What Would Happen To Your Real Estate Business Without Social Media

Real Estate and Social Media

This morning I was surfing the news and saw an interesting question and answer discussion by a group of real estate agents discussing if their real estate business would suffer should social media ceased to exist? Real Estate and Social Media. Here are few opinions from the discussion.

Here are few interesting replies that may shed light on what realtors think about the role of social media in selling properties.

"Social media is a significant part of my business- I get a big part of my business through my social interactions on facebook. I made the original connections organically, but Facebook helps me stay in the front of their brain. I've had a significant number of high school classmates have me help them buy/sell their homes. I graduated over 20 years ago, and wouldn't be in contact with the majority of those classmates (even though they are fine, lovely people) if it wasn't for social media," writes Wendy Remley of Utah Prestige Real Estate from Syracuse, UT.

Kathleen Luiten a realtor from Princeville, HI says social media brings in 20% of her business, but that she would make that up with other networking should social media disappear. To this, the realtor, who had asked the original question, asked if Kathleen could generate more than 20% by spending time face to face instead of social media? She replied saying "I don't think so. I spend a maximum of 45 minutes/day total for all the SM platforms I use. I'd probably need to triple my time if I were using face-to-face networking but that's just a guess."

"If social media disappeared, then my costs to get the word out would increase exponentially. It would be a huge loss in my business model," writes Michael Thackerof The Thacker Group from Louisville, KY.

Shirley Coomer Keller Williams Realty Sonoran Living, Phoenix Az
The business model with heavy social media is different than those who do not rely on heavy social media. There still is no substitution to keeping in regular contact with your sphere. Open Houses are a great way for find buyers and sellers. In addition to generating leads via social media, one needs a great lead incubation process to be successful.

Margaret Goss of Baird & Warner Real Estate - Winnetka, IL
I would say that younger agents would suffer more - they are much more invested in it and at an earlier age.

As for me - Facebook is a great way to stay in touch and keep my name out there. I could definitely lose some business if there were no social media, but not a lot.

Dorie Dillard, Realtor-Canyon Creek - NW, Austin TX Homes For Sale
I do not feel my real estate business would suffer if social media ceased to exist. Social Media has made it more fun and past clients and those they refer to me can easily find me on-line which is helpful. I stay visible and in contact..face to face..this works better than social media especially in my market area. Print advertising keeps my name Top of Mind!

Pamela Seley of West Coast Realty Division - Temecula, CA
Yes, I do think if social media ceased to exist my real estate practice would suffer. Most of my business is from referrals both agent and client and if I would have to put a percentage on it, 20-30% of business and my paycheck has originated from my being on social media and having an online presence. By next year I expect that percentage to be higher. My goal is 80% of business from online in 5 years. One agent alone can't do it all and has to pick and choose which platforms they want to use.

"I dont think that it would have any negative impact on my business if I spent less time on the web and more on the phone," writes Bob Crane of Stevens Point, WI.

Buzz Mackintosh of Mackintosh Realtors says almost all of his business comes from his sphere and networking. "Social media is a good way to remind everyone your still in the business, but almost all my business comes from my sphere and networking day to day," he writes.

Doyle Lee Austin Davison Iv of Huntington Beach, CA says he did receive a few leads from social media, but they were because of referrals. "So it would not affect my business at all. Just one more thing to keep track of," he adds.

There were also few others who said their income would probably go up if they had spent less time blogging and more time on the streets. They make references to big box managers who advocate "face to face, nose to nose, toes to toes." The thing is we have less and less people on the streets and more and more people spending time online.

Joan Cox of Denver, CO, has a useful insight, writing "I cannot say any of my business comes from social media. It is a way to stay in contact, but have not attracted any new business."

What about you? What percent of income in your business comes from social media or social media referral?

Comments

Submitted by liz bobeck (not verified) on
Again, very timely article. Social Media is a facet of online marketing. You need to have as many lines in the water, touching people. Chris Smith posted yesterday that the average attention span of an person online is 7 seconds, 1 second less than that of a goldfish, so people are checking out pages, moving on, looking at you, your content and moving on. Millenials have grown up with videos, and if you are not using video in your SM, you are going to lose big time in your reach. SM allows you to engage and build a following of people. Like Seth Godin is fond of saying, when you have a tribe and one chief, the chief speaks and the tribe then does the selling for you and discussing for you. That is the power and value of Social Media. You don't sell, you engage, you offer out there opportunities, its the newest way to build trust. A full 87% of high school seniors were reported to still use Facebook, so its not going away, its the place where people NEED to start first and build a successful following / brand. - Liz

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