Recently, I received a telephone call that led to a lengthy discussion about real estate and the use of technology to market and sell homes. The caller had read my ActiveRain blog entitled "The Lafayette Report" and had a pretty good grasp of my passionate views on the use of technology to market and sell real estate. In fact, if you aren't committed to the idea that blogging is good for business, the fact that he read my blog and called me is really what it is all about - that is, it is all about new introductions, great conversations, and developing new business.
After a few minutes, the conversation turned to social media. He cited a few statistics about the inordinate time spent on social media and the lack of tangible, readily trackable results. After he provided me with some comments from marketing experts and other real estate professionals, he asked me about the "Great Debate" that was raging among real estate professionals.
Now, I was perplexed. I stammered "the Great... What?" "Well, you know the debate as to whether or not social media is a waste of time", he replied. Now, I understood the question, but I really couldn't believe it. I thought there were a few simple truths out there - the sun rises in the East and sets in the West, the Earth is round, and blogging and social media work. Admittedly, I have generally surrounded myself with other real estate professionals who have embraced the use of technology. So, I started thinking "Had I really surrounded myself with social media evangelists and insulated myself from some allegedly mainstream view that social media is a waste of time?" Well, perhaps I am guilty as charged.
So after discussing statistics, anecdotal evidence, and the comments of marketing pundits, he asked: "For new real estate agents, is social media the wave of the future or a huge waste of time?" Now, after my passionate (actually gushing) defense of technology, my answer caught the caller by surprise. You see my answer was "Yes, for most new real estate agents, social media is a big waste of time." He stammered "... but I thought you used technology and provided training to real estate agents on things like LinkedIn." I again replied affirmatively and my answer didn't waver after the second and third questions.
Now, those who know me know that I have always been intrigued by the legendary commentator Paul Harvey's signature line "Now, the rest of the story..." In my opinion, there is a simple truth. For some agents, social media is a waste of time. Here is why:
- Lack of Commitment - Social media requires a regular commitment of time and effort. You can't simply do it once every 4 weeks and expect it to achieve results.
- Lack of a Plan - Social media requires a plan. You can't simply do it for the sake of doing it. Before you start blogging or using social networks, you need to assess your skills and strengths, identify your target audience, and develop a clear and consistent message.
- Lack of Participation - Social media is no different than real life networking. For example, you can place an advertisement in the local chamber of commerce journal. You may generate some business. However, when you actively participate in the committees and activities of the local chamber, your networking efforts will likely have a greater return. Social networking is no different. If you simply post a profile, it may generate some leads. However, social media has the greatest impact when you actively participate in the community.
So, my answer may have been misleading. I like a good debate and a healthy conversation. So, here is the rest of the story:
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Social media works - but only works if you understand its nature and purpose. It isn't an advertising tool. It is an introduction tool.
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Social media isn't passive like a print advertisement. It is based on participation and interaction.
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Social media requires a regular commitment of time and effort. You simply can't pop in and pop out of social media and think it will work.
As a result, for many real estate agents, social media simply won't work. It isn't a magic elixir. It isn't a silver bullet. More importantly, it simply as a rule doesn't generate immediate results. Many of the real estate professionals who try social networking sites will conclude that social media isn't a useful tool to market and sell homes. For these professionals and others who attack social networking such as Facebook, LinkedIn, and Twitter as the latest and greatest darlings of the media, I agree. It doesn't work... unless and until you make a commitment, participate in the community, share your expertise, provide assistance to those in need, and have committed a sufficient amount and time and effort to participating in the social networking sites.
Interested in attending our next real estate technology seminar to learn how to market and sell real estate using technology, the interent, and social media? Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381 or send an e-mail to Ryan@PREASignatureRealty.com. For technology tips and tools, visit the Tech Toolbox at www.PREASignatureRealty.com.
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