Americans tripled the amount of time they spent on social networking sites in 2009 and these sites now account for 17% of all time spent on the Internet.1 

There are more than 350,000,000 Facebook users, half of whom log in at least once per day.  The average user spends 55 minutes per day on Facebook.2

The average household income of LinkedIn users is $107,278.3

Given just these three facts, it is critical that professionals understand the basics of social media and learn how to integrate these tools into their businesses, where appropriate.  In the coming weeks, we will be providing you with simple, industry-specific ideas to create, or improve, your online presence.   Remember, social media is not magic and it will not change your business overnight.  It is a marketing tool that will require some effort on your part and it will help you reach new audiences with your message.

Real estate professionals have been posting pictures and videos of homes online long before YouTube and photo-sharing sites become so popular.  According to the 2008 National Association of Realtors Profile of Home Buyers and Sellers, the Internet is the leading source of information used in a home search (87%) while traditional avenues, like newspapers and home magazines, are used less than half of the time.  With the Internet being used by the vast majority of buyers, it is critical that realtors are online and engaging with potential customers on a regular basis.    Once you have done your research about the best social media site(s) for you and your business, take the time to develop your online marketing plan and determine how you are going to engage.

  • Spend time posting content rich profiles.  People want to know more than just your name, phone number, and broker affiliation.  If you have a LinkedIn profile, as an example, you’ll want to build your complete online resume, including references.  Talk about your experience, awards and recognition, media coverage, your philosophy as an agent, and any areas of particular expertise.  Use this profile to build your professional credibility before you start actively networking with others. 
  • Reflect the needs of your audience, not your own personal needs.  Not everyone you meet, whether in real-life or online, wants to buy a house today, but that doesn’t mean you shouldn’t cultivate the relationship as a possible referral source or future customer.  If you can provide relevant information to your online audience on a consistent basis, you are creating brand awareness, positioning yourself as an expert, and growing your audience.  If your information is all about you, your audience will see right through it and leave. 
  • Share news and information with your audience, not just listings.  We have seen many Facebook fan pages that do nothing but show text-based listings.  You likely have a Website where all of these listings are available so why simply duplicate this information on Facebook?   Think instead about sharing local news stories that impact local communities or schools, inviting discussion about what makes a community a great place to live, or highlighting other local businesses.  For anyone moving into an area, this is information that will be important in their buying decision. 
  • Visit other pages to learn best practices.  Take 15-30 minutes each week to visit other online business profiles to observe what they are doing and identify any promotions or best practices that may benefit your business. 
  • List all social media profiles in your e-mail signature and business cards.  You’ve created your presence, you’ve invested time into understanding what your audience wants, and you are actively building good content so make sure you are publicizing these efforts and letting people know where to find you.

Social media is not something you can create, leave for a while, and come back to when you have more time.  It does require a consistent effort to monitor, post good content, and interact with your audience.  This can take hours per day if you let it, but it is more realistic and reasonable to allocate 15 – 30 minutes daily for these activities.  As with any other type of marketing, it takes time to work but if you are willing to invest the time and energy, you can develop an effective social media marketing plan for your real estate business.

1 September 2009 report released by The Nielsen Company.

2 Facebook

3 LinkedIn

[Image courtesy of svilen001]