a user posts publicly rather than privately, you can see their content regardless of whether you’re a follower.
How can you, as a real estate professional – whether broker, agent, stager, or loan officer – leverage the power of this popular platform to get exposure for your business? Instagram recently made this infinitely easier. It used to be that advertising had to be purchased through personal interaction with an Instagram representative. This meant that only companies with enormous budgets could afford to market there. Fortunately, with Facebook’s acquisition of Instagram advertisers have many more options.
SIMPLE, ACCESSIBLE, TARGETED MARKETING
In November 2015 Instagram launched a public API (application program interface), which allows users to customize their experience – including purchasing ads. Now you can get your company name out there in front of a targeted audience through the use of hashtags and location-specific marketing.
Instagram offers the option of photo ads, video ads, and carousel ads (posts that allow users to flip through multiple photos). You can embed links to your website and enable users to download your mobile app. This option opens up a whole new world of possibilities – you can post your current listings (high quality collages have proven successful for a number of real estate firms), share your company’s story through visual moments (creating a personal connection with potential clients), and encourage users to click through to the valuable content on your website.
Does it work? Ask Poshmark, the online portal for buying and selling gently used women’s fashions – they’ve seen an 85% increase in their campaign objective. Canadian firm Bench Accounting has experienced 12.5% increased click-through rates through their use of Instagram advertising. Even brands that are already prominent are seeing the benefits of reaching Millennials through Instagram – Philadelphia cream cheese alone has seen a 41% rise in sales. That’s a significant result no matter what business you’re in.