Explain how the internet and social media platforms have contributed to and bolstered the popularity and activity in the real estate industry?Examine the ways in which the internet and social media platforms has had on consumer behavior within the real estate market. Put together a short study of the increasing popularity of online popularity and ‘craze’ in real estate, and the ways in which they are changing the landscape of the industry.
Some of the following items / questions are topics to consider:
– identify what has occured to the average age of the first time homebuyer within the last 5 years? Has it increased, decreased, or stayed the same?
– Please note the virality, or potential for virality / popularity, for topics on the internet. How powerful is that aspect of the internet and social media?
– what percentage of posts are about real estate ? How big is the real estate algorithmic framework on social media platforms? (if this exists)
– any scientific research studies on “do social media posts about a given item / service / product psychologically make people want to buy and participate in those transactions ?”
– How has the presence of the internet and social media changed the marketing of real estate? Are agents more focused now on developing their online brand and pumping out content on these platforms to capture attention? Do people lean heavier on brand or the actual product when it comes to purchases?
– What is the market like now ? If it’s “slow”, why have prices remained high? If it has remained higher (in compairson to historical data), where is the demand coming from?
