Social Agent Today Blog – Social Media Tips & Insights Advice and how-to's for Media Agents using social media

May 19, 2022

What Defines “Success” with Social Media Marketing

Filed under: media — SocialAgent @ 8:38 am

I’ve never met an Agent that’s had success with Social Media. Only people that have a product to push are claiming social media is worth the time.

This is not an uncommon question – in fact it’s a question that I have seen asked (in various forms). This got me thinking . . .

What is the definition of Success on Social Media?

This is the crux of the question . . .

before we can determine “success” we need to define it . . .

The “obvious” definition

I’m going to go out on a bit of a limb here and say that if you were to ask any real estate agent what their measure is of success with any of their prospecting activities, then their answer would be in some form or another the following:

finding new buyers and/or sellers

The purpose of any prospecting activities that a real estate agent carries out is clearly intended to find either people looking to buy a property, or people looking to sell a property.

After all . . .

Commission Earned $$$ = 1 Buyer + 1 Seller + 1 Property

And to earn that commission you need to be attached to either the buyer, or the seller, or (preferably) both!

What’s the problem with this definition?

The fact of the matter is that buyers and sellers are only ‘in the market’ for a short period of time – based on my estimate the “average” person is only actively ‘in the real estate market’ for approximately 5% of their lives.

If your sole focus is finding active buyers and sellers (or even buyers and sellers just before they enter the active market), your focus is on roughly 5% of the general population.

Besides the small size of the market you are targeting with this approach, there are a few other factors that make your chances of finding them even slimmer . . .

How do home buyers find their agent?

  • 40% of buyers found their agent through a referral from a friend or family member and 12 % used an agent they had used before to buy or sell a home.
  • 2/3 of recent buyers only interviewed one agent before the found the agent they worked with.

Source: NAR

So, that 5% that I mentioned above has just been more than halved . . .

less than half of the buyers are available to work with an agent they don’t know from a previous transaction, or that they are referred to.

How do home buyers find their agent?

  • 38% of sellers who used a real estate agent found their agents through a referral by friends or family, and 22 % used the agent they worked with previously to buy or sell a home.
  • 70% of home sellers only contacted one agent before selecting the one to assist with their home sale.

Source: NAR

Once again, that’s not good news if you’re only focussing on sellers looking to enter the market . . .

Only about 40% of home sellers appoint an agent that they either haven’t worked with before, or that hasn’t been recommended to them

We need to revise this definition

As you will have realized form the figures above, if you are only going to focus on people in, or ready to enter, the active real estate market you are making your prospecting really, really hard as you’re focusing on a tiny group of people.

Of course they are the group out of which someone is going to make money in the short term – and if you do come across them it’s fantastic! After all, we all need money in the short term.

But you’re missing out on a huge potential for future business, which, if you’re in real estate for the long term, is money in the bank for the future.

How can you bank future business?

The key lies in exactly the same facts above . . .

  • 60% of sellers who used a real estate agent found their through a pre-existing relationship, or a referral relationship
  • 52% of buyers found their agent through a through a pre-existing relationship, or a referral relationship

Even possibly more importantly . . .

  • 70% of home sellers only contacted one agent before selecting the one to assist with their home sale.
  • 2/3 of recent buyers only interviewed one agent before the found the agent they worked with.

Relationships are the real key to success in real estate

It’s clear from all of the above that relationships – direct and through referrals – are the key to success.

Firstly, they are why people will contact you and, secondly, your chances of having to compete for their business is lower, i.e. you have a much better chance of getting the business you pitch for.

How Does Social Media Feature in All of This?

The key is in the word “social” – social media and your social media networks are all about relationships.

On social media you can . . .

  • keep in touch with people you already know,
  • through your existing contacts, and the information you share on social media, you will make new connections,
  • maintain contact with all of your connections easily and consistently en masse,
  • consistent and helpful communication helps to strengthen your social relationships and stay top-of-mind

What are the keys to success on social media?

Step #1 – Connect with as many people as possible that you already know on as many social media networks as possible

Step #2 – Regularly post, and share, helpful and useful advice on all of your networks

Step #3 – Check what your friends and followers are posting and sharing and interact with them by commenting or re-sharing their posts

Step #4 – Be genuine – the same way you would be offline

Some additional tips . . .

  •  Don’t only share real estate info – this gets boring – mix it up a bit
  •  Join groups or communities around common interests, local matters and your local community and actively participate in them
  • Make sure that each of your social profiles and/or pages gives your followers the ability to subscribe to your blog or your database

The Real Definition of Success on Social Media

Here are some measurements that I believe that you should track over time . . .

#1 – The total number of followers/friends/etc. on each social network

#2 – The total number of re-shares of your posts, as well as comments you get on your shared posts

#3 – Amount of traffic that you get back to your blog through blog posts you shared on your social media networks

#4 – How many people subscribe to your blog and/or database through each social network

There are probably a whole host more that I can add to this list, but that’s enough for a start.

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