Luxury Insights

Social Media and Real Estate

Like much of the rest of the world, real estate professionals have embraced social media.  Some would even say that there has been a REALTOR frenzy around social media.  There are  many, many people sharing their thoughts, ideas, and tips for agents on a plethora of web sites, blogs, and twitter streams.  There are RE BarCamps, all sorts of training courses, and products aimed at helping real estate agents "get" social media.  I think many of them miss the mark. 

There are certainly some agents who are successfully using social media to grow their businesses, but they would appear to be the minority.   There is no simple, "one-size fits all" approach to social media that will work for all agents.  In fact, social media might not be a fit at all for some folks, and that's OK.  

It is important to recognize that like a website or a direct mail piece, the various social media channels are marketing TOOLS and should be treated as such in your marketing plans.  This means:

1. Understanding the tool and if, when, and how to use it
2. Setting realistic GOALS
3. Having an implementation PLAN
4. Tracking and measuring your RESULTS
5. Adjusting your goals, plan, or use of the tool based on results

It is also important to realize that social media, and increasingly the internet in general is becoming more and more about IDENTITY, and by extension, BRANDING.  The days of the anonymous internet are increasingly behind us.  Your tweets, for example, are tied to YOU and they are being indexed and archived for the viewing pleasure of your current and future clients, employers, and probably even your great-great-great grandchildren.

With this in mind here are our "Four P's of Social Media for Real Estate":

• Positioning
  Know your desired positioning.  Be on message for your target market.  Own your niche and communicate appropriately.
• Professionalism
  Demonstrate your market expertise, professionalism, and competence.  Be ethical.
• Personality
  Be memorable--do business with style.  Be human and personable.
  
• Persistence
  Social media is increasingly time and location-based.  It's not a one-shot deal, but more likely an ongoing commitment to publishing content on a regular basis.  It will require patience, focus,  and persistence. 

I don't pretend to be a social media guru, and these are some pretty basic thoughts.  Here are some links to the thoughts of a couple smart folks who have many more insights to offer:

Marc Davison of 1000 Watt Consulting: 

• Foursquare and five years ago: Recalling the promise of real estate and social media (The comments are a must-read too)
• 1000watt Spotlight: Marketing "Difference" - The Corcoran Way
  (A tiny peek at how the Corcoran Group is using social media successfully)

Dustin Luther of 4Realz.net:

• Screw consumers… Let’s use internet tools to do what REALTORS do best! (Should agents forget about targeting consumers directly and instead focus on cultivating referral networks?)

Business and pleasure on Facebook

In our July webinar for members, "Web and Social Media Tools for Real Estate" Aaron Wheeler and Dustin Luther shared some great tips and tricks on variety of topics (members can access the recording here.)  Honestly there was so much to cover an hour just wasn't enough.  We hope to bring each of them back to dig a little deeper. 

Many of the questions about Facebook centered around how to separate one's WORK and PERSONAL worlds on Facebook.  Dustin talked about using Facebook business PAGES to connect with business associates and keeping your Facebook Friends personal. 

This is easy on a going forward basis, but since Facebook Pages are relatively new and most of us have both business associates and personal contacts as our Facebook Friends, figuring out how to effectively deal with the existing mix might seem tricky.  Regrettably we ran out of time before we could explore this issue in more depth.

Well, this morning I stuumbled across this post by Mike Mueller on his Trulia blog that talks in more detail about ways to handle this.  It is worth checking out if you are struggling with "business and pleasure" on Facebook.

Struggling with Facebook and Facebook Pages in general? 
Check out Dustin's post Are there 5 reasons you do NOT want to create a Facebook Business Page?

Are YOU the MVP?

Our friends at Proxio and Inman News have launched a search for the 100 "most connected" Real Estate professionals -- the first annual Proxio Most Visible Professionals (MVP) in Real Estate Challenge™. 

If you are a master of social networking, tally up your connections, and show them how connected you really are!

The 2009 Top 100 Most Visible Professionals will be featured on Proxio’s international website, and the Top 25 will be recognized in a press release and at a “MVP Mixer,” co-sponsored by Inman News, at the Palace Hotel in San Francisco on August 4, 2009, the evening prior to Real Estate Connect San Francisco 2009. 

 The search concludes July 24th, so time is of the essence. 

Happy networking!

(Hint: if you are planning on attenting Inman Connect SF 2009, you'll find a VERY nice registration discount on the MVP page too.)

Recording of April Webinar now available

Just a quick post to let Members know that the recording of the April webinar, How to promote yourself and your listings to Institute Members and other agents around the world, featuring Janet Case, CEO of Proxio is available for viewing anytime. 

You can find the link here in the Members Only section of our website. 

For more info on ProxioPro and the benefits Members receive, see our previous post and the Member Benefits section of our website (login required).

Promote Your Listings Globally

If you have just joined our group on ProxioPro, or are about to here's a great opportunity to learn how to really leverage the network to promote yourself and your listings. 

Proxio expert Ray Thackery will be sharing the latest tips and tricks and answering your questions in a quick 15 minute webinar today at 3:00 p.m. (EST). 

To participate in this free webinar, simply click on this link at 3:00 EST. 
The meeting ID is 326-112-072.

Can't make it today?  Join us next week:

• Monday:  How to Activate your account and get started with ProxioPro
• Wednesdy:  How to add your listings for global promotion
• Friday:  How to promote your listings globally

Get all of your questions answered and learn the latests tips and tricks in these quick and informative webinars.  Full schedule here.

Partnership with Proxio gives Institute members access to international MLS and referral network

In the previous post we hinted at a way to leverage an international network in your business.  Well...

We're pleased to announce a partnership with Proxio that gives Institute members FREE access to the ProxioPro global referral network and international MLS.

All Institute members receive a free standard level account and discounts on upgrades. 

Plus, we’ve set up a special Institute group within the ProxioPro platform, so you now have the best of two worlds:

• The ability to promote yourself, network, and share listings (and referrals) with other Institute members online
• The ability to post listings and participate in an international MLS and networking system

This great new tool enables you to…

• Get international visibility for yourself and your listings
• Connect with other Institute Members for networking and referrals
• Search for members and their listings

You can add-on additional features*…

• Add other member’s listings to your website*
• You can even create a personalized “mini-site” that features all of your listings, plus the listings of other agents in your network!*

Not only that, but because it is part of Proxio’s global network, the ILHM group on ProxioPro also offers Institute members the opportunity to connect with thousands of other agents around the world, to create professional relationships, build personal referral networks, and share listings! 

Members can find all the details on the Proxio benefits package in the Members Only section of our website (login required).

LinkedIn Tip: using groups and tweaking your settings to facilitate networking

If you are a Member of The Institute and you are on LinkedIn, you'll want to join our group.

Once you have joined any group on LinkedIn, you can go to the group page and you'll see something like the screen above.

• The OVERVIEW tab gives you an overview of the recent group activity.
• The DISCUSSIONS tabs shows you all of the discussions taking place within the group.
• The NEWS tab shows news items that have been posted for discussion.
• The UPDATES tab gives you a weekly summary of all the activity within the group.
• The MEMBERS tab provides a list of the group members.
• The SETTINGS tab allows you to set your preferences for the group, and that's what we'll be exploring here.

The SETTINGS tab give you control over a number of things that are quite useful, and understanding how they work can help you get the most from your participation on LinkedIn groups.

As you can see above, the first setting is the VISIBILITY SETTINGS.  There is only one option here, and it allows you to choose whether you want to display the group logo on your personal LinkedIn profile page.  This is self-explanatory, but it is nice to know that you have the option.  Kind of like a lapel pin--you can choose to wear it or take it off.  Do you want to "broadcast" your membership or not?

The second group of settings is CONTACT SETTINGS.  The first two setting are email related.  You can specify which email address you want to use for any group communications. 

You can also choose whether or not you want to receive a "DIGEST EMAIL" which is a summary of all of the group activity.  You can choose a daily or a weekly summary email.  If you are busy like most of us and don't spend a lot of time on LinkedIn, this can be a really useful feature and a huge time saver. 

I have my account set to send me a daily digest email.  This gives me a quick and easy way to see what's happening in the group without having to remember to look or take the time to login!

MEMBER MESSAGES is the last contact setting, and it simply allows you to specify whether or not members of the group can send you messages on LinkedIn.  As simple as this is, it is really powerful.

I've always found LinkedIn to be a bit confusing in terms of how they let you communicate with other users.  As you probably know, you can only send messages to your "friends."  If another LinkedIn user is not in your network as a direct, first-level connection (e.g. a friend, not a friend-of-a-friend), you can't send them a message.  To contact that person you have three options:

• Add them to your network.  Once they are in your network you can send them a message.
• Ask a contact that you have in common for an "introduction" The catch here is that free accounts on LinkedIn only get 5 such "introductions."
• Use an "InMail."  This is a paid feature that allows you to contact any user.

Luckily the MEMBER MESSAGES setting gives you another option!

When you check the box next to "Allow members of this group to send me messages via LinkedIn" it allows all of the members of the group to contact you as if you were already in their network.  This is a powerful thing.  It gives you a way to communicate privately and directly with other group members without having to add them to your network (or spend lots of money for InMail credits).

For example, Ted Dundie started a group discussion about way to connect with European buyers.  Ted isn't yet a personal connection of mine, but because he has enabled group members to send him messages, when I click on his name and view his profile I have the option to send him a message:

As a fellow group member, this gives me a quick and easy way to contact Ted directly, start a conversation, and build a relationship. 

It's a nice "trick" to know about LinkedIn and a powerful networking tool.

Survey: Luxury Agents and Social Networking

Over the holidays we conducted a survey of members on online networking and referrals.  We wanted to better understand how luxury agents--specifically our members--are using social media... 

A highlight of the results:

• More than 80% of respondents are using social networks in some way.
• About 20% report having given or received a referral or otherwise generated business via social networks.
• 58% of respondents are on LinkedIn, Facebook, or both—making them the two most popular networks by far, with an almost even split of respondents on each.
• Very few real estate specific social networks were mentioned, though Active Rain was by far the most frequently cited with 3.4% indicating usage.
• Among respondents who indicated that they have generated business via social networks there was a preference for LinkedIn when faced with the choice of a single network for our Member networking group (49% LinkedIn vs. 37.7% Facebook).

Survey Results: Online Networking and Referrals (2009) (PDF 400k)

The survey prompted lots of questions about social networking in general.  Watch for links to some additional resources in upcoming posts.  If you have some you'd like to share, feel free to do so in the comments.

NOTE TO MEMBERS:
We have idea-sharing and networking groups for Institute Members on both Facebook and LinkedIn.  Members--if you are not already part of the groups, you can find more information as well as links to join on the Networking page in the members-only section of our website.