Social Media for Real Estate Pros: Time to Move
According to the National Association of REALTORS 2010 Technology Survey Report, more than 90 percent of agents and brokers are active in social media, with Facebook (avg. 84 percent) and LinkedIn (avg. 61 percent) being the most popular for business use.
However, only 25 percent of agents are “extremely comfortable” using social media, and a small percentage feel they’re seeing an above average ROI.
The challenges and concerns for real estate professionals are the same as professionals in many industries:
- Unknown marketing tactics: Social media is new to many pros. They often don’t know where to start, or how to evolve from their traditional, more comfortable tactics. And they may fear they will do it wrong, so it’s easier to do nothing.
- Personal vs. professional use conflicts: For many, Facebook started as a way to keep up with family and friends, then business contacts and company Pages emerged. The balance between personal use, and the loss of privacy that comes with integrating business, can be a difficult adjustment.
- It takes time: “How many hours a day does it take?” “How long until I see an impact on my business/career?” These are common questions, and unfortunately, there are no standard answers other than, “It depends.” Doing social media right takes time and patience, and a willingness to evolve daily routines and communications style.
The Opportunity for First Movers: The Case of Newly Wed Wendy
Having conducted research, and presented multiple continuing education courses to real estate professionals, I’m convinced there are tremendous opportunities for agents and brokers who take the initiative to enhance their online presence, and engage with clients, prospects and peers.
The NAR Technology Report showed that the most important lead generators for real estate professionals are repeat business and referrals. What better way to stay top of mind, and informed on clients’ needs, then by being connected in social networks?
As a practical example, let’s consider the case of “Newly Wed Wendy” [fictitious buyer persona]. Wendy is a recently engaged 30-year-old attorney in Cleveland. She and her fiancé, “Young Pro Pete,” are both homeowners, and plan to sell their homes and move to a new community that fits their interests and needs.
Pete bought his home nine years ago, and hasn’t heard from his Realtor since, except for the annual refrigerator calendar magnet and the random direct mail piece.
Wendy, on the other hand, is friends with her Realtor (we’ll call her “Connected Connie”) on Facebook, and even subscribes to her Realtor’s blog that features community news and real estate trends, and spotlights local businesses and events.
When Wendy shared pictures of her engagement on Facebook, Connie immediately knew Wendy’s plans as a homeowner were about to change. Connie posted a congratulations message on Wendy’s Facebook Wall, and sent her a greeting card with a personal note and her business card.
Whom do you think has the better chance to be the listing agent for both homes, and the trusted resource to help Pete and Wendy find their dream home?
Why Does Social Media Matter?
Social media presents an opportunity for real estate pros to differentiate themselves and build strong personal brands that directly impact their success. Social media can be used to:
- Create connections and build stronger relationships.
- Stay on top of industry news and trends.
- Learn from peers.
- Nurture referral sources.
- Expand business development networks.
- Monitor and engage with industry influentials/thought leaders.
For real estate pros still watching from the sidelines, I say it’s time to get moving!
Getting Started
Check out the presentation below for seven steps to get started.
Special thanks to First Federal of Lakewood [client] for sponsoring the “Social Media for Real Estate Agents” event.
Paul Roetzer is founder and president of PR 20/20, a Cleveland-based inbound marketing agency and PR firm. He can be found on Twitter @PaulRoetzer.
Stay updated: Subscribe to the PR 20/20 blog, check us out on Facebook or follow the team on Twitter.
Comments
Leave a Comment