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Industry Advisor: It’s Time to Get Social

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By Jose Perez

Facebook, LinkedIn, Twitter, Pinterest, Google+…blah, blah, BLAH!

Two important statistics that should be front and center for every broker and agent:

• 87 percent of consumers start their home search online.
• 41 percent of consumers still rely on personal referrals to make their choice.

Both of these stats underscore the importance of developing a social media strategy for your brokerage. If you can catch (and then engage) a consumer early in their online search, you position your brokerage as the one that understands the needs of the modern consumer.

Furthermore, establishing yourself on social media generates referral business.

Clients often ask us how to determine ROI when it comes to social media. Do you know your ROI on the leads you buy from Trulia, Zillow and others? Do you know your ROI from billboards or real estate magazines? It’s important to remember that the costs to create your online brand, and to leverage social media correctly, will generate much more visibility and true engagement than traditional advertising.

How will socially engaged consumers create more value for your company?

• Brand loyalty: Loyal fans want to know what the brand is doing.
• Brand engagement: Loyal fans engage online with the brand.
• Brand referrals: Loyal fans want to tell their friends about it.

It’s time for real estate brokerages to get serious about social media.

• Develop a strategy. Don’t just post pictures of new listings or your office party. Thoughtfully post information that is relevant and engaging.
• Create a social media policies and procedures manual. It’s imperative to maintain some level of control over the multiple voices within your organization.
• Be willing to invest resources to drive your social strategy. Social media can be time consuming. Many brands choose to outsource this work, ensuring their brand is nurtured by experts who understand the space and can craft a meaningful social media strategy.

Jose Perez is the founder and chief visionary of PCMS Consulting. PCMS provides innovative solutions leading brokerages require to enhance their market position and profitability.

For more information, visit www.pcmsconsulting.com or email jperez@pcmsconsulting.com.

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