Can Social Media sell Real Estate?

August 26th 2012

Couple of really interesting events transpired over the past week or so. Most especially so because they relate to the social media/ real estate combination in Oceania;

1] one of Sydneys leading agencies, McGrath, embraced social media further with the launch of their agents corporate Facebook page.

2] a much talked about case highlighted in an article by News reporter Victoria Craw, entitled “How to sell your home on social media” provoked plenty of comments …..of a Sydneysider taking to social media to sell their property.

How much social media did these Sydneysiders use, you ask….

There is also a Facebook Fan Page, Pinterest page featuring numerous boards of photos, Google + and a Twitter account where they can share some of the real time happenings at and around the apartment and tweet out their Instagram photos ….

ARTICLE SOURCE :  How to sell a property using social media ~  by Greg Vincent

Other marketing methods currently gaining traction with Real Estate Agents, are both online video (BTW recent 2012 Conference in USA has said the magic number, when it comes to video communications, is 1min 30secs) and audio marketing, as mentioned by Greg Vincent, Australias online guy for Real Estate Professionals, where he recently posted an article here on this same subject.

The Daily Telegraph ~ SYDNEY

While admitting “I’m not very good on Twitter”, host of Selling Houses Australia & real estate consumer champion, Andrew Winter also tells his readers hes not fully sold on social media yet.

As an agent, asking sellers to promote their home on video could work in some cases, but what worries me is if it is expected by everyone. A good local agent will know the real selling features better than the average seller.

But did concede that….

On the other hand, when people are looking at new homes, they are usually looking for a sense of the lifestyle the home will offer. Perhaps hearing first-hand will help them understand if there is a lifestyle match.

ARTICLE SOURCE: Not fully sold on social media  ~ Andrew Winter ~ The Daily Telegraph August 18, 2012

His comment regarding “first hand” is the clue here. But hes not the only one whose not getting too excited.

Still things could change…..

A 600lb Gorilla enters the room…

One things constant in all of this, real estate is down to two fundamental things really;

1] how best to market the property to the widest possible audience, both active and passive buyers, to get that premium price in the most efficient time period required and

2] how to select the correct agent/company that will do this to not only exceed a sellers satisfaction threshold, but place the most money in their pocket at the end of the day

As far as point No. 1 goes I feel social media is making inroads here, especially with a younger audience (read non- baby boomers) whose use of technology is just second nature. If members of this group want to find out about homes for sale, they know exactly where to go and how to do it…… many of these under 30’s don’t like being told how either …. witness the thousands of real estate twitter accounts with less than 10 posts, all about new listings for sale, and pretty much to a tee – now dormant. This leads me onto point no. 2.

Point no. 2 is all about creditability, reputation and integrity, and anything which aids the home seller, and the buyer too, should surely be welcomed with open arms.

Some may not know that Facebook picked NZ to “test” its infamous “pay to upsize your post” campaign.

Likewise, currently another 600lb Gorilla is trialling here a “very relevant to this topic” new addition to their program, but why NZ I hear you ask?

...its all about this new ENDORSE button....could be coming soon to you too...?

Well, according to Stuff’s Tom Pullar-Strecker in this article….. their spokeswoman Tara Commerford told him;

“New Zealand is one of the most connected communities in the world. Given the highly social and viral nature of this product, it made a lot of sense to test it in this market. If this model provides positive results, we may consider this approach for other products.

ARTICLE SOURCE: New Zealand becomes LinkedIn testbed by Tom Pullar-Strecker

The below screen shot shows an addition to your usual blue Linked-In screen, a box with skills / expertise and just below that the all important ENDORSE button.

The system is interesting because it throws up quite random requests seeking endorsement, like for example…..does my Product Manager friend know about Public Speaking, or does a Real Estate colleague know about HTML, or a fellow Rental Property Associate, do they know about Home Staging, so it really does get you thinking, especially about work attributes of colleagues from many years back.

Not your usual Linked-In screen……

Any chance to add more “verifiable” information amongst the business people on Linked-In is a good thing. Somehow I thing this one has legs….seems this is a bit more “hold accountable” that the “likes” of other programs, and perfect for the more typically professional oriented Linked-In community.

After you've clicked ENDORSE...then what happens...?

This weekend I’ve been endorsing a few current and past work colleagues, so will be interesting to see what their feedback is come Monday.

So to answer my original question, the jury is still out, but it won’t be long before more real life examples like this one, one which according to Australia’s REIV (Real Estate Institute Victoria) was a possible Australian first …… will start appearing, that’s for sure!

And when its “done right”….in everyones favourite term “hyper-local” way….

To end this post, in a related social media way, but a bit  “Jamie Oliver / Hugh Fearnley-Whittingstall like”……. check out this great article (with analytics included), documenting the very real benefits of a “real life” short-term (48hrs the writer states) social media campaign conducted.

Oh ….and it involves beer.

Strategy wise, its a beautiful village style example of when social media is done right, resulting in the product that you’ve allocated for the festival, running out on the first night! Be surprised if even SEO’ers don’t pick up something from it.

Lastly, can social media go even where humans haven’t yet….well could this sign be a pointer?

August 26 2012 09:33 pm | Buyers and General and Nelson and Sellers and Technology and Uncategorized

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