RISMedia's Real Estate Magazine

JAN 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/918036

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Page 52 of 110

48 January 2018 RISMedia's REAL ESTATE Adding a social media twist to a popular Craigslist service, Face- book is transforming apartment searching into an interactive ex- perience by providing 360-degree photo capabilities and using social media profile information to reduce the chances of scams and unsafe transactions. And while consum- ers will be able to search for prop- erties based on location, price, size, bedroom number and animal restrictions—information that is provided by landlords and leasing companies—a real estate agent is nowhere in sight. So, how is this going to impact the industry? For many real estate agents, be- ing fully entrenched in the rental business is a great way to transi- tion into buying and selling. This is especially true for greener agents that don't yet have the real estate experience, and need to build busi- ness by working primarily with rent- ers. After all, it's safe to assume that many of those renters will be- come buyers someday. Not only is it a great way for agents to famil- iarize themselves with the industry, but it's also vital to building a con- tact database that they can grow. Not only is Facebook looking to list its consumers' properties us- ing Marketplace, but it is also pull- ing property information from part- nered sources—Apartment List and Zumper—which will integrate hundreds of thousands of listings. Although only in the early stages of adoption, the industry could see this as a direct challenge to Zillow and other popular home-search sites. Un- less Facebook decides to go the lead marketing and agent branding route with brokerages, as Zillow does, the real estate industry may see this as an unwelcome addition. So far, it doesn't sound great for the industry overall. But here's why it won't be an overnight success. Facebook Shops Around for Its Next Business Endeavor: Rental Listings O nce touted as the most popular and innovative internet community of its time, Facebook is now pushing to compete with trendy social media platforms like Instagram and Snapchat. As part of its rebranding efforts to become an all-in- one service, Facebook recently added payment capabilities to its messaging service, along with various filters to its camera settings to mimic Instagram's photo-editing settings. It is now making a move into the real estate industry by adding apartment and home-rental listings onto its existing Marketplace storefront, which, so far, only included household items, job postings and car listings. By Liz Dominguez

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