How social media is changing the real estate landscape
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The future of Seattle real estate lies in social media — especially when it comes to connecting with young and tech-savvy buyers.
Why it matters: While many scroll the Zillow Gone Wild Instagram account for entertainment, social media packaging and buzz is one way for listings to garner more attention from serious home seekers.
What they're saying: "Screen appeal is the new curb appeal," Zillow senior economist Orphe Divounguy told Axios.
Zoom in: Realtor James Savereux, who specializes in residential real estate in Seattle and the Eastside, told Axios a social media presence is increasingly important, not just to meet clients but also to connect with appraisers, contractors and other realtors.
- "The idea of cold calling and knocking on doors is a thing of the past," he said.
- Social media is an investment in the future; some of the young people who reach out to him aren't yet in a position to buy, but many will be one day, he said.
- His most successful posts are simple: thirty seconds of him chatting about a house on Zillow.
Driving the news: Zillow data shows that listings with an enhanced media package — such as an interactive floor plan, larger high-resolution photos and a 3D home tour — capture more views than traditional online listings, said Seattle-based Zillow home trends expert Amanda Pendleton.
- Homes listed with Zillow's Listing Showcase platform typically sell for 2% more, which adds up to more than $9,000 on a typical U.S. home, Pendleton told Axios.
- Homes listed with Showcase are also 20% more likely to secure an accepted offer within 14 days compared to typical listings, she said.
Zoom out: Zillow Gone Wild creator Samir Mezrahi posts what he calls "the most interesting homes across America," from castles to brightly colored mansions.
The intrigue: Among the Seattle listings featured on Mezrahi's account is a $6.2 million floating home with a fireman pole and unobstructed views of Lake Union, Mount Rainier and downtown Seattle.
- Being featured on Zillow Gone Wild doesn't always mean instant success, though. The above home was taken off the market in January and relisted a few weeks ago at $5.8 million.
What he found: People "really love libraries, so if the home has a really nice library, that's an automatic post," Mezrahi said at a South by Southwest panel.
What's next: More agents are likely to be chasing social media clout, with TikTok reporting a 40% increase in posts tagged #RealEstate during the first two months of 2024 compared with the same period in 2023, Bloomberg reports.