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Social Media Is not the Solution to the Real Estate Crisis

By
Education & Training with Sell with Soul

Well, duh, you say. But you'd never know it with all the fuss over whatever latest & greatest way there is for us to all bore each to death with announcements of listings stay in touch. As I wrote last month, I've even been told that "If I don't Twitter, I'll fail." (as a real estate agent? As a writer? As a human bean?)

I'm among the crowd who "just doesn't get it." Yeah, yeah, yeah, I know - those of you IN the know are tired of hearing that from those of us who are apparently too lazy or stupid to figure IT out, so over the weekend, I dived in and created a Twitter account. After much cursing and venting, I am now an official Twitterer... and I still say "I don't get it."twitter

But whether or not Jennifer is too dumb to Get It is not the point of my blog today. (To read my point, visit Marty LaChance's featured blog - he says it beautifully and I'll just say "Uh, what HE said.")

My point (aside from the one Marty beat me to) is to say that we in America have a crisis. An economic crisis, a real estate crisis, a mortgage crisis. No kidding, right? And I promise you, my friends, that the solution to our collective crises is NOT to be found on Twitter, Facebook or LinkedIn. No, not even if all users "really know how to use social media."

I believe that we in the real estate community have a tremendous opportunity in front of us to both help solve the crises that have crippled our industry, and once and for all prove our value to the suspicious general public who has long wondered what on earth we DO for those breathtaking amounts of money.

  • We can properly price our listings.
  • We can refuse (politely and respectfully, of course) to accept overpriced listings so that our market doesn't appear even more sluggish than it already is.
  • We can help our sellers prepare their homes for market and make sure they understand the realities of BEING on the market (so they don't innocently sabotage our efforts).
  • We can understand the nuances of FHA financing, or have a relationship with a fantastic mortgage broker who does.
  • We can think creatively and be able to communicate our epiphanies to the people who need to help us implement them.
  • We can take great photos.
  • We can own lockboxes that work.
  • We can stay on top of our market.

In a nut, we can do our jobs. We can be exceptional real estate agents. We can do what it takes to get houses sold and closed.

None of which has anything to do Twittering. Oh, I understand that social media is not intended to sell more houses - it's touted (in our industry at least) as a prospecting medium. A way to stay in touch with the people we know - and there's nothing wrong with that! But, as Marty so eloquently says in his blog "Twitter is useful for delivering breaking news...real estate is not breaking news."

So, enjoy the relationships you build on Facebook, Twitter, LinkedIn or MySpace. But please don't forget that social media is probably not the answer to selling that lingering listing or getting your FHA buyer to closing. If we can do more of THAT, we CAN positively affect the economy. And then we'll sell lots more houses!

 ja

 

The Summer of Soul continues on June 6th with "Introverts are (Sales)People, too!"
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Comments (128)

Dirk Johnson
DomainDrivers.com - Potomac Falls, VA

@Rick Schwartz (William Raveis Real Estate)

Rick, I must admit, you are the FIRST person that I have seen that has put Twitter into practical advice terms, as far as real estate goes. For that, you deserve kudos.

Sprinkling in search terms and local names and places into your tweets makes real sense to me, if only to build a community of like-minded souls. I could see that working for agents who are into cars, golf, horses, hang-gliding, etc. Then you have an immediate connection and point of discussion.

In any case, did you all know that the user retention rate in Twitter is HORRIBLE? With all of these tools, you have to realize that you are in a subset of a subset, and you are not reaching the whole market. Even, then, it can work. It can also be a huge waste of time.

So it all comes back to ROI, not popularity, or the fad-du-jour. Demand ROI.

 

May 26, 2009 09:57 AM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Amen and blah, blah, blah.  Did you mean human BEAN?  I would also like to add that AR is going downhill with those people who post mindless 145 word phrases just to have them sent to Twitter.  Scroll thru some posts and you see what people had for lunch or unfinished phrases and thoughts.  I don't want to get it and sorry to those that do tweet!!  Measureable Business Objectiive my BEEP!

May 26, 2009 09:59 AM
Ryan Hukill - Edmond
405home @ ERA Courtyard - Edmond, OK
Realtor, Team Lead

I'm not one to claim that if you don't do it you'll fail, or that it's the be all, end all, but I am one who uses Twitter and Facebook in my daily routine and have no qualms with the fact that, year-to-date, the consistent use of Twitter, Facebook and my blog accounts for 83% of my income.  Do you have to do it to succeed? No. Use what works for you, and realize that Twitter and Facebook are not meant to replace what you already do, but they can certainly extend your reach if used correctly.

May 26, 2009 10:14 AM
a a
Bannock, ID

If you think that Twitter is just for broadcasting news than you don't know how to use Twitter! If anyone wants to discuss the value of Twitter as a prospecting/networking/traffic-driving tool... email me.

May 26, 2009 12:55 PM
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Jennifer, I too like many of the others am so glad that I'm not alone; I don't tweet and I don't do much following on Facebook either.  To me it's just another way to network and if this method doesn't work for me then I'll stick with others that do.  Of coarse, no matter what methods you choose it doesn't replace quality service.

May 26, 2009 01:21 PM
Matt Stigliano
Kimberly Howell Properties (210) 646-HOME - San Antonio, TX

I seem to always be saying the same things about any of the tools out there - social media, lead generation services, ActiveRain, coaches, CDs and books...you name it, it applies.  Each and everything that is out there for us works for some of us, doesn't work for others.  I think a lot of it boils down to comfort level.  If you're comfortable using your tools, you can be successful with them.  If you're uncomfortable they probably won't ever work for you.  I've tried some things that I found just weren't for me.  I saw the logic in them, I saw the usefulness, I saw the potential...but instead I was uncomfortable with the way they worked.  My discomfort made me feel as if I were "faking" it and that only made things feel even more uncomfortable.  I interact with clients and prospects on different levels...I let them be the guide.  I have one client who always sends me text, I have a client who prefers Twitter...same with my prospects, they are the ones that should be deciding how we interact with them, not the other way around.

May 26, 2009 02:03 PM
Rick Schwartz
William Raveis Real Estate - Danbury, CT

Thanks Dirk -  you bring up another good point about the retention rate - and what makes it even harder is that people drop out but don't cancel - they just go into the shadows.  So a poster might think he has 1000 followers when there are only 500 or 200 that are actually active.  I haven't gotten to thinking about that piece of it yet.

 

Chris - you are dead-on. It has evolved from broadcasting news to a community of micro-bloggers who are looking to connect with others in the community.  The challenge is that you don't know the names of those you want to connect with so you have to put yourself out there in a structured plan of communication posting articles that will be relevant to your target audience.  This helps them find you.

 

 

May 26, 2009 02:05 PM
Cristal Drake
Prudential California Realty - Fullerton, CA
Realtor - Fullerton Real Estate

I still don't totally get it either. Eveyrone has tried to explain it and still, right over my head. Don't get me wrong, I am doing it...in hopes that someday the lightbulb will go off!

May 26, 2009 04:25 PM
Scott Leaf Personal Real Estate Corporation
Keller Williams Elite Realty, Port Coquitlam, BC - Port Coquitlam, BC
Scott Leaf & Associates Real Estate Team

Im not sure who ever said that Twitter would save the world so your point is a bit lost on me. 

With 80-90% of people starting their search for Real Estate & Realtors online I intend to be the one that is Top of Mind (or near top so I get a shot) when they do.  If Twitter, Facebook, AR, etc. help me to do that (and they do) so that my business is now 50-75% online lead driven (and it is) excellent!

If you want to cold call and use junk mail, knock yourself out.  Remember the Buggy Whip manufacturers?  Neither Do I ;)

May 26, 2009 05:28 PM
Ryan Hukill - Edmond
405home @ ERA Courtyard - Edmond, OK
Realtor, Team Lead

Matt nailed it with "they (the prospects/clients) are the ones that should be deciding how we interact with them, not the other way around."

I too have clients who prefer text, others who prefer twitter, others who prefer facebook, email, phonecalls, whatever.  If I limit myself to only one or two forms of communication, I'm limiting my business to only the clients who fit that form of communication.  The others WILL find an agent who communicates the way THEY want them to.

May 26, 2009 05:43 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Jennifer - I enjoyed your article. But I don't think people believe that social media (Twitter, Facebook and so on) IS the cure for the real estate woes - certainly I don't. And unfortunately I'm not sure that us doing our jobs is going to cure it either. No matter how good we are at what we do, there are situations beyond our control that will continue to prevent folks from buying because banks can't/won't make decisions, or avoiding foreclosure, or beinbg unable to get a loan mod, etc.

I do agree with your points about all that we can and should do as real estate professionals. And admittedly many real estate situations would be better, and problems avoided, if people DID do their jobs, but that also includes those on the periphery of the business and in control of the money.

I think social media plays a vlauable role in our current market, whether someone chooses to embrace it or not. It IS part of the current environment and to ignore how it is being used, or can be, is foolish. Nope, it's not right for everyone, and many agents are successful without it. Many WILL be more successful by taking part. Some will never be successful no matter what they do. Others somehow will in spite of themselves. :)

Jeff

May 26, 2009 06:04 PM
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul

I've been locked out of AR all day - just figured out that if I go on Firefox, I can get back in. Woo hoo!!!!

I kinda wish this blog hadn't been featured... it's not my finest work and my overall concept is a little flawed, honestly. I believe everything I wrote, but I'm not sure I said it quite as well as I could have.

So, yes, Social Media has a place in our world and I'm not disputing that. I just wish more of us cared more about the other stuff, that's all.

May 27, 2009 08:30 AM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Jennifer:  About your wishing this blog post of yours hadn't been featured.  It is VERY difficult to figure out which posts one writes that will be featured.  Once in a while we are right... but usually the ones we think we have "aced"... don't get featured.  And... sometimes when we just write something that "hits" us... and we almost think it is a "throw-away"... it ends up getting featured.  So... not to worry.

I don't believe in Twitter either.  I think it's more adolescent oriented.  A long series of disoriented one-liners.  As I often say... I don't care what you had for lunch, or what kind of poddy paper you use (well... there are one or two I want to know aoubt... but that's another post.)  Thanks for the post... take care...

May 27, 2009 12:52 PM
Elayna Fernandez
the Positive MOM - Fort Worth, TX
BE Positive and You'll BE Powerful!

Agreed, girl!  Social media is simply a tool to enhance your strategy, not the strategy itself :)  Thank you so much for posting!

May 28, 2009 01:58 AM
Dirk Johnson
DomainDrivers.com - Potomac Falls, VA

Every marketing vehicle will attract a certain subset of users/participants/readers and advertisers that swear by it. You all could post ads in local pennysavers, if you want. What about knocking on doors? That still works, I suppose.

Yesterday I saw a local agent who had a box truck decked out in "use this truck free if you list/buy with me!". That's another way to go. That truck appeals to people who like to self-move. I am not sure how many non-conforming listings she'll get with that truck, but non-conforming is the bulk of the market here in Northern VA.

What has happened here with scoial media is that is became hyped way beyond it's justification. Everyone was told that this was THE ANSWER. And, it was FREE!

We're now finding out that it is not free. It takes a lot of time and effort. You have to subscribe to "gurus" who tell you what to do. You have to install the gadgets and widgets that they recommend weekly, and configure blogs and sites, and other gambits. Then you have to participate, constantly. How much time does that take?

Meanwhile, when I look around, I still see a dearth of basic, fundamental search engine optimization within the agent community.

Regardless of what anyone claims, the bulk of web traffic comes from search engines. By a huge margin.

Now, the hype is starting to unwind. Many people have tried this new phenomenon and come away wondering what all the hype was about.

What next? Maybe go back to fundamentals?

 

May 28, 2009 02:11 AM
Rick Schwartz
William Raveis Real Estate - Danbury, CT

Dirk - I think you hit the nail on the head when you said  Everyone was told that this was THE ANSWER. And, it was FREE!"

My Dad had a sign in his office that read "If you get something for free, it's likely to be worth exaxctly what you paid."

Caveat Emptor should reign supreme with all new "NEXT BIG THINGS".    Is Twitter the NBT?  I personally don't care if it is or not.   I never would put all my eggs into any one basket.  I try as many new things as I can, and if I can make sense of them and I weigh the ROI of my time and it seems to work - I do more of it.  I still do lots of other things. 

I thought about having my car wrapped - funny you should mention it.  I did not, primarily becasue my condo complex fines people for leaving cars or trucks in the driveway with signage on them.  It's not a bad idea though.

Back to fundamentals is always good.  Even as we speak, I just wrote 20 (snail mail) letters to the GMs of Auto Dealers in the area offering for me to come in and talk with their staff.  People in that industry are very nervous right now and I figure they probably have some questions about their Real Estate situations. We'll see how that goes.

As far as how much time you need to invest in digital marketing - that's up to the individual.  I personally spend about an hour on Sunday evenings working on Twitter and writing 1 or 2 posts for my WordPress Blog.  I then spend most mornings from about 6:30 - 8:00 reading blogs (like this) and other social media stuff.  I rarely do any type of online sutff during the daytime hours.   Sometimes on a rainy day like today I might.

I had a mentor in sales teach me once the following rule.  "Break your day into two components - PAY TIME and NO PAY TIME.  During PAY TIME you should be talking to clients.  Everything else is done during NO PAY TIME.  "  I can't say that I stick to that 100% but it is always my target to do marketing work (digital or not) when there is no possibility of actually talking to someone who can buy or sell a home.

Twtitter absolutely has value if you choose to use it.  If you choose not to use it - it has no value.  Anyone who relies on it as their sole source of marketing is, in my opinion, making a mistake.  All of this marketing, from my point of view is simply to get more people to know you, and know you as a Realtor so that when they are ready - they will call you. Twitter can help with that, and so can many non-digital marketing projects.

My last point on this:  I can remember not too long ago (less than two years) when a very small percentage of Realtors (that I know) had their own BLOGS.  How long ago was it that Realtors didn't want to learn how to use email on smartphones.   How long before that were there Realtors who saw absolutely no reason to even have their own computer?  How about not having a cell phone.

Each one of those things when they first came to be -  were viewed skepitcally by many until it became evident that it really did have value.   So for people to claim that Twitter has no value because they personally don't see it - doesn't make it so.

It may go away at some point and I'll try the next thing. 

I'm still waiting for Beta Max to come back. :)

 

 

 

 

 

 

 

 

 

May 28, 2009 02:53 AM
Sonya Loose
Modern Realty - Beaverton, MI
Helping Buyers & Sellers of Waterfront Property

Jennifer, I always like reading your posts!  What you've said is so very true and the key to turning the market around.  I see much more of these items on your list being practiced today....down markets bring people back into focus.  There is one positive point to the down market I guess!  I'll keep reading your posts!

May 31, 2009 11:23 PM
Alisa Stone Herring
Stone Real Estate Group, LLC - Panama City Beach, FL
CRS, GRI

I have a twitter account, but I also do not understand it or its value.

 

However facebook on the other hand, I have gotten referrals and sales from using the site.

 

Let me know if you figure out the trick to twitter ;)

 

Thanks for the post, Alisa

Jun 04, 2009 07:21 PM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Jennifer:  Watch out for the comment above me.  It is a spam comment.  I have seen perhaps ten of them tonight.  Also... I suggest you NOT click on the link... since it is spam... and may lead to some virus or trojan horse.  I suggest you DELETE the comment.  Take care...

Jul 15, 2009 05:18 PM
Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker

While I too believe that we must perform the most basic foundational aspects of our business to ensure superior client service and satisfaction, I don't think we should discount the power of leveraging social media to more efficiently connect and communicate with our Sphere and engage potential clients. To say that your business is going to fail because you're too much of a bone-head to grasp the value Twitter is ludicrous. To each their own, some social media tools work better than others, depending on where your market is, and how you employ them. One size doesn't fit all. But we most definitely owe it to the growth and future success of our business to become somewhat immersed in technology and social media. Just MHO.... 

Jun 15, 2011 11:51 AM