Imagine using social media, to buy a house for millions of dollars that you haven’t even seen in person yet.
‘Huh’. Source: Giphy 2017
My reaction exactly!
A few days ago, I read an article about how Australian homes are being sold to Chinese consumers via WeChat.
WeChat is a messaging app used by over 800 million people in China, also allowing customers to make purchases and be paid within the app itself (source). As YouTube, Google and Facebook are all banned in China, marketing through WeChat allows Real Estate Agents like Monika Tu, to sell million dollar properties to affluent Chinese Clientele.
Monika Tu outside a $20 million property she sold in Sydney. Source: Daily Telegraph, 2015
“Social Media is the ultimate tool if you want to tap into the Chinese market… I can close a deal in three days on WeChat”
Monika Tu – Founder of Black Diamondz. (source)
Tu’s Black Diamonds property sales account on WeChat has over 35,000 followers. She also claims that when a WeChat post occurs, it introduces an additional 5,000 viewers (source). Video is used to conduct tours around the home, once interest is conversed. If the customer then wants to purchase, negotiations occur instantaneously and once agreed upon, an e-contract is then sent to them to sign and send back.
According to the National Realtors Association, not only are the Chinese willing to pay more for property than other nationality, but last year they were the number 1 foreign global buyers of property.
Volume of Sales to foreign buyers. Source: National Realtors Association, 2016
WeChat is “crucial to marketers” to “get close enough to their customers” claims Singaporean based analyst Bryan Wang. Without WeChat, digital marketing fails to target this lucrative demographic through social media.
Were you as shocked as myself when you read about this? Contribute to the sound of this digital marketing issue and comment below.