Social media advertising in a ‘seller’s market’ – iRealty
Social media advertising in a ‘seller’s market’ By , September 14 2021

Over the past 12 months the real estate market has surpassed many expectations. Record low interest rates, migration and government incentives have seen buyers flood the market. While this has driven double digit growth in the majority of markets, it has also seen agents having to navigate high buyer interest with less stock and highly competitive sales times. Deeming the past 12 months (and likely the year ahead) a ‘seller’s market’. 

So why when it is arguably easier than ever to sell listings, are we seeing anything but a slow down in property advertising? Well, there are a couple of key reasons. Firstly, the obvious need for agents to shift from their traditional means of connecting with the community. Secondly, agents have to leverage online measures to prospect buyers and sellers. 

When someone says to you ‘social media advertising’ your mind probably goes to property adverts commonly paid for by your vendors. Later in this article we are going to explore some helpful tips for approaching VPA with your vendors and how to get more benefit out of your property ads. We are first going to explore how agents can use social media marketing to generate sales leads. 

When it comes to the social media advertising component not covered by your vendors it is important that you establish 2 things:
  1. Your objectives – i.e to add interested sellers to the top of the funnel 
  2. Set your budget – i.e $500-$1000 a month of your own funds invested in growing your social media and generating leads 

We recommend ultilising at least one advertising campaign each month aimed at generating leads from potential sellers. Now there are a few tips to follow when spending money these campaigns.

Don’t push a hard sell to a cold audience. What this means is that if you are just starting social media advertising. Instead of creating an ad that simply says “Call me for a free market appraisal” which is less likely to get results from someone who has never seen or heard of you. Try a helpful, content led approach like the example below: 

Spring is well underway with a flurry of buyers entering the market. Do you know what current buyers are looking for in a property? Download our ‘10 tips to selling’ guide to find out what buyers look for in the perfect home. 

You would then offer the free guide and send a follow up email to all of the potential sellers that downloaded. Not only do you have locals you know are interested in selling, you have provided value to that prospect which they will remember when it comes time to sell. Check out our recent blog for more locally targeted social media examples

Other tactics that will help naturally grow your social media leads:
  1. Having a consistent and informative content schedule 
  2. Nurturing your buyer leads to uncover potential sellers and landlords 
Now that each month you are running a seller advertising campaign, you will also want to attract the interest of other locals and buyers with your property ads. Our tips would be: 
  1. Know how much your vendors will feel comfortable spending. 
  2. Feel confident in explaining the benefits in social media advertising and why you use it. 

Asking vendors for money can be tough if you don’t have the right tools or knowledge to accurately convince them that without social media as part of their marketing strategy they could be missing out on buyers and a higher sales price. The great thing about social media is that it works for both on and off market listings and the advertising cost can be incorporated into your overall marketing budget in your listing kit. 

Each market will have an amount that most sellers will feel comfortable spending on average. Most agents will have 2+ packages they offer and social media advertising can be accommodated in that structure. 

  • For example you may opt to present a budget that incorporates >$100 in advertising – this will boost the property to local surrounding facebook users to notify them of the listing 
  • A $300 campaign – 2 unique advertisements 1 pre listing to notify locals and targeted buyers of the upcoming property, Then a separate following advertisement that generates property enquiries unique to that listing. 
  • A $500+ social media campaign – This could be a great option for off-market listings that aren’t being promoted on the larger portals or your website. Still getting the benefits of advertising to the local buyer and seller marketing and generating specific property enquiries and registering interest for private inspections. 
By testing the waters with your market you will start to know what package option best fits most vendors. If you need any extra tips on what to discuss here are some selling points: 
  • Because people are spending more time on social media than ever before. With communities going in and out of lockdowns and regulations changing, social media is a constant whether you are in lockdown or not. 
  • Because the buyers and sellers you find on social media are usually 1 of 2 types of people – Firstly, they are highly targeted and you have presented them with a property that aligns to their needs – rather than them having to trail through the portal pages. Secondly, they may have only been in the early stages of research when a property like your vendor’s was advertised to them making them enter the market there and then. 

If you are in need of some social media and SMS inspiration, download our free blueprint for content, scripts and caption ideas.

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