2 approaches for social media in real estate
It's not one-size-fits-all
By Gahlord Dewald, Tuesday, May 4, 2010.
Flickr photo by Ingy The Wingy.Last week, at the BuzzRE Orange County event, I had the chance to hear two different agents who are using social media in completely different ways.
Given that both agents were experiencing success with their approaches, it was a great example of how a lot of "best practices" might actually be bunk.
On the one hand was Robin Milonakis, who has a very personality-focused Facebook presence. She has a wait list for Facebook friends because she's reached the 5,000-friend limit.
On the other hand was Tyler Wood with his blog, the Big Bear Skinny. His blog is focused almost exclusively on real estate topics like market data for his region, foreclosure data, etc.
So you've got Robin with her giant personality, chattering away on Facebook about football. And you've got Tyler Wood talking market data and real estate topics on his blog.
Two totally different approaches. Two totally different social media platforms to match. The thing they both seem to share in common, from my perspective, is a clear understanding of what they're doing and why they're doing it.
When an audience member asked Milonakis what she was getting, businesswise, from her work on Facebook, Robin was quick and clear. It was about the referral business, primarily.
You see, Milonakis is a huge football fan and has, through using Facebook, built up a large following of other football fans and former players. Apparently enough of her fans are also practicing real estate -- so when the time comes to refer to someone in Orange County, Milonakis is the one who gets it.
She isn't on Facebook drumming up new business from unknown home sellers or buyers (though with 5,000 Facebook fans I bet that it has happened).
She's there to stay top-of-mind and engaged with the understanding that others in the real estate industry will be able to add to her business through this channel. I suspect this is similar to the way many real estate professionals use ActiveRain. ...CONTINUED
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Submitted by Tim White on May 4, 2010 - 6:18am.
Ideally, you sould have have one intergrated approach that includes both blogging (vlogging) and social networking. They are two sides of the same coin. However, if you only have the time for one of these social media activities, then go with social networking (Facebook). Why? Well, that's were the people are. It's much easier to get your content in front of an existing audience--a very large audeince at that-- then to drive traffic to your blog. People on social networks want to stay on those social networks. They are not icnlined to visit you website. The new 2010 mantra: Instead of trying to drive traffic to your site, drive your content to where the people already are. Put another way, it's all about the livestream now.
Submitted by Tyler Wood on May 4, 2010 - 7:41am.
There's many different ways to skin a cat, right.
I learned this early in my real estate career when, depending on who you listened to, we had to cold call, or door knock, or direct mail, or hold open houses, or get referrals from our past clients in order to get business.
The fact is there are plenty of ways to be successful in this business with old school and new school techniques. The key is to focus on something, be committed to it, and give it time to work (patience). The business will come. Most people only give something enough time to experience failure, and don't ever experience the success.
Thanks Gahlord.
Submitted by Gahlord Dewald | Thoughtfaucet on May 4, 2010 - 7:57am.
Tim: I think the evidence of Tyler's experience is contrary to your opinion that people are not inclined to visit a website. Tyler's got a blog. He writes on it. It generates business for him.
Tyler: Hey thank you for all the good stuff you shared at BuzzRE Orange County. I got a lot out of what you had to say.
G. Dewald | Thoughtfaucet
Let's Make Things People Like
Submitted by Elaine Hanson on May 4, 2010 - 8:24am.
Nice work presenting the two approaches to social media. Each time I get a chance to listen in on how someone else uses social media, I get another chance to refine my own approach. I hear thoughts that reinforce how I feel most comfortable online and some thoughts that make me stretch a bit. Occasionally, I get a reinforcement to keep NOT doing what I'm not doing. It's all a great way to cause oneself to review one's personal approach.
It was a great day at BuzzRE. Thanks for sharing there and it was really great to meet you!
Submitted by Tim White on May 4, 2010 - 9:42am.
Gahlord,
You missed my point. My point is that if you only have the time to do one of these activites, I would suggest social networking on social sites yeilds a greater ROI on leads then does blogging--at least in my extensive expereince with both. But if you do do both, all the better.
Submitted by Jerzy (George) Szkup on May 4, 2010 - 10:27am.
George Szkup
www.DestinationTucson.biz
Very interesting discussion. Success by engaging in Social Media? If it works for YOU this is great. May be 10 people are successful out of 100,000??? Every so often someone wins a lottery too? In this broker opinion Social Media is modern substitute for handing your business card - and has the same rate of success. Participation in it via blog is very beneficial when you get a lead - pointing to your blog may put you ahead of your competitor.
George from Tucson
Destination Tucson – http://bit.ly/2Bnb3f (Monthly Blog)
Twitter- http://bit.ly/e3mCI (Georges’ Tweets)
Trulia - http://bit.ly/4tgwkU (Q&A, Blog/posts, Resume)
Submitted by Celia Sellers on May 4, 2010 - 11:11am.
Tim, my concern is balancing the amount of "business" information with "personal" information on Facebook. I don't want to bore my friends that are not interested in real estate right now, and I don't want to overload my business friends with TMI. How do you find the right balance on Facebook?
Submitted by Tim White on May 4, 2010 - 12:13pm.
Celia,
It's called a Facebook fan page (seperate from your personal profile). Create one for your RE business and then fill it with relevant local content. Then work on ways to grow you network within Facebook. I've had 4 quality leads in the last 45 days (one buyer for 1.8 Mil, 2 listings) generated from my facebook activity.
Submitted by James Bridges on May 4, 2010 - 2:41pm.
I think Tim shares a good point on changing the focus (or just adding something different) from just a profile to a fan page. With a fan page you can easily conduct business, provide insight, and add value without having to interact as much on a personal level. You still have to have a personality to your marketing but it can be more business focused.
At the end of the day I feel it's matching your personality with the style of social marketing. Some may want to be more focused, other's business. Whether it's to get referrals or get stranger business just have to have a focus on Adding Value that will equal Leads.
Submitted by Tony Fantis on June 17, 2010 - 4:13pm.
Great article, and spot-on, Gahlord! The step that most people miss is the one you referred to...figuring out who your audience is and THEN coming up with a social media plan. Good stuff!
I see so many people who swear there's only "one way to do social media." And it's usually their way, of course! But one size does not fit all. Each agent has to find their own niche, style, and audience...then craft their marketing and social networking around their style and intended results.
I'm really looking forward to seeing you at Inman News Real Estate Connect this year. Can't wait to see all the developments in social media as it matures in our industry.