Real Estate Forum - July/August 2009

More recently, it’s been digitally spreading its name with a presentation on SlideShare, an online community that allows people and companies to share presentations and slide-shows. Users upload PowerPoint, OpenOffice or pdf files, tag them and embed them in blogs or websites. They can also browse presentations created by other users, making the site a way to both share ideas and learn from other people, according to the firm.

Ivey says it’s all about sharing and connecting. “We embrace the various Web 2.0 technologies because they let us share information, insight and issues,” he said.

Forrester Research Inc., an independent technology and market research firm, found social media is thriving in the sluggish economy—unsurprising given its minimal cost and ease of use. “During a recession, marketers are often forced to reduce budgets; in fact, it’s often one of the first buckets to

appropriate to use industry jargon. In others, it isn’t. On some websites, it’s okay to post photos of family, pets and other personal things–but not your business website.” The appropriate content varies, and understanding the various social media channels and tools is essential, she warns.

Twitter, for example, the most widely used social networking platform, allows you to send 140-character posts, or tweets, from the web or cell phone. In theory, a tweet answers the question, “What are you doing?” But don’t take that too literally. Don’t post what you’re doing, for instance, “Looking at fantastic office building I just listed in Anytown with highway access, great parking, long-term tenants. Call me to see.”

Post what you’re thinking. “Marveling at the quality upgrades in a state-of-the-art office bldg in Anytown. Wondering how quick it will be snapped up by an investor.”

The benefits of social media marketing

0 15 30 45 60 75 90%

generated exposure for my business

increased my traffic/subscriptions/opt-in list

resulted in new business partnerships

helped us rise in the search rankings

generated qualified leads

reduced my overall marketing expenses

helped me close business

SOURCE: MICHAEL A. STELZNER

get trimmed,” the firm states in a recent report. “But 53% of marketers plan to increase their social media budget this year and 42% will keep it the same. A total of 95% of marketers are bullish on social media marketing. Why? The reasons are obvious to some, it’s inexpensive and the opportunity to benefit from cost-effective word-of-mouth are promising.”

The first step in using social media is learning the language, along with the nuances of each social media site. Facebook has a wall. Digg has two g’s. You don’t Twitter; you tweet. So before you try to build a social media presence, familiarize yourself with the tone, tenor and personality of each site.

Shauna Nicholson, marketing manager for Biznet Internet Solutions, a web consulting business, explains: “In some realms, it’s

In other words, social media is social: You’ll build your reputation and brand if you’re friendly, interesting and insightful enough to persuade people to interact with you. Social media consultant Ari Herzog says it’s just a matter of understanding the medium.

“Customers are talking about brands every day, and social media is an easy way for brands to talk back,” he says. “When a person can talk to a brand and a brand can talk to a person, that’s a conversation, and community is built. The important part is the brand can’t talk as a robot. It must be a person.”

Share your ideas, expertise and insights. Make thoughtful, relevant comments. It will help you reach potential clients, Herzog notes, and help you win both their respect and their business.

“Companies need to embrace social

media,” says Kevin Maggiacomo, president of Sperry Van Ness International. “The debate is, to what extent?”

Earlier this year, the Irvine, CA-based firm rolled out LeadGen3.0, a personal branding product designed to offer a bundled package of search engine optimization, digital marketing, TV/radio advertising and, appropriately, social media optimization services. “LinkedIn is a favorite and was designed for the professional,” Maggiacomo shares. “We have several LinkedIn success stories to share, many of which have resulted in new business for our advisors. Twitter is a great utility, while Facebook and MySpace are geared toward the social end of the spectrum.”

Just keeping up with the social media networks can seem like a full-time job and, in some cases, it is. Recently, the National Association of Realtors hired its first social media manager, Todd Carpenter. Carpenter is the founder of Bizomi Consulting, which helps real estate and mortgage professionals market themselves with new media, and Mariah.com, a network of real estate and mortgage industry blogs, tools and web sites.

Carpenter says he wants to build a network that empowers all real estate professionals to use social media. “I want the NAR staff to be able to use it to communicate with their membership, but I also want to empower the membership with the same skill set so they can speak to consumers,” he explains.

But social media is not without risks. Participants are encouraged to show personality and wit as well as expertise. It creates the opportunity for commercial professionals to speak unscripted—and creates the possibility that a misplaced word or unintended joke will have potential implications for a firm.

“Social media optimization, if done well, can raise visibility and credibility. But if done poorly the result can be disastrous,” Maggiacomo said. “Profiles, posts and placements must be carefully positioned and yes, there are risks associated with participating.

“Mikolaj Jan Piskorski, assistant professor of business administration at Harvard Business School, was quoted as saying, ‘Professionals are fairly protective about their social networks, which they spend their whole lives to build.’ We encourage our advisors to keep this thought in mind as they participate in social networks,” he adds.