The Age of Snapchat: how technology is changing the buyer market.
Snapchat is the fastest growing social network for millennials; it reaches over 41% of all individuals aged 18 to 34 in the U.S. daily, according to Nielsen.
Millennials are the generation of people born between 1980 and 2000. The millennial generation is one of the largest generations in history and it’s beginning to enter its prime spending years. This generation is ready to transform the economy and change the way things are bought and sold, forcing companies to change how they do business. The real estate industry is no exception. The buyer market is quickly becoming flooded with millennials looking for their first homes.
Snapchat is changing the buyer market in ways never seen before. Traditional listing photographs and videos are being traded in for instant, free, raw footage of listings; no camera operator or crew needed.
“What’s great about using Snapchat for real estate is that you are your own producer, director, and actor in your own tv show,” said Los Angeles real estate agent Stephen Udoff who recently closed an $80,000 a month rental using only Snapchat.
Buyers want to see what properties actually look like, without the professional photography. Snapchat is the medium to provide the unfiltered look that buyers seem to trust. For example, in Udoff’s $80,000/month deal, the client didn’t even view the property in person before signing the contract.
The instant nature of Snapchat is also worth noting. Traditionally, it can take days or even weeks to produce listing videos and photographs, but with Snapchat images of the listing can be posted online in minutes. This means people who are ready to buy can buy even faster and inventory will move quicker.
Let’s look at Snaplistings, a Snapchat account in NYC that features real estate agents and their current listings. “We both have friends who lost apartments in minutes just because their applications came in two minutes after somebody else’s,” Dolly Meckler, the founder of the Snaplistings account, told CNBC. “So the beauty of Snaplistings is that you can DM agents in real time saying ‘I want to come and see this place, where are you? I will come and meet you’.”
Being able to stand out to potential buyers is important; and when the increasing majority of potential buyers are millennials, Snapchat is a medium that is accomplishing this.
But it’s not just about millennials. There is also an emerging 30 to 45 year old demographic on Snapchat. In the coming years the platform user base will likely skew much older like Facebook, so don’t expect the buyer market to steer away from these unconventional marketing mediums. Embrace them now and you may see the benefits for years to come.