I was very interested to read that Facebook are reportedly trialing an advertising product to run on their marketplace platform in America.
This is quite an exciting development and will have quite an impact on the housing market generally as well as the larger property portals.
In 2016 it was believed that 80% of all house searches began online, this figure is expected to continue rising. The larger property portals have largely dominated these searches, but there are definite moves from buyers and sellers towards social media and Facebook is keen to take advantage of this.
With all of the information Facebook holds on us, it is only a matter of time before it’s powerful algorithms can search across the platform and match properties to potential buyers simply and effectively.
Add to this, industry attempts to introduce an automated conveyancing system, the future of the house buying process looks to be changing.
It’s well known that the estate agency industry in general has been slow to react to new technologies and new trends. The introduction of property portals such as Rightmove and Zoopla seems to, in some cases, have given agents the idea that they do not need to market themselves or their housing stock online. The response to social media has also been very slow, with only 9% of Estate Agents using social media to list their properties!
Estate Agents that don’t adapt and embrace the changes probably will fail.
To survive in this industry estate agents will need to be innovative, will need to identify their strengths and adapt to this new market place.