New apps will keep brokers on their toes
In the realm of online advertising, social media, especially Facebook and Twitter have been used by brokers, but a growing number of other platforms may be taking dollars away from those giants.
Instagram recently introduced an application programming interface (API) that allows advertisers to design and run campaigns themselves, opening the mobile photo-sharing app’s ad platform to smaller advertisers.
Seattle-based brokerage Redfin, which has over 1,000 agents in 34 states, began testing a nationwide ad campaign on the app recently.
Brokers looking to reach the all-important millennial generation — those born between 1980 and 1995 — might also want to monitor the emerging social network Snapchat, which recently began integrating ads into its platform.
While social media doesn’t always bring immediate results, some say these apps are effective in building relationships through personal communication with potential clients.
As for the next generation of home buyers, Paul D’Abruzzo, a real estate agent and The CashFlow Engineer, says you must assume social media is a part of their lifestyle and that it should become a part of every agent’s as well.
“We should do our best to provide valuable, educational and engaging content, that is suited well to the social media platform, to reach a younger demographic in order to showcase our professional services,” says D’Abruzzo.
It’s not clear if Instagram ad economics make sense for individual brokers yet, but the fast-growing, mobile-centric network is poised for a bigger ad footprint, as according to digital ad firm eMarketer, Instagram ad revenues will account for 10.6% of Facebook’s global ad revenue by 2017.