Real estate brokers and agents are an identifiable categorical group in the social media, everybody recognizes their presence talking shop or chatting up the local community. The industry’s relationship with the Internet has historically been mercenary; the principal reason for online presence, whether with a website in 2001, a blog in 2007 or a Facebook page in 2009, is lead generation.
Examine the broker/agent’s marketing mindset. Their commercial mission is to stay “top of mind” to literally tens of thousands of people in their focus community on the off-chance one of them makes the decision to buy or sell a home. Pre-Internet, they did this with post cards; pre-social media, they drip email marketed their community to death, and always asked for referrals. The business has always been perceived as a numbers game based on how wide that network net was cast.
No wonder the real estate industry leads all other businesses (except tech and porn) in the adoption of new ways to expand online presence. The early adopters in real estate are hyper-practical and they figure out what works long before the social media pundits can see the utility. Every real estate social media conference I’ve attended has much richer content than the talking heads at typical tech conferences. Most of my colleagues in real estate will concur.
The paradox is everybody believes the real estate industry are slow adopters, and always describe it metaphorically as the classic aircraft carrier. This is also true. Most real estate agents are slow adopters (say, 95%) because they believe that their job is selling, not wasting time chatting online. They ask questions like “give me one example where somebody got a lead from Twitter”.
Real estate agents are slow to react because they are conservative, only acting on the fear of losing competitive advantage. With literally hundreds of competitors in a zip code, they need that advantage. So the aircraft carrier analogy is apt because the agent community will all react at once. When agents see their competition on Twitter and Facebook, they are obliged to follow until eventually the tipping point is reached when the paradigm of using social media as a marketing tool becomes the norm.
At today’s REBarCamp Silicon Valley, one of many social media barcamp venues focusing on real estate, the majority of the attendees were new to the BarCamp concept. Previous REBarCamps from even last spring were collegial affairs, with all the early adopters knowing each other intimately. Today, the newcomers were there… and that signals the tipping point has been reached. It also signals a kinder industry who are using (and being trained to use) social media to attract clients as opposed to spamming them with unwanted emails and new listings.
{ 2 trackbacks }
{ 7 comments… read them below or add one }
Nice write up Pat. There are increasing numbers of real estate professionals jumping into this form of marketing, or better yet, this form of communicating. I still believe we have a long way to go before the nuances of effectively building a presence online are understood by many.
Believe me, I devote hours upon hours thinking & learning about conducting business online. I am far from an expert. The longer people wait, the further behind they will be when they finally get off the fence. It’s a journey my friend. ~ JB
The Tipping Point concept is a great analogy! Yes, we have gone beyond the “tech geeks” getting the concept now. Two of the participants at the REBarCampSV today were “older gentlemen” who were AMPED that they were there today, and both of them said, “I don’t want to be left behind”. Good for them and their foresight. I DO believe you are right about getting in now…its like buying Google stock before people understood search engine optimization!
As one of the organizers for REBarCamp Silicon Valley we set out to recruit a new group of “campers” to attend the event. The sooner we are all on the same page, not only will we improve dialogue between colleagues we will also raise the bar in the publics perception of our professionalism and approach. Developing the relatonship of the trusted advisor often takes months if not years to establish and Social Media is a great compliment to any marketing plan. BarCamp’s are a great example of how our industry is changing and adapting to the times. I’ve been accused of pulling people in to social media “kicking and screaming” but in the end they are all grateful. Let’s all reach one and teach one!
I’m scheduled to give a 15-minute social media ‘blurb’ at the November meeting of our local Board of Realtors. While I sense that a ‘few’ more people are interested in social media, I don’t think we are close to the tipping point here in the WNC mountains. Domus to the rescue.
Having traversed our country live streaming RE Bar Camps, I tend to agree with Susie. I believe we still have a ways to go before we have reached the tipping point. Many areas remain entrenched in the “old ways”.
The aircraft analogy is an excellent one given the space and time it requires to “react” to change. Those agents who embrace the “new ways” of social media marketing are more nimble allowing them to listen and engage with a consumer with a far greater “reach”.
Susie, want to see change occur in your area? Plan an RE Bar Camp and be the leader who ushers in change.
Nice work Pat! What I like about your post is all the new ways that real estate professionals, etc. are using social media. With the new media explosion the social aspects of the current market place can be shared and expanded for personal growth and financial gain.
Pat, I’ve worked with many realtors over the years and your description of the industry’s trend to adoption is completely on target. I have always found the RE industry as a whole an informative model. They truly are in the people market and the strategies and trends we see within their industry can provide useful data and learning points.