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Social Proof and the Real Estate Customers of Tomorrow

As industries evolve, so will their consumers. The emergence of digital environments and tools have transformed the way the real estate industry operates and interacts with its consumers. But as the millennial demographic has entered into the housing market, its buyer journey has also changed.

Consumers are more connected to each other than ever before. An article on US News explains how, “Data continues to take on a more important role for consumers, who are looking for transparency in the market and for hard numbers to help ensure their decision to buy or sell a home is the right one.”

This movement towards a digital environment can be an opportunity for selling agents in the real estate industry. Consumers are comparing notes. Your real estate marketing plan needs to include a strategy for generating reviews and testimonials. These will educate prospective buyers and show them you have a proven track record of success.

Social Proof and Success

“Social proof” is defined by HubSpot as being “the idea that consumers will adapt their behavior according to what other people are doing.” People follow other people’s examples. You’re going to want to establish yourself as a source of trust and consistency. This will encourage prospective buyers to join your ever-growing customer base.

Social proof is especially crucial for millennials, who make up a large percentage of the real estate consumers of today and tomorrow. In many industries, “The most credible form of advertising comes straight from the people we know and trust,” as Nielsen reports. They go on to say how “Eighty-three percent of online respondents in 60 countries say they trust the recommendations of friends and family” above almost every other form of advertising.

When it comes to real estate marketing, you’re going to want to target millennials differently than you would buyers from the Baby Boomer or Gen X generations. Millennials are savvy, adept at avoiding traditional advertising, and their buying habits are different from the generations who came before them.

This is why social proof is such an important concept to capitalize on. When you back up your advertising with testimonials and customer reviews, you’ll be better equipped to attract and convert millennials into customers.

How to Generate Reviews

First, you are going to need a way to manage your customer database. A customer relationship management system can help. Not only does CRM empower you to automate your marketing efforts, but it also makes following up with prospects easier than ever before.

CRM software can also reach out to a recent buyer with a simple message like “If you’re pleased with our service, would you consider leaving a review?” The stronger your social proof is, the easier it will be for prospective and existing customers to want to do business with you.

With Halo Programs’ reputation management service, generating customer reviews is easier than ever before. This service—included inside MyCRMDashboard mortgage CRM and the MyLeadDashboard automated real estate marketing system—automatically sends satisfaction surveys to customers, prompting them to leave online reviews and share testimonials on their social media.

Lenders and real estate companies using this reputation management system are uniquely able to generate and leverage customer feedback in a way that allows them to build their social proof while also developing a lasting sense of trust with the people and communities they serve.