Image of different technologies being used by different people

Keeping Up With New Technology for the Real Estate Industry

Image of different technologies being used by different peopleEvery industry no matter what it is has to be able to keep up with new technology. Some are better than others for doing this. One industry that really needs to keep up with the changing times is the real estate industry. For some it is easier than others.

There are many agents that have been in the business for years and have really become set in their ways. Their motto all comes down to sheer hard work, but that doesn’t mean that technology replaces this. What it means is that it can free up a whole lot of time, so the extra time can be spent on additional hard work which leads to more profits. The old die hard’s in real estate love the technology of cell phones, but may still be amongst the dying breed who still use rolodexes to maintain their client list.

It can be difficult for the old days real estate consultants to use their computers for any more than checking their emails, which they have reluctantly adjusted to because of client pressure. If they had their way they would stick with the age old method of sending faxes.

It is difficult to get an agent set in their ways to use the new technology that is available to them because in their opinion the old ways still work well so why change. Yet, on the other hand they are wondering why those who are new in the industry are excelling at their buying and selling, when it took the experienced agent years to build up that kind of success level. They aren’t realizing that a good part of the success lies within their expertise and acceptance of technology that can help them do their jobs quicker and more efficiently.

Real Estate Agencies have got to encourage their well established agents to get with the times and start using the technology that is available to them that relates to their industry. While they have reluctantly adjusted to cell phones, and emails, they need a push further to establish blogs and websites so they don’t miss out on the massive internet market that can reap them many rewards. Agencies can encourage technology advancements by making in available in the office and providing training to go with it. Starting off slow making some of it mandatory is a way to ease the old time real estate agent into it.

It can help to partner up old and new agents together so they can both learn from each other. While technology certainly is the way to go it doesn’t totally replace the many years of experience that the older agents possess.

It is most encouraging to see the older agents embrace the new technology once they have adapted to it. Combined with these new found skills and their years of experience it makes for a very powerful real estate agent.

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The Pros and Cons of Using Social Media to Promote Listings

Image of multiple social media icons being shared on a tableSocial media can enhance your marketing efforts when used correctly. When you align it with your overall objectives and vision, you can reap substantial benefits.

All social media platforms are best used to:

  • Spark interaction and empower your audience to share your content
  • Connect with potential customers and engage with likeminded people
  • Add value to existing customers and communities
  • Display your brand and authentically show off who you are and what you do
  • Create a fan base who will follow you even if you leave the social media platform

It’s important, however, to understand the pros and cons of using social media. Let’s take a look at some of the pros and cons of using Facebook, Twitter, LinkedIn, YouTube, Google+, and Pinterest.

Facebook

Pros

Size: Facebook has a monopoly on social audiences at the moment. Its size and scope make it a powerful tool.

Targeting: You can target a specific demographic, geographic location, age group, and more using Facebook’s targeted advertising. Analytics also help you see who’s engaging with your page.

Women: Women are often key decision makers at home, and Facebook has a large demographic of women users.

Conversation Hub: Content shared on Facebook has the potential to “go viral.” It’s a place where infectious conversation can occur if the right content is shared in smart and creative ways. Facebook is becoming more and more image and video centric; sharing property photos and virtual tours can have a positive impact.

Cons

High Cost: Facebook has recently moved to a pay-to-play model in which you have to promote or spend money advertising your content in order to have it seen by your audience. Once a business page reaches a modest following, it requires advertising spend in order to reach a large segment of your audience. The more you spend, the more fans you’ll reach. As your fans increase, you’ll likely spend more trying to reach them, and thus you risk a higher potential cost.

Loud: Facebook is large and because of this it’s struggling to decipher what users and advertisers want to see in their news feeds. This juggling often leads to a frustrating and confusing experience that doesn’t please either party.

Aging Users: Young people are turning to other social media sites to socialize because the average age of Facebook users is increasing. Now that their parents, grandparents, and teachers are all using it, it’s lost a bit of its thrill. In Australia, the average age of a Facebook user is 40+ and climbing.

Not Mobile: Most Facebook advertising products don’t function on mobile via the Facebook app. Competition apps, which are used to engage and interact with users, are also blocked from mobile. This is challenging considering that over 50% of Facebook users are coming from a mobile Facebook app.

Twitter 

Pros

Local Presence: In an effort to be more accessible to domestic advertisers, Twitter has opened up an office in Sidney, Australia.

Automation: You can automate your tweets efficiently through the use of a range of Twitter tools and dashboards (although human interaction is always the most valuable and beneficial).

Real Time Access: With Twitter trends and hashtags, you have real time access to the ‘conversations’ that are happening ‘now’. These hashtags showcase your content and allow you to immediately engage with your audience around hot topics.

Retweets and Interactive Culture: If you’re adding value and sharing great content, you’ll typically get retweets, and that value will travel. Twitter users love fun and helpful content. 

Cons

Spam: Many businesses and individuals use the platform robotically, subjecting users to spam and unwanted content. If your content is viewed as unwelcome, you may get reported or blocked.

ROI: Twitter has created business advertising products such as Promoted Trends, Promoted Tweets, and Twitter Cards, but due to the newness of these products it’s difficult to measure the return on investment.

Too Much Info: Because everything on Twitter is happening in real time, there’s a ton of information. This information is often difficult to process and cut through, making it challenging for you to reach users with your content.

Brevity: Having to create a message that fits 140 characters or less can be challenging, although it encourages creativity. 

LinkedIn

Pros

Professional: Due to its professional nature, LinkedIn is considered a more mature space for interaction, therefore, the noise level and amount of information is kept to a minimum.

Networking Reach: A leading professional network, it spans the globe and has 5+ million Australian members (as of February 2014).

Community Groups: You can create or join interest groups to share your expertise, promote your skills or business, and engage with likeminded people.

Search Ranking: Frequent activity on LinkedIn increases your ranking in Google search. Because of this, make sure your profiles are updated, professional, and complete.

Cons

Too Professional at Times: The professional nature can limit interaction due to the high expectancy of very useful, expert-level content as opposed to fun and entertaining content.

Spam: Self-promotion can be high, especially in industry groups, resulting in frequent spam. Proper community management of the industry groups can mitigate this.

YouTube

Pros

Popular: In January 2013, 11 million Aussies watched online video. We watch a lot of video – everyday – across all of our devices.

Moving: Quality videos move us, making it more likely that we’ll share them with our friends and family. Whether they make us laugh, cry, purchase a product, or hire an individual, they’re uniquely positioned to elicit a response.

Reuse: Video content on YouTube can be embedded and shared across a number of sites and platforms, making it easy for people to share your message.

Cons

Troublemakers: YouTube commenters have a reputation for being some of the harshest. If you turn on your comments, be prepared to proactively and responsibly monitor them.

Not All Of Us Are Great On Camera: Interesting and engaging video takes a bit of creativity and planning. The videos don’t need to be Oscar-worthy, fancy, or expensive, but a little bit of originality goes a long way.

Google+

Pros

It’s Google & Discoverability: C’mon, it’s Google. It extends to search, ads, Chrome, Android, Maps, and YouTube. Essentially, it gives you a high ranking in Google search, which in turn allows potential customers to discover you.

Google+ Hangouts: This online conversation tool is excellent for seminars, Q & A’s, and events. Google+ Hangouts encourage interaction and build your online reputation. It’s great for holding online discussions.

Passionate Influencers: The individuals invested in the success of Google+ are often avid influencers and are committed to helping you succeed on the platform, too. Identify and build relationships with them.

Google+ Communities: Similar to LinkedIn interest groups, these communities are a great way for likeminded individuals to connect and share ideas. There is even an Australia real estate community. Create or join a community and start engaging. You can also use Google+ circles to engage with specific segments of your audience.

Cons

Complexity: People typically want a social media platform that is low effort. Google+ has its complexities and for that reason is a turnoff for users.

Fewer Users: As of March 2015, recent statistics place Google+ with 60,000 Australian users out of its 2.2 billion users.

Slow Growth: Google+ is predicted to outgrow Facebook, but that growth is slow. Considering the uptake in Australia, it’s a long game.

Limited Integration: Some social media products that allow clients to schedule and monitor their social media platforms from one central location don’t integrate with Google+, making it challenging for clients and a barrier to uptake. 

Pinterest

Pros

Target Audience: The primary demographic of Pinterest users remains women. In fact, 71% of the 72.5 million Pinterest visitors in the U.S. are female. As women play a primary role in the decision making in the household, this provides an opportunity to reach a large target audience. Property images, especially of well-decorated or staged homes, are excellent for pinning. You can pin blog posts, content, and videos to help both home buyers and home sellers.

Value Add: When you pin the best of your listings, this can help attract customers for your vendors, making it a value add for them.

Insights and Measurement: Watch your pins and learn what works. Take note of the engagement surrounding your pin. If you discover particular shots are more popular, relay that information to your photographer.

High Conversion: Many retailers with inventory have discovered that Pinterest is a massive referral site and a source of conversions.

Cons

No Conversation Interaction: Pinterest sparks interest and generates some interaction through commenting and tagging, but you can’t hold a longer discussion.

Limited Reach Locally: Recent statistics place Australian Pinterest users at 350,000, although it has explosive use in the U.S.—to the tune of 47 million active monthly users, according to a February 2015 estimate.

Image of Diverse Business People in a Conference About Social Media

Tips for Creating Your Real Estate Agency Social Media Policy

Image of Diverse Business People in a Conference About Social MediaYou hear the word “policy” and shriek, especially when it comes to social media. The whole point of social media is that it’s fun; you have a lot of freedom and flexibility in how and why you engage on it. While a poorly written social media policy can kill engagement and deaden participation, a well-thought-out policy can support your efforts, protect your brand, and empower higher quality engagement.

Unlike your typical policies and procedures, a lot of uncertainty surrounds social media. Most policies lay out what staff should or shouldn’t do in certain situations. With so much ambiguity, it’s important to put together a clear and concise policy that leaves room for human judgement and change.

When building your social media policy, consider the most effective platforms, who is allowed to post, who has administrative access, and how it fits into your overall marketing and public relations strategy.  The following considerations should get you thinking about your agency’s social media policy:

Platform Considerations: Twitter, Facebook, Instagram, and Google+

Grab your team or put together a focus group, and brainstorm which platforms are most effective. Do your research. Twitter and Facebook are popular now, but predictions show that Instagram and Google+ are making their mark and may, in fact, surpass these networks. Today, Google+ is the second largest social networking site, with Facebook still sitting at number one.

Don’t just discuss which platforms are most effective; discuss what content is most effective, too. What do your readers consume? What type of content drives the most traffic to your site? Who is your audience on each site?

Consider each platform, your audience, and lay out boundaries for the types of posts that are allowed or most beneficial. Keep the boundaries loose to allow for creativity and personalized engagement, but make sure the expectations are clear.

Employee Access and Posting

Will you employ a social media manager or outsource the job? Do you need an individual dedicated to managing your social media alone? Identify who will have administrator rights and access to social media platforms.

An impactful social media strategy isn’t the result of just one person acting alone. Get employee buy-in. Encourage agents to post on the agency’s page, to like, share, or retweet posts and pictures. Discuss whether you want each agent to have their own pages and profiles. Consider allowing them to build their individual brands while consecutively building the company’s brand.

Filtering and Monitoring

Discuss how you’ll filter each platform. Will you allow anyone to post on your Facebook page or will you restrict access? Some businesses don’t allow the public to post on their page in case there is negative feedback. Others carefully monitor their page and either delete negative commentary or create enough activity that it moves down the page (and out of sight) quickly.

Your social media policy should consider how you’ll filter your accounts and monitor them. Will you check your platforms three times a day or will you check them each time you receive a notification?

Controlled Messaging

What types of messages do you want posted? How do you want to portray your brand? Will you provide topics or posts to the social media manager or will you, as the CEO or manager, do the posting yourself? What do you want your policy to consider when it comes to the messages you share.

Some agencies may include an overarching definition for their content, stating that it should be positive, non-confrontational, non-political, etc. Consider that your messages will be on the internet for a very long time and weigh them against a set of criteria that you’ve outlined.

Trolls (Online Troublemakers) and Complaints           

Both online and offline there will be those who are unhappy with your work and services. Consider how you’ll deal with customer complaints and unhappy clients online. Will you acknowledge their complaint and forward it to a manager? Will you apologise and move forward? How much attention will you give it and what is the chain of command? It’s a good idea to have a plan in place for how you’ll deal with complaints, when you’ll deal with them, and who will deal with them.

Lay the groundwork and encourage employee participation, and you’ll have a social media policy that works—one that’s not overly restrictive and empowers