Missing the Point of Social Media
Social media is a sinkhole that absorbs time, effort and money that could better be spent on finding listings and selling houses. Powerful words from Mike Parker, and you should read the article.
But, as someone who spends less than an hour a week on all my Twitter, Facebook and LinkedIn accounts combined, I can't agree with all of his statements. I also don't spend any money on social sites, though I tried a paid upgrade to LinkedIn that I'm not going to renew.
First, I've helped a lot of people to buy and sell homes and land in my market. Note that I didn't say I sold them anything, and would recoil at the thought. I provide a service, and it's helping buyers and sellers of real estate to locate property to buy, or market property for sale, and then to get from contract to closing as efficiently as possible.
And, I do agree with Mike that a great many real estate professionals are spending a lot of time and effort on social media, and most can't peg a transaction to this effort. I have not had a stellar year in my small resort market this past year but, as in every year since I've been here, 100% of my transactions have come from my website, or referrals from clients who came from my site. I've changed it over time, several times, evolving from a static site through a site with a blog attached, to a WordPress based site.
I'm very laid back in my marketing, but do employ RSS and Twitter and Email subscriptions for my content. I also have lead generation forms that add people to my list who want more extensive local real estate reports or automated alerts for their search criteria. I don't call leads, in fact, don't even ask for a voluntary phone number in my forms. It's not my style, and I'm sure it costs me business. But, it's a comfortable way of working for me.
Mike says that you shouldn't listen to those telling you that you must participate in social networking, and that you don't need it to succeed in "selling houses." I agree with that. But, my style, and my way of looking at my services to my customers, is one of a local expert who will always try to keep them out of trouble in a transaction, negotiate the best deal, and realize their goal of buying or selling property in my market.
My blog positions me in my market in line with my business style, and my audience. According to Quantcast, my visitor base is heavily weighted to the high end of income, college graduates, and post-graduates, and the 35+ age group. All of those are the people who buy vacation homes and ski condos. Doing automated posting to Twitter of my blog post headlines, answering any questions that come in via social media, and broadcasting market alerts via social media all reinforce the presence I want to have on the Internet. None of this costs money, and I have my broadcast and delivery systems set up to minimize the time invested.
I'm not sure how many of these people who have worked with me would have done so if I was too pushy in getting their contact information in their visits to my site. And, I NEVER do mass or drip email. But, I usually make a nice living in my small market, and I enjoy doing business with the kind of people my low key and high information approach bring to my site. I do fine on Google for my most competitive key phrases, and even do a very low budget, but consistent, bit of PPC on Google because it brings me very targeted traffic.
I absolutely agree with Mike that fast response is critical, but my response is not a phone call or unsolicited email after a site visit or form submission. A form is submitted for a report or MLS search results, and that's what I send, very quickly. But, no phone call or subsequent emails follow, unless they ask for something. I have several hundred subscribers via email and RSS to my posts, and that's all the push marketing I do.
So, some of Mike's comments may apply to you, and some may not. It may come down to style and the way you want to do business. I never intend to be a Top Producer in my area, and don't want the volume headaches that would go with it anyway. But, I do believe that content is king on my site.
I agree with the commentary.
In 2008 I began implementing systems to convert my business to a consultancy-based business. IN 2009, 28 of my 30 transactions were 97% from my SOI(sphere of influence: all the people who know me….all of which are sub-classified into a+, a, b, c and d for followup marketing and touchpoints).
In 2010 I will implement new systems into my buisness model to grow to 35 transactions from my SOI and want to explore Social Networking/Blogging to see if I can develop 3-5 transactions. (Wow…you are doing 100% of your bs from your website? )
I have explored numerous sites and am most comfortable today with 5 social networking vechicles: Facebook, Twitter, Linked-In, YouTube and Flickr.
And I have begun to blog at my Real Pro templated website, http://www.HuntsvilleAlabamaHomes.com with the intention of moving on to WordPress at some point.
I have found the black hole for me is not the social networking, and the blog is definitely a must to connect with the internet consumer. The black hole for me is all of the “Realltor” related “social” networks. Just a proponderance of information and too much to absorb, let alone read. And then there are all the “groups” and more reading, and the REALTOR organizations and more reading, and my coaches and more reading, and on and on. So much so that I have just about stopped it all. Except for a few, such as yours Jim, who state focused thoughts in a few words that is a quick read with links to explore more if I need to go there.
35 to 45 transactions produce a comfortable income for my family and a perfectly manageable business for me and my virtual assistant while maintaining enough leads to pick and choose the best with which to work.
And I better fulfill my vision if I am remembered and refered because of a client’s one-to-one, caring, real estate experience conducted with transparency, integrity and diligence in protecting the best interests of my clients rather than “oh you should call Craig…..I see his ads everywhere”
Craig,
I appreciate your comment, and it looks like you’re doing everything right, and have a plan. A few notes:
I do get all of my business from my website, but it hasn’t been making me rich of late. I get it all from the site because it’s the ONLY way that I market myself. I do no print or any other type of marketing. Once the market comes back here in vacation-land, I’ll be fine. I also choose to work only with buyers lately. Too may unrealistic sellers for my temperament.
2. There is too much to read and follow out there when it comes to real estate info. Using ActiveRain as an example, I have two profiles there, one for my local real estate business, and one for consulting. I might visit ActiveRain once a month, if that. Too much discussion for the time I have to invest. It isn’t that there isn’t valuable info there, but the time it takes to ferret it out from the general babble is just not available. I also wonder how well some of these prolific Rainers would be doing in their business if they devoted the time they talk to each other to talking to their prospects and customers.
I appreciate your comment about brevity in my writing, and will take an even closer look at how I can focus on the busy person like yourself and bring them info that lets them choose where to spend their time. The WordPress step will be a good one for you, and you’ll love it once you get going. It allows complete focus on content, leaving the page layout to WordPress.
Again, thanks for your kind words.
Jim
Whether social media can be directly related to generating transactions or not is unclear. However, I feel that there is no better way to stay connected with people you know than with social media. It’s true that some go into it with “What’s in it for me” mentality but I feel that they are missing the point. With social media you have entered a very large Cocktail Party where you have a great opportunity to reconnect with people who you may have lost contact with. I do believe that you will eventually connect with people who will use your services butu that is secondary to staying connected with people, finding out what their doing, and letting them know what your up to.
Thanks for the comment Bob. These sites, especially Twitter I think, have some more surprises for us in the future. Businesses should be watching.
Jim
Jim (and Craig),
Thanks for summing up how I envisage my business to be ( I’ve had my licence 12 months.) I could pretty much use this post as a “mission statement” although that is a concept I detest.
It’s all about service as far as can see and not just paying lip service to it either.
There’s more to life than being number 1:)
Andrew
Andrew,
I appreciate the comment. It’s great to hear from professionals like you who concentrate on the service and delivery more than the “sales” of the job. Thanks,
Jim