Social media success in real estate can mean many different things to different people. Some think it’s all about how many “likes” you get or how many followers you’ve accumulated. Some think it’s posting and pushing your listings all the time (but never actually getting anyone’s attention). The truth is social media success in real estate means converting friends, followers or subscribers into customers and clients and getting them to your website to take action.
I’d like to reveal the fallacies that exist with social media.
I recently noticed someone mention that they had nearly 100,000 views on a Facebook video. Here’s the truth about that number: After a video auto-plays for three seconds, Facebook qualifies that as a view, even if you don’t click on or listen to the sound. YouTube qualifies that as a video view after just five seconds. Are people really watching your content based on that information? Not unless you’re posting three- to five-second videos.
I checked the evidence and while their efforts were commendable, an important aspect was missing from their strategy: there was none! Sharing your listing video in every Facebook group is not a strategy. A proper marketing strategy involves a budget, utilizing some paid advertising and targeting a specific type of individual. There is no way around it. You need to pay to play and you have to know your market.
The agent believed they were successful and that certainly counts for something!
Using the right strategy and experiencing the value of social media can bring more knowledge and further success. But for those agents and brokerages that are limping along, half-heartedly publishing counterproductive content, I worry.
When it comes to marketing, too often I see companies trying to execute tactics without a strategy. They begin with undefined goals, no form of measurement and no identifiable key performance indicators. They receive minimal interest and interaction on social media, but refer to what they have done as a success.
If any of this sounds familiar to you, it’s time to stop fooling yourself. Social media success is not worth the trouble if you’re not going to be able to show results – like a real lead from a real person!
Here’s a list of questions you need to answer in order to develop a solid strategy for social media success:
Why do customers choose you over your competitors?
The answer to this sets the foundation for all your marketing, not just social media. People don’t buy what you do, they buy why and how you do it. Nobody buys based on your filtered photos or status updates. What is your unique value proposition?
Who’s your target audience/customer(s)?
If you are in real estate you need to have a customer relationship management system. The data in your CRM tells a story. Define your ideal customer(s) and determine who to attract, engage and convert.
What social networks do your target customers spend time on?
You don’t want to waste valuable time and effort on a network if your target customer isn’t there. Once you know who you’re targeting, determine what network they’re using.
Don’t forget about online ratings sites. Like it or not, Yelp is part of your online strategy. You know who doesn’t hate Yelp? Yelp users. Don’t just set it and forget it. You have to use it. Next time you’re in a restaurant or commercial business, leave a review. Eighty-eight of customers trust online reviews as much as personal recommendations. (Source: )
What are your goals?
Goals will dictate how much of your marketing budget you want to allocate to your social media. If you are ambitious and want to generate a lot of interest through social media, you should invest more into that aspect of your marketing strategy. With ambitious social media goals requires a social media strategy that will ensure its success and generate the results you need.
Here are a few goals to consider:
- Growth of your business pages or profile (likes and followers) from within your local market area.
- Increase engagement.
- Seek better reach.
- Get better inbound traffic to your website.
- Track number of leads received for the month and conversion leads.
- Monitor your online reputation with online review.
Broker Shirley Porter is executive vice president and director of technology and community development for Goodfellow Coaching & Consulting Inc. She is a former director with the Toronto Real Estate Board and co-founder of REBarCampTO and RETechTalks. Visit GoodfellowCoaching.com
