You tweet. Check in. Post friendly news Facebook. Hoping to engage friends. Family. Clients.
It’s fun. It feels good. It enables you, or your brand, to be social.
I’m stoked about all this stuff. Grateful that you are going at it with such passion.
But…
Is it working?
When was the last time you tweeted with your garbage man? Or became a fan of the sanitation department for which he works? Never? Why not? The services they provide play a major role in caretaking our entire civilization. What these people do is really important.
What about your insurance agent? Do you follow their check-ins? What about the local emergency medical facility? Or your accountant?
In the grand scheme of things, it might be safe to say that in the real world – the one filled with average men and women living their lives – service providers reside mostly someplace far outside their view.
I’ve often asked why people would want to “Like” a real estate brokerage? What is there to friend? Or follow?
And what is it the brokerage can really do through these channels that creates real engagement?
Why do I ask this? Because somewhere along the way…
This social media shit has got pay off!
If I owned a real estate brokerage, or any organization managing social media assets tied to my brand, this would be the question written on the white board at every meeting:
Is it working?
After all, social media for business doesn’t stop at how many friends or followers you have – it’s how many of them engage. Click through. Inquire. Buy. Sell.
I know Bob once got a referral from Betty through Twitter. I spoke to Jim who connected with John, his old classmate, on Facebook at the exact time John was ready to sell his house. I know Coach Bruce got 10 new agent clients by screaming affirmations into his iPhone and posting it on YouTube.
I get it. It’s cool when this stuff actually produces results. But as business people we have to ask – what was the cost to acquire that client? Social Media in not free. It takes time. What else could you be doing with it?
I’ve met many brokers who have vested what I believe is too much into their social media programs. Many have hired social media marketers who spend their days micro blasting fluff out into the universe.
It is working?
You need tools
I’m not talking about using free apps like Klout to measure your influence – something we all know is fleeting.
I’ve put together a list of serious business apps below. Solutions that really measure, monitor and capture your digital impressions to help you answer the “Is it working?” question.
Some of these are not cheap. Do not discount them. They may save you many wasted marketing dollars.
Heartbeat – A real-time, social media monitoring and measuring solution that creates snapshots of online conversations about your brand.
Radian6 – A popular solution that allows you to view relevant conversations about you in real-time.
Lithium – This solution aggregates and analyzes content from blogs, news, photo and video sharing sites, forums and Twitter. A feature called Quotes tracks specific mentions of your name and company. It monitors 150 million public sites and sources and ties to Google analytics, WebTrends and Omniture.
Social Flow – An analytics tool that optimizes your broadcasts during time periods when your audience is most receptive.
Collective Intellect - This is a hot company with a collection of sizzling solutions built around real-time text mining and analytics.
Social Mention – Searches, analyzes and aggregates user-generated content from many sources and merges the results into a single stream of easy to read data.
Beevolve – Need a cheaper solution to the killer tools above? I thought so. This solution does what many of those above do. Broad coverage of your SM assets, real-time monitoring, sentiment analysis, and more.
Last call
Spring 2011 is here. Every second you’re paying someone to sit with their head down, tapping your brand’s message into the ether has got to count.
You know have tools that allow you know if it truly is.
Local, Mobile, Social and the future of real estate
20 Tools to Bring your Real Estate Business to the Cloud
15 Ways to Make Your Marketing Mobile
Thanks for including us! I agree, measurement is important. You can’t improve what you aren’t measuring.
All the best,
Trish (@Dayngr)
Community Manager | Radian6
THANK YOU Marc for pointing out that it’s about ROI, not about everyone jumping over to the other side of the boat all at once in pursuit of the next silver bullet (QR codes, GEO listing apps, social media “consultants”, et al). I seriously can’t take it anymore!! I think I either need to sell my brokerage or bring in a partner that wants to deal with it all, because I am at the end of my rope on this SM bubble/fantasy/insanity.
I am a broker/owner. I have a master’s degree in int’l mgt., I did biz dev in hot VC-backed backed dot-commers in WEB 1.0. I “get” the value of technology. But for the life of me, I seriously just wish Twitter and Facebook would go to the same bone yard as AOl and MySpace and just die quietly and respectfully. I am a private person. I know how to write somewhat compelling content, but I don’t want to! I want to focus on learning more about my business and being an expert, not a blog journalist or short film director.
Why are we all now forced to become publishers/writers/short film directors, etc to stay relevant to our customers? Are all of our customers short attention span reality TV addicts? Isn’t there enough crap out there to read from trusted journalistic sources? Let’s all go into a concert hall and just start blathering about whatever bs all at the same time and see how we like it. Is this all just to get a higher page rank on Google? I have to believe that there is a better way to live and make a career in helping people achieve their home ownership dreams.
I really hope the pendulum will swing back in the near future away from SM. Like you say, I don’t think my clients need to “like” me on facebook. They need me when they want expertise to buy or sell their house. They know where to find me on the web, or email or office.
Sorry for the long post..lots of angst
Hi Tom, I’d like to invite you to my webinar on Monday, May 10th on a different twist on social media’s fb and twitter. It’s about being micro local and adding social commerce to your communique. If you are not familiar with my product, Housing Trends eNewsletter, it’s free lead gen tool NAR had made as Right Tool Right Now tech tool and is now in their online store on REALTOR.org. Here’s Housing Trends eNewsletter link: http://www.HTEN.com and Become Local Super Star Webinar links ( 1st is last weeks webinar video and 2nd link is registration for May 10th Webinar. My guest is Pat Kitano. Hope you join us so we can continue to share ideas about this hot and time consuming topic. Many thanks, Hugs, Susie Hale
http://bit.ly/mTABA2 Link to video
http://bit.ly/HTEN0510 Link to May 10th Webinar
Never though of using social media for a pay off. I guess my real estate blog is one exception. The test of itbis just part of life like walking my dog.
You should strat a brokerage. Very easy to do. All you need is a brand.
Sorry, but it is working for me — it dovetails nicely with my existing web presence and my blog presence. Does every lead convert to a client? Of course not. But let’s face it: an inbound call from somebody who found me online is a HOT lead. Right now, my biz is 60%/40% — 60% referrals (some past clients found me online) and 40% from my internet presence.
Tom,
You’re not alone. I wrote this because where ever I go, I hear the same thing from brokers.
I’m going to attempt to respond as simply as possible to each of your points.
“I seriously just wish Twitter and Facebook would go to the same bone yard as AOl and MySpace and just die quietly and respectfully.”
That’s an honest frustration. But assume that these won’t. Regardless, there are ways to use them wisely. They just aren’t often heard through the din of the social media yap fest. One need not look past Corcoran Group to get a wide understanding how a brokerage successfully uses social media. You can listen to a bit of what their Director of New Products Matthew Shadbolt does and how he uses social media. After listening to him, you’ll see that there is a elementary application to social media and a professional way.
“Why are we all now forced to become publishers/writers/short film directors, etc to stay relevant to our customers?”
You’re not. And that’s the basis of another post I wrote last month. Just because these things are here, it doesn’t mean you have to use them. When I go out for dinner, just because the restaurant has a bar doesn’t mean I need to get smashed. You are in control. You do what you want.
Having said that, the beautiful side of social media is the availability of these tools to communicate relevant content to your customers. But relevance is subjective. It’s personal. Trust me, there are lots of things you can do that is simple, not all encompassing and relavent.
” Isn’t there enough crap out there to read from trusted journalistic sources?”
In short, sort of yes. But what that tells don’t publish crap.
Consumers enjoy content that is contextual. Example: When viewing property on a broker site they enjoy content about the neighborhood. This means you could post video, images, or select blog post about one great deal a week. But even this is optional. There is no law that says you have to do it.
“Let’s all go into a concert hall and just start blathering about whatever all at the same time and see how we like it”.
Sorta what Twitter is now. But that’s ok. That’s part of what make it cool in a way as a listener.
“Really hope the pendulum will swing back in the near future away from SM”
The pendulum is always swinging Tom. I rarely use Twitter and Facebook. I never 4Square. These things don’t work for me or play to my strengths. I blog. Make video. And work really hard for my clients. That’s it. Seems to work so far.
Angst is ok. Getting is out is better. Glad you felt comfortable enough to do it here.
Hi Marc,
Thanks so much for including us in your list! I think you’re right about content and context; being able to filter conversations by their meaning is critical to understanding consumer intentions, preferences and perspectives.
Thanks again!
-Jennifer
Thanks so much for recommending Sysomos Heartbeat here!
It’s always imortant to know if what you;re trying to do is working, otherwise, why are you doing it? The best way to proceed in the future is to see what was working, what wasn’t and how to improve from what you’ve been doing in the past.
Cheers,
Sheldon, community manager for Sysomos
I get the importance of monitoring your “brand” reputation but that’s still different from measuring success. If you look at the model for other industries, it’s conversion rates that count – did the customer buy something or not.
Agents/companies can measure conversion rates by keeping track of the source when they get a lead. Then they can figure out the conversion rate of SM leads compared to leads from other sources.
But since few are doing that – or if they are, they’re not disclosing that info – we’ll never really know about ROI. So we’re stuck with a value of “good will” generated by SM which really doesn’t mean much.
Marc, great being part of the Blog Talk Radio with you last night (5-3-11). Loved your ideas and info. As to whether or not Twitter works? Kelly Mitchell and I met through Twitter, then spent time together at Michel’s at Diamondhead in Honolulu. I have sent her 2 referrals and so far she quickly turned one of them and has just listed the other. Relationships are formed through Social Media. The payoff comes from the nurturing and the genuineness of your “brand”. Aloha and Mahalo to you for all you do for real estate.
Thanks Kathy. Great to be a part of a great and informative show. I really enjoyed your portion ( i only missed on minute of it). Well done!
RE: Twitter. I have no doubt that it works. What I am really after here is how users can go a little deeper and figure out what exactly is working, when it’s working and how it’s working so their use of it can be more effective.
Let’s face it, for the first part of any Twitter users process, they are recklessly tweeting – as in – no real game plan or strategy such as staring the day with a series of “Hello World, I need coffee” tweets to a host of arbitrary retweets followed by posting great quotes from famous people and ending with a host of non sequiturs come nightfall that fall as flat on the populous as tree falling in forest that no one is around to hear.
This random strategy can last for however long and stand as the only strategy a user has.
For one on one interpersonal relationships with agents, it is what it is. Monitoring its ROI is easier to do. It might not be scientific but an agent can keep track of their own time and effort and that’s okay.
It’s different for brokerages, specifically for those who have several social media programs in play managed by one or more staff people.
Brokerages need to move beyond the midset of let’s do SM because its fashionable and will make us appear hip to treating it like real marketing and branding and lead generation and conversion. (Take a look at what Corcoran is doing in this regard.)
In this regard, its time for brokerages to get the metrics and know precisely what’s not working versus what is working right down to all the nuances such as
- what sort of content gets greater reaction from users
- when during the day do posts get more interaction
- what days get more interaction.
There are simpler tools for agents but common sense is also a great tool too.
I do private social media classes – one-on-one for those who are serious about moving into social media. We start with “what are you trying to accomplish?”
You are correct. Agents are not aware of what their expectations should be…want to be…could be… It’s almost as “if everyone’s doing it, I must have to do it”. They’ve never focused on what they want their ROI to be. Many want to know how soon they can expect to translate social media into dollars…
They ask me… and I share with them that Twitter is more of a connection for me. Not sure that Twitter and FB actually get the message as a sole source. Example: our state association went on FB AND kept their website. I teach, write, and educate in real estate so I need to have a place for accurate information on laws, rules, and legal opinions. At first the association was doing more posting of the crucial info on FB. Not research friendly. Now they have really gone back and done a great job of updating and posting notices on the website. Thank you Lord!!
Much time is wasted because it is not focused and directed. Too many places to access. Mostly I see agents wanting to be in the “thick of things”. What does that mean? Not sure. Most really successful agents use social media sparingly, IMHO.
Blogging is still done on sites like Active Rain, Trulia, Zillow, etc. Individual blogs can be hugely successful, but again, what is the ROI expectation of the writer? What’s the plan?
Sheri Moritz says she gets great leads from answering questions from different sites. She’s very successful… so I listen, watch, and let others know of her method(s) with the caveat that each of us should integrate only those ideas that “complete” our plan.
After the rawRE Blog Radio Talk of last week, you have me thinking on how I can help direct them in the use of Twitter and FB to work FOR their brand. But, first I have to convince them to “brand” themselves… to be unique. I call it “soaring as an eagle”… not “soaring with the eagles”…
Have a great day Marc. PS Thanks for the nice words about the radio show. I look forward to more wonderful ideas from you. Will you be at Inman SFO?
Social media tools are not one size fits all for every situation. HomingMatch is homingCloud’s matching and social network for a particular firm/franchise or MLS. People who Post profiles can be brokers and buyers. Many buyers may want to have an facebook type interaction but not on “facebook.” This walled off niche platform may provide the right type of “social media environment” other sites have not been able to provide. HomingMatch.com.
Good points Marc in response to my post. I will check out some of your ideas. Thanks
Marc, the one thing that you and the realtors are missing is that people, Inc buyers, are talking about real estate out of earshot of the realtors. Potential buyers and sellers are having all kinds of conversations with friends, family, business associates and with friends of friends of friends…all without the participation of realtors.
You don’t get that buying and selling homes isn’t about realtors, and hwhatever way the used to participate in the process, is dwindling down to an even lesser level…and an incredibly fast pace.
Realtors need to stop trying to sell. They need to start talking about real estate and start showing and proving their expertise.
No one wants to talk to sales people anymore…hey, that’s whyni use the web. When I want info about something, the first place I hit is the web…I don’t call a sales person, and I’m willing to bet you don’t either…and the same goes for the rest of your followers.
Social media is is where buyers and sellers hang out…not here, or on trulia, zillow or any realtors site, because these site have nothing valuable to offer other than a picture book of homes and shitty descriptions. It doesn’t matter what the cost is….you can’t afford not to be there. It’s that simple
I love love love this site, but you’re all preaching to the wrong people. The industry jrefuses to hear what consumers are saying … And they’re not talking about real estate they way realtors want them to, and they’re not talking about realtors, other than…nothing positive.
Other than being tour guides, realtors are playing less and less of a role in the Buying and selling of homes. Without providing valuable that buyers seek out and participating in the conversation with consumers, then what’s our value proposition, because homes will sell with us involved or not.
Either be a participant on the same ball field, or just be a spetator and watch it from the stands.
If you believe that social media is only fashionable, then just look at how out of fashion brokerages are. In dog years, they’re about to debut don’t worry, they’ll be replaced by a new puppy, that everyone will love…and she’ll be named fb.
Sorry, wasn’t meant to be a lecture. Just seeing things from a different perspective
Hey Marc,
Long time no speak. Hope you folks there on the Left Coast are doing well. Was just out there in San Fran a couple of weeks ago on business. Looks like the venture community is humming along again.
So why is there so much hype followed by so little return. We now the answer, but here we are (how many years later) and we are still having the same discussion. The firm is about brand and being constant about that brand and creating the brand. The agent is about knowledge and circles of influence.
For the agent, he / she wants to build either a circle of influence based on some common interest(s) or knowledge of an area, or both.
Agents first have to decide who they want to be when they grow up. Then find someone who really understands the building circles of influence part and shared knowledge in SM to help them transfer the “who they are”
Take Care…How about some Sushi next trip out?
Barrett