Is Instagram the next Facebook?

Most agencies now use Facebook in some shape or form – whether it’s advertising properties on their books or using Facebook ads to attract new vendors and landlords. It’s become a vital part of an agent’s armoury.

But what about Instagram, Facebook’s younger and cooler cousin? Despite its wild popularity among millennials, and its growing use as a platform for businesses and individuals to sell their wares, it’s not something that has been embraced by a high proportion of agents.

There are some who swear by it, such as this agency (which has more than 320,000 followers on the platform), but many firms may be wary of it or see it as a young person’s domain. While it’s definitely targeted at, and used by, a younger demographic, there are still many homeowners and current (or potential) landlords on there as well.

As such, it’s something that agents should be using more, particularly as Generation Y and the generations after it (Generation Z and Alpha) start to become the buyers, sellers, tenants and landlords of today.

What is Instagram?

While Instagram has fast become a part of the cultural lexicon – Instagrammed, Instagrammable, Insta, Instagram-friendly, etc – some may still be unsure exactly how it works.

Launched in October 2010 by Kevin Systrom and Mike Krieger, it’s a photo and video sharing social networking site which makes heavy use of filters and hashtagging. It’s become a popular site for food and travel bloggers, as well as so-called influencers and those looking to build their own brand. 

Its rapid popularity attracted the attention of Facebook, which acquired the service for approximately $1 billion in cash and stock in April 2012.

Since launch, the service has added messaging features, the ability to include multiple images or videos in a single post, and a Stories feature - similar to its biggest rival Snapchat - which enables users to ‘post photos and videos to a sequential feed’. Each post is accessible by others for 24 hours. As of January 2019, the Instagram Stories feature was being used by 500 million users daily.

Instagram also has a live feature, to allow for more virtual content, and in June 2018 it launched Instagram TV (or IGTV), a new app for watching long-form, vertical videos. While there is a standalone IGTV app, users can also watch from within the Instagram app itself. 

The huge reach of Instagram is evidenced by its most followed person – footballer Cristiano Ronaldo – who has a barely believable 241 million followers.

Who uses it?

According to statistics website Statista, there were 27.25 million Instagram users in the UK as of September 2020, with 30.5% of those aged between 25 and 34 years old.

A recent Ipsos survey of around 4,000 British residents found that Instagram’s appeal is the strongest among females under 24 years of age. It found that 71% of females aged 15 to 24 years of age use Instagram, compared with 61% of males in the same age group. 

Meanwhile, a blog by social media platform Hootsuite earlier this year looked at the most recent figures released by Instagram. It found that the site had around 1 billion users worldwide (as of 2018), and more than 1 billion monthly active users. 

It’s also anticipated to have around 500 million daily active users, while 90% of Instagram users follow a business account of some description. What’s more, it’s been estimated that 928.5 million people can be reached through Instagram ads.

The numbers at play, in other words, are huge. And it isn’t just younger users making use of Instagram. Recent findings suggest that, in the 50- to 64-year-old demographic, 23% say they are now using Instagram, up from 18% in 2016.

Why should agents use it?

Instagram holds a massive captive audience for agents – and, in many cases, a potentially untapped one. Instagram Stories, in particular, is an excellent way to boost your brand, getting it in front of more people for free.

Images also look better on Instagram than pretty much any other platform, so it may be a site where you wish to advertise property. Be careful, though, to paint a realistic picture. As we mentioned above, Instagram pictures can be heavy on the filters and can make things look considerably more attractive than they actually are.

Like Facebook, Instagram is user-friendly, easy (and free) to sign-up to and a great way to engage with people you otherwise might not engage with. It also speaks directly to a market – the under 35s – in a way that Facebook no longer does.

It isn’t a silver bullet and has been criticised for portraying an unrealistic picture of life, but an increasing number of agents are seeing its value and you could be left behind if you don’t embrace it.

While TikTok and Snapchat are firmly aimed at the Gen Z market – who won’t be selling and letting homes for a while yet - Instagram is most popular among that sweet spot of 25-34 year-olds (the millennials), who may be sellers and landlords now (or in the not too distant future).

If nothing else, it’s free and allows you to post nice pictures and videos, which can only do your brand rep the world of good. 

For further advice on using Instagram as part of your overall strategy, contact The ValPal Network team today to find out more. We can help you to get the most from the platform.