As the widespread impact of the Facebook ban on news becomes clearer, what’s also becoming evident is the ability of agents and real estate industry players to pivot away from the social media platform.
Since the Facebook ban on news came to light, the Real Estate Institute of Australia (REIA) has come out with a statement acknowledging that while Facebook has long been considered “an important channel” for real estate to connect with Australians, it’s not the only outlet available to real estate agents to engage with Australians looking to buy, sell, rent or let.
While the REIA is still assessing the situation, president Adrian Kelly did consider that real estate marketing will continue to reach its customers.
“We strongly advise them to sign up direct to their preferred source of news for listings for their housing needs,” he had stated.
Elsewhere, Domain has commented on the listings giant’s inclusion on the banned list, with Domain’s chief commercial officer, Tony Blamey, conceding that “yesterday’s announcement from Facebook was a shock to all, affecting many, including us”.
“And while the situation is still evolving, our audience numbers remain strong and website traffic to Domain.com.au is up compared to the same period over the last month,” he highlighted, stating it is a testament to the highly engaged audience that Domain commands.
He flagged that Facebook’s changes have only affected organic posts from the site, but social boost and sponsored content are still running and performing as normal.
Mr Blamey added that the platform is continuing to post content across LinkedIn, Instagram and YouTube in a bid to reach property enthusiasts.
“We are continuing to watch the situation, and are working closely with all parties to ensure we continue to shine a light on all things property.”
Yesterday (18 February), REB revealed that Domain — alongside major shareholder Nine — was in “active discussions with Facebook”.
“We are hopeful that a resolution will be found quickly that is mutually beneficial to both parties,” a spokesperson for Domain had said at the time.
The quest for a solution moving forward comes as Commonwealth Treasurer Josh Frydenberg reported he had been in further talks with Facebook founder and CEO Mark Zuckerberg and will continue to do so over the weekend of 20 and 21 February 2021.
“We talked through their remaining issues and agreed our respective teams would work through them immediately,” the Treasurer said.
Despite being willing to enter into talks with the platform as to the implementation of the News Media Bargaining Code legislation, which is Facebook’s reason for instigating the ban on news, Mr Frydenberg said he had reiterated that “Australia remains committed to implementing the code”.
For more information on the impact that the Facebook ban is having on the real estate industry, click here.