Last month I offered some perspective on why Pence Hathorn Silver still values print advertising in selling real estate. Our marketing efforts don’t stop there though, here are 5 reasons why we also utilize digital marketing.
- Millennials are not the only ones glued to their smart phone.
You may be surprised to hear that the use of smart phones, by seniors, has doubled since 2013. Now in 2018, about half of adults over 65 years of age own a smart phone. Roughly the same increase has happened to tablet ownership among seniors.
The use of social media by seniors has also gone up 7% since 2013. The use of Facebook by millennials has gone down while it’s become far more popular with non-millennials. Instagram, YouTube and Snapchat have become the dominant platforms among millennials. As realtors we must adapt and leverage the most current platforms that buyers are using. The good news is that we can determine which platform to use based on the demographic we’re looking to target for a specific property.
- The Email Marketing Hack
Sometimes it’s hard to stand out on Social Media because it can be quite saturated at times. This is why we also employ email marketing. Email, unlike social media, organizes chronologically as opposed to “by popularity”, so you don’t have to “go viral” with every post to get properties in the eyes of potential buyers. Of course, if you want people to actually read email rather than unsubscribe or ignore it, quality/interesting content must be offered. I am sure you, like me, skip over 90% of the “email list” messages in your inbox. .
I consider it a success when clients and friends call me after a Santa Monica Dirt email. I am often surprised at what local topics trigger the most response. My goal for the Santa Monica Dirt is to provide readers with interesting information about Santa Monica, especially the North of Montana Ave pocket that my readers haven’t had time to research on their own, or have not yet heard about. Real estate news via email allows “non-immediate” Buyers and Sellers to keep their finger on the pulse.
- We Can Promote A Lifestyle Not just Land & Concrete
Just like staging a property can make a huge difference in terms of showing a buyer what a home could look like professionally furnished, so can a well-made video, showing happy people enjoying the benefits of the perfect home. Not being constrained to one photo and having the ability to market a property with video, allows us to show the lifestyle, not just a plot of land and concrete.
- Demographic Targeting
The benefit of over 30 years of experience in this market, is that I can often look at a property and understand the age range, probable occupations, family size and needs of the likely buyer. These real life analytics don’t live in a database.
Most all social media platforms allow you to target audiences via age, sex, interests, searches and although it may make you uneasy, much more. With digital analytics, we can (and do) track where visitors came from, where they clicked on a site and where they went next. This allows us to course correct, if necessary, and hopefully speed up the sale of a property.
- New Money Is Likely To Be Tech Money
Just last year, millennials surpassed their predecessors as the top borrowers for high-end mortgages. Many of them are buying later in life and their “starter homes” are bigger more luxurious homes than expected. I’ve had first time Buyers looking in the $4+ million dollar range. The Westside has also been attracting more wealthy Millennials than ever and has even been dubbed “Silicon Beach” by much of the media. In the last two years we’ve seen an increase in Tech Jobs by 13% in the greater Los Angeles area. It’s safe to say that with these new, tech friendly potential buyers arriving here and building wealth, that it makes perfect sense to reach them digitally.
In real estate news…
One “re-listed” property and one new that is already under contract!
434 22nd Street – Originally listed last October and just re-listed at the same price- $6,488,000. Large Mediterranean approximately 6,263 square feet of living space on a 7,500 ft lot. A traditional floor plan with 4 bedrooms upstairs and one guest bedroom downstairs, plus large area that can be a screening room, wine cellar or playroom. Gourmet kitchen that opens to the backyard pool area. Last sold 10/29/2013 for $4,095,000.
711 21st Place– An accepted offer after only 5 days on the market. This could mean that this home will be back on the market soon. I hope I am wrong but $6,425,000 for this Tudor style home, of over 6,000 sqft might be a tad high.
Two additional properties went into escrow.
428 25th Street- 1930’s Spanish Revival listed for $5,100,000. 5 bedroom + 5.5 baths; approximately 4,100+ sq. ft. on a 60 foot wide lot with pool. Charming details and some nice updating. Last sold in 2002 for $1,960,000.
508 Marguerita Avenue– Listed for $6,395,000. Word on the street is that this had almost 10 offers and I expect the sales price will exceed $7,000,000! Excellent location West of 7th on a large 11,512 sqft lot. A little dated, and the floor plan is a little strange but 5 bedrooms, 3.5 baths (in the main house), pool, cabana, 3-car garage with both a guest room and a nicely appointed guest apartment above the garage. Last sold in 2008 for $4,000,000. Before that sale, Pence Hathorn Silver had this listed and I think I remember it being around $3M.
Three properties closed escrow.
322 20th Street- Sold for $4,210,000. Listed at $4,549,000.
107 Larkin Place – Sold for $6,182,550. Listed at $6,295,000.
475 23rd Street– Sold for $3,500,000. Listed at $3,495,000.