Entrepreneurs like Shalom Lamm have had to experience first hand how the traditional housing market has changed in such little time. Social media is the standard way of communication for a majority of individuals. With Facebook, Instagram, and Twitter leading the social media industry in data collection, it is hard to separate oneself from those platforms. Lamm agrees that a majority of the information we are presented with on a daily basis is through social media. That being said, one of the biggest factors society forgets about is how social media has affected the housing market.
Shalom Lamm has been in the housing industry for decades, as seen on his Personal Blog. He has experience in development, buying, and selling properties. With this, he has gained a diverse knowledge of how to be successful in the market. With social media playing a large factor in the housing market, it was important for Lamm to adapt his selling traditions to new and innovative techniques.
The first application that Shalom Lamm had to perfect his usage on was Zillow. This platform is the number one application for real estate and rental marketplaces. Its goal is to give customers as much data as they can about a given property. That could include mortgages, monthly rent estimates, and exact location. It eliminates so many struggles realtors had to deal with before. In 2020, there were over 400 billion visitors to the app.
The reason for such high consumer interest in not necessarily because of their intent to move. Shalom Lamm discussed that the app is doing so well because most people are bored and stuck at home. According to statistics by Zillow, only half of their viewers are actually interested in buying a home. The rest are there out of personal interests or out of boredom.
In addition, there is a remarkable amount of people moving out of high exposure areas and cities. That gave Zillow an excellent ability to market themselves. Since Zillow is device-based, there is no physical interaction needed by consumers and realtors. Open houses and viewing can be done online. In addition, correspondence can be completed over FaceTime or Zoom, rather than in person. This skyrockets theory stock value because when individuals and families were moving out of cities, Zillow was the first app they downloaded.
It may seem like this is only positive information. However, Shalom Lamm is worried about the lack of human interaction in business. When human interaction is subtracted for a business relationship, it could make it harder to close a deal or to build networks. A lot of the time, people are glued to their phones or devices. So, human interaction isn’t a priority.
The future of housing has been dominated by these platforms. In addition to Zillow, Realtor.com is also a great established app. They both have shifted how the housing market will work for the rest of its existence. Ambit Success has published many reasons as to why Shalom Lamm is a credible source for this type of prediction. Although many may remain skeptical of how the industry will shift to a technological future, it’s critical to trust the opinion of professional realtors during such uncertain times.