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2019 Real Estate Trends and Insights Report

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2019 Real Estate Trends and Insights Report 2019 REAL ESTATE TRENDS AND INSIGHTS REPORT 2019 Real Estate Trends and Insights Report 1 INTRODUCTION Becoming a homeowner is a financial achievement that gives people a sense of stability and security. For many, it’s the most important step to fulfilling the American Dream. Home ownership is a significant milestone—from a young professional making a “starter” condo purchase, to an established family finally able to afford a house with enough room for everyone. From the early twentieth century all the way up to today, real estate agents have been at the center of this important experience, guiding clients through the complex logistical and emotional processes involved in buying a home. Real estate agents are more necessary than ever—but the role is changing. Mobile devices have made it easier for people to search for homes, creating greater convenience for consumers and more complexity for agents. Thirty years ago, prospective buyers had to rely solely on the expertise and awareness of their agent to find available properties. Today, digital portals empower consumers to do their own on-the-go research and find the properties they want to view before contacting the listing agent. With more and more people finding their perfect homes online, they’re looking to their agent to act as an advisor who can help them through the buying process. And that expertise is much needed. According to Bob Goldberg, CEO of the National Association of Realtors, typical real estate transactions now involve as many as 200 complicated steps or procedures —many of which happen in the period between contract and close, such as navigating the loan process, arranging home inspections and managing paperwork. Successful lead generation is now determined not only by an agent’s ability to secure the hottest properties in the neighborhood, but to present them online in the most compelling way. With today’s digital tools, such as mobile video and messaging, the innovative efforts of one agent working alone can distinguish their listings from larger competitors, and get their properties seen first. By focusing on people-first tactics that boost browsing interest, an agent can market her business, establish her expertise, engage her audience and open an always-on communication channel from the first few seconds a homebuyer sees the listing. This guide presents insights, recommendations and Facebook marketing solutions to help real estate agents understand how mobile technology has changed consumer habits for good, and discover new ways to stand out with today’s homebuyers. By mastering top-funnel tactics that draw people in, focusing on solutions that drive efficiency and effectiveness, and building listings for mobile and video first, agents can generate more leads and build a reputation for success. KEITH WATTS Head of Industry, Real Estate Facebook 2019 Real Estate Trends and Insights Report 1 TABLE OF CONTENTS Part 1: Consumer trends 03 Part 2: Take the next step: 09 Mobile video Part 3: Take the next step: 18 Messaging Part 4: Take the next step: 22 Facebook Marketing Partners Part 5: Creative best practices 25 Part 6: Success stories 32 2019 Real Estate Trends and Insights Report 2 Part 1 CONSUMER TRENDS 2019 Real Estate Trends and Insights Report 3 PART 1 Consumer trends MOBILE IS HERE TO STAY Just as the scale and convenience of handheld mobile devices disrupted how people shop and travel, mobile has changed how people browse for homes. And now, digital is changing how real estate agents think about their business. The average agent spends nearly nine hours each week on marketing tasks, due to the importance of online advertising.¹ 1) Borrell Associates Inc. (2019) “2019 Real Estate Advertising Outlook.” Facebook’s 2019 Real Estate Insights Report 4 PART 1 MOBILE IS DOMINANT More than 70% of people in the US now use 2 >70% smartphones, and nearly 53% use tablets. It's estimated that the average US adult will spend nearly 1 out of every 3 media minutes (30.6%) on a mobile device in 2019—up from less than 24% just four years ago.³ By 2021, mobile will account for 41% of all time spent on digital video.4 DIGITAL IS ESSENTIAL Almost 89% of US real estate agent ~89% and broker media spend will go to online ads in 2019. Newspapers ads are second at just 4.8%.5 More than 55% of total time spent with media is digital (followed by more than 30% for TV).6 VIDEO IS THE FUTURE $58.39B Digital video ad spend in the US will reach $58.39 billion in 2023, growing at double-digit percentages year over year during the forecast period.7 ~235.1M video viewers in the US today— nearly 83% of internet users.8 2) eMarketer (2019) “US Time Spent with Media 2019.” 3) eMarketer (2019) “US Time Spent with Media 2019.” 4) eMarketer (2019) “US Time Spent with Media 2019.” 5) Borrell Associates Inc. (2019) “2019 Real Estate Advertising Outlook.” 6) eMarketer (2019) “US Time Spent with Media 2019.” 7) eMarketer (2019) “Q1 2019 Digital Video Trends.” Facebook’s 2019 Real Estate Insights Report 5 8) eMarketer (2019) “Q1 2019 Digital Video Trends.” PART 1 Consumer trends PEOPLE HOLD THE POWER Times have changed— so has real estate While some people continue to check newspaper listings or cruise their favorite neighborhoods looking for “for sale” signs, the majority of sales today start online. With consumers doing much of the legwork themselves, the role of an agent has evolved to that of an experienced advisor who helps buyers navigate the purchase process. Today, homebuyers make the first move Prospective buyers used to let agents control their open house visits. Now, people primarily use the internet to search for and discover available listings—then contact the agent if they’re interested. Mobile is the preferred research tool Since 2014, homebuyers have used the web or mobile apps to search for home listings more frequently than they’ve contacted real estate agents.⁹ The majority of these searches happened on a mobile device.10 9) Borrell Associates Inc. (2019) “2019 Real Estate Advertising Outlook.” 10) Borrell Associates Inc. (2019) “2019 Real Estate Advertising Outlook.” 2019 Real Estate Trends and Insights Report 6 PART 1 Consumer trends HOMEBUYERS WANT CONVENIENCE, AUTONOMY AND PERSONALIZATION —ALL BECAUSE OF MOBILE Convenience Autonomy Personalization Thanks to mobile, house hunting Homebuyers expect a wide range People use mobile apps and is now always-on, 24/7. Many of information and functionality devices to customize their internet consumers prefer to manage their from mobile experiences. Since experiences. Just as they curate home search on their own time, they’re not reliant on agents to what they see, they appreciate wherever they are. Today, nearly bring them listings, they consult getting personalized content 4 out of 5 US homebuyers multiple sources to find homes from advertisers. 51% of US (79%) surveyed use an online for sale, including web portals and digital device users surveyed resource at some point in their social. The average homebuyer say they’re likely to make a search.11 More than half of spends nearly 14 hours a week purchase when they receive first-time homebuyers surveyed on social, and 65% say they’re personalized content.15 who look online use mobile to influenced by online friends’ research properties.12 homebuying posts.13 After seeing that their online friends bought a home, about 33% of millennial first-time homebuyers say they reflect on their ability to do the same.14 Homebuyers report using social for 65% say they’re influenced by real estate inspiration, discovery 65% friends’ homebuying posts on and agent recommendations. Facebook or Instagram.16 11) The Zillow Group (2019). “Consumer Housing Trends Report.” 12) National Association of Realtors Research (2017) “Real Estate in a Digital Age.” 13) Borrell Associates Inc. (2019) “2019 Real Estate Advertising Outlook.” 14) USA Today (2018) “Instagram, Facebook photos spur Millennials to become homeowners.” 15) Adobe (2019) "2019 Adobe Brand Content Survey" in partnership with Advanis, Feb 13, 2019. 16) Chicago Agent Magazine (2018) “Social Media Sparks Millennial Interest in Homebuying.” 2019 Real Estate Trends and Insights Report 7 Next Step: Mobile Video Solutions EMPLOY NEW MARKETING STRATEGIES TO GROW YOUR DIGITAL IMPACT MOBILE VIDEO Boost digital curb appeal MESSAGING Build a personal connection with clients FACEBOOK MARKETING PARTNERS Team up with a digital expert to get your listings seen Facebook’s 2019 Real Estate Insights Report 8 Part 2 TAKE THE NEXT STEP: MOBILE VIDEO Boost digital curb appeal 2019 Real Estate Trends and Insights Report 9 PART 2 Take the next step MOBILE VIDEO Boost digital curb appeal Use mobile video ads to bring digital home tours to life. Video is fast becoming a dominant digital format. The power of mobile video to grow awareness of and interest in real estate There are an estimated 235.1 listings lies in its ability to deliver visual million video viewers in the US— 83% information in vivid and experiential ways. nearly 83% of internet users.17 According to research, video ads Mobile video in particular is are 2X more likely than static image growing at unprecedented rates 2X ads to create emotional responses among real estate consumers. 86% at faster exposure speeds.19 Eighty-six percent of prospective homebuyers say they’d use And there’s a 17% higher conversion mobile video to learn more 17% rate for static-plus-video campaigns, about a specific community when compared to static image- they’re considering.18 only campaigns.20 Video-rich advertising isn’t just a distant “ possibility on the horizon—the tools and formats agents need to bring interactive, engaging home listings vividly to life are readily available and easy to use today.” — Keith Watts, Head of Industry, Real Estate, Facebook 17) eMarketer (2019) “Q1 2019 Digital Video Trends.” 18) AdWeek (2019) “How Social Media is Being Used to Sell Real Estate.” 19) MMA (2019) “Mobile Marketing Association Reveals Brands Need a ‘First Second Strategy." 20) Facebook IQ (2018) “Creative Considerations for Driving Action.” Facebook’s 2019 Real Estate Insights Report 10 PART 2 Take the next step MOBILE VIDEO But not all video ads are created equal.
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