Facebook impacts people's property buying habits

Nearly everyone has a Facebook account which means that we're learning more about each other than ever before. It also means we are influenced by others more than ever.

This influence even includes our likelihood to purchase property and what area we're likely to purchase in.

A recent study has been nicely dissected by CNBC explains how we are more likely to consider buying a house if our Facebook friends have recently purchased or seen an increase in the value of their property. This can even encourage us to purchase a larger property or spend more than we were originally planning.

However, the study also showed that the reverse is true. When our friends and broader network experience a decrease in value we are more likely to sell our homes and start renting. In fact we will actually accept less than we want to in such market conditions.

What does all of this mean for realtors though? Well, as with everything in social media it is about watching, listening and reacting. Keep abreast of what your own network is saying, understand how the market conditions that you see in your job will impact your social audience and the effect that this will have on their propensity to buy or sell.

Sales is not an exact science but data like this is always helpful to know what the market is thinking and when there might be change coming.

Richard Hatcher

I am the CMO here at PropertySimple, I'll be writing mostly about marketing and technology as well as keeping you up to date with all of the exciting new product developments at PropertySimple!

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