Here we are again. There’s a few Social Media (SM) venues that have real estate folks all agog. Between Facebook (FB), Linkedin (LI), and Twitter (T), you’d think agents all over the country have had their careers rescued by the magical powers of SM. Let’s find out, OK?
I preface the following by ensuring you I have no dog in this fight. I’d truly like to find a plausible answer. It’s my guess I’m not rowin’ that boat alone, either.
Yesterday on T I posed the question: Who out there has done at least one closed transaction as a direct result of FB, LI, and/or T? At first all I heard were crickets. Then the conversation began in earnest. Everyone talked about referrals, and leads. Oh my, there were lots of leads. Turns out, much like SEO, bankers don’t accept leads as deposits. 🙂
There was a small handful here who said they’d closed A deal, and were pretty sure of its source being one of the three SM sites.
Then somebody said, “Seems the big hitters out there are being kinda quiet.”
My response to that was that most folks thought of as so called ‘big hitters’ aren’t nearly what they’re perceived to be. Though I’d like to find out there’re agents out there makin’ a consistently impressive killing on these SM sites, I’m skeptical.
To that end, I said I’d pose the question here. What better place?
So, all you agents out there depositing all those commission checks every month because of your skillful use of FB, LI, and T? Make yourself known, OK?
Here’s my experience, though you should know, it’s not much.
I’m not, nor have I ever been on FB. I’m on LI only because a consultant put me their themselves. The damn site irritates me no end. I get invites via email, mostly from folks I already know. That’s cool, right? However, as happened today, (and about 20% of the time) the invite link sends me to a LI page bereft of the ‘Accept’ button. And no, I don’t know, nor do I care why that happens.
My opinion, based solely upon what others tell me, is that FB just ain’t worth the time or trouble. LI seems to be worth an honest shot. Twitter has some real potential. I’ve probably done several transactions via T, but can’t come close to proving it. A nice sized minority of my blog traffic comes from T. Most of that however, are other agents, though surely not all.
I’ve had folks tell me first hand they found my blog through T. That’s empirical evidence. Otherwise, it’s pretty much whatever folks say, or believe to be true.
Show of hands out there, OK?
How many of you have banked commission checks directly as a result of activity on FB, LI, and/or T since January of 2007?
Any thoughts or observations are not only appreciated, but encouraged. Let’s find out how much is hype, and how much is makin’ our bankers smile.
genuinechris johnson says:
I’ll shoot: 4th Quarter, 2007, I banked $41,000 in gross fee income from using facebook to refinance people. First Quarter 08, I banked another $28,000 in Gross Fees off of facebook….as I was drifting out of being a full time practitioner. (Bawldguy, I can send huds and checks if you must vet me)
The total transactions were 11, and the second generation referrals (parents of my peers) are about the same. I also handed off many others for my former company to piss off, and piss away, and dissipate my name and brand. (The Hand Off is an art form that must be handled with kid gloves).
Finally, as an LO, I connected with many realtors that sent me ‘at bats,’ and one that bit, which is its own thing. I don’t know where that happened.
Most of the people came from folks that knew me in College and Highschool, or knew the old genuinechris from livejournal. I don’t ‘talk’ about it because the game is to find cats to skin. After 1st quarter, I became a part time LO, but skillful use of FB can certainly be an income generator.
Twitter is fun, I like it, but the crickets sound is definitely there. I think that bankable money is inversely proportional to frequency of tweets. But I may be wrong.
November 1, 2008 — 8:25 pm
Jeff Brown says:
Though you’re a lone example so far, it’s been my suspicion LO’s would be more successful on SM, especially in these times. Thanks
November 1, 2008 — 8:37 pm
genuinechris johnson says:
The assumption that you’re going to use SMM to connect with strangers is erroneous. You’re staying in front of all your loose contacts in an authentic, breasy and easy way…and when it’s time, it’s time.
November 1, 2008 — 8:41 pm
Brad Coy says:
For a good solid year of being on all three platforms you named I can say that I have transacted more than a handful. For the most part it comes for the buy side of the transaction in my sales and hand offs I give to my rental guys. I don’t share to openly in public specifics because of the open nature of the sites and the more than sneaking suspicion I’m being lurked upon. This is all just a part of being ‘social’ though, right? 😉
It’s interesting to here that after resistance Jeff, you are having some success using “T”. I had a great sense you’d be a natural, but I feel timing is everything as I still see the platform evolving at breakneck speed. Who knows what the future holds for twitter?
Like we talked about earlier today, I feel that LinkedIn is one of the most promising as far as having a presence. I will continue to encourage you and everyone else to build a strong profile there and at the very least spent a little time over there now and then to work through your connections and communicate. With the new addition of added applications to your profile like the WP, Box.net, and SlideShare plug-ins you have the opportunity to have your online resume’ and presence looked over by thousands who are there for the specific purpose of finding professionals, not just ‘friendz’.
Oh yeah, and to the ““Seems the big hitters out there are being kinda quiet.” You’re not transacting real estate through SM, so I hope by being quiet they are knocking em’ out of the park, cause a safe bet would be that if all you’re doing is making noise online, you’re not transacting real estate.
November 1, 2008 — 11:31 pm
Michael Price says:
I’ve found that when I am posed with the question “How does (FB,T,Blogging) make me money?” Chances are I am wasting my time trying to explain it. It’s typically someone that has all of the heavy lifting of the transaction and the marketing of listings done by someone else, free of charge, (but not without an agenda). Creating a profile on Facebook won’t make you money, none of it does. You have to do that part yourself.
The vast majority of agents that start a SM campaign do so because they heard someone else was successful with it. Many create a profile on Monday and gripe that they didn’t bank a commission check on Tuesday and after staring at the screen waiting for something to happen by osmosis, they bail on it. Don’t say it sounds harsh. Everyone reading this right now knows damn well it’s a fact.
SM will make money for those willing to put in the effort to educate themselves and do it right. A new breed of so called “top producers” are quietly dethroning some of the entrenched players. But that will be a very thin slice of the market for several years to come. Eventually there will be a changing of the guard, but not until a larger portion of the consuming community start demanding that their agents understand the process of conversational marketing and transparent representation.
Those that are willing to think outside of the box and put some effort into adding SM to their marketing mix without the need to fix something that isn’t broken will seize the day and they will do it with little fanfare, no pictures of themselves holding their dogs, no magnets, no bus bench ads and without trying to justify a 1 or 2% ROI on “piss in the pacific” efforts like direct mail. There’s more than one way to get the phone to ring but chances are if you have to search for someone to give you your answer, you’re not looking in the right places. Assuming this blog touches every “big hitter” is a claim even Swann wouldn’t make.
November 2, 2008 — 12:29 am
Barry Bevis says:
I can attribute one closing to Facebook over the last year of use. A status update reminded a “facebook friend” I was working and they gave my name to someone in their network who ended up buying a home through me.
Now I have several other message threads with friends about real estate and property. We will see if they produce closings.
I put it in the same category as a mailer or e-newsletter. One could argue that there are other/better ways to stay in front of people – but Face book is fun and easy and FREE.
I have also had good responses to posted notes about the RE industry and my personal marketing practices. I have not had success with the Facebook Pages for business- just the personal page.
November 2, 2008 — 6:58 am
Linsey says:
I love Facebook. I’ve connected in the last 4 months with people that I thought I’d completely lost touch with. I’m having more conversations and staying in better touch with people that I used to only see or talk to on rare occasions. And it’s authentic.
Have I done a ‘deal’ from Facebook yet? No – but I did have someone that likely would have used me anyway, contact me through Facebook, which I find interesting.
But it’s a social media platform at heart. Asking how much money I’ve made from it feels like asking, ‘How many people did you convert from your son’s football team this year?’ Does it happen – yes. Do I participate for that reason – no.
LinkedIn is more for business purposes but I don’t like the interactions as much. That’s just me, but I see the value in it.
November 2, 2008 — 8:36 am
Bob says:
Spot on. The bottom line is that any social platform can lead to business.
Many tears ago I became involved in community planning. Lots of time invested and many contacts and friends were made, but it was two years before I saw the first check – then I banked 4 more in the next 3 months.
It is still the same principle that Tommy Hopkins taught:
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Get belly to belly with people. Technology has just given us new ways to get belly to belly.
November 2, 2008 — 9:06 am
Mariana says:
Blogging makes me hundreds of thousands of dollars. Other social media? Well, it builds my credibility among other agents, and I get about 1 referral a quarter from different social media avenues, but nothing (so far) from FB or Twitter … But I don’t “maximize” my efforts in those 2 places, either.
November 2, 2008 — 9:31 am
Bob says:
“If you don’t know how to network in the first place, all social media can do is give you the chance to screw up to a much larger group of people in a much shorter amount of time.”
– Peter Shankman
Here is a post on the value of Twitter from a guy who knows how to make money online and who’s banker appreciates his SEO skills.
November 2, 2008 — 10:55 am
Jeff Brown says:
This is a gold mine of info and opinion, based upon first hand experience, which is exactly what I’d hoped this post would generate. My learning curve is now givin’ me a nosebleed. 🙂
>Assuming this blog touches every “big hitter” is a claim even Swann wouldn’t make.
I’ve not made that assumption anywhere, especially in this post. It was a general statement of fact, based upon my search online for empirical evidence of SM lead conver$ion. It had absolutely no relation to BHB.
It’s my belief SM, in the sense one uses it to generate business, is good for the creation of additional ‘at bats’, which is the purpose, IMHO of marketing in a nutshell.
Thanks to all so far who’ve added to the info base with their comments. You’ve added measurable value. I strongly encourage those having something to say to add your experience to the mix.
November 2, 2008 — 1:18 pm
Michael Price says:
Didn’t mean to over generalize it. My point was made by several others. Chances are you won’t hear from many of the folks that can give you the empirical data you’re looking for. But I think the comment thread has lent some validation to the effort of SM, used correctly, and in the right context it does provide an ROI. I’ve enjoyed this post and conversation that has ensued as result.
MP
November 2, 2008 — 2:11 pm
Brian Brady says:
“Get belly to belly with people. Technology has just given us new ways to get belly to belly.”
Definitely, Bob.
A good guesstimate, since January, 2007:
Active Rain: 40-50
Facebook: 6-8
LinkedIn: 20
Bloodhound: 3-4
Zillow: 1-2
Redfin Forums: 1 closed(2 pending):
http://delmar.typepad.com/brianbrady/2008/10/san-diegos-va-h.html
It works but as Bob paraphrases Hopkins, it’s got to be belly to belly. My strategy has always been to seek out prospects, on all social media, after connecting through one medium. It elevates that top of mind status and continues to provide “selling opportunities”
Please understand that “selling opportunities” are not spammed FB emails, InMails, or overt marketing in the comments’ section. Selling opportunities come from “listening” on social media and getting those people connected with you offline.
We;ll be talking about this Thursday in Orlando.
November 2, 2008 — 7:48 pm
Brian Brady says:
I omitted one. In February, I did see an agent comment about a new buyer, on Twitter, and called her quickly. That turned into a closed loan; the only one from Twitter
November 2, 2008 — 7:51 pm
Jeff Brown says:
Belly to belly = Bottom line.
November 2, 2008 — 7:55 pm
Arlington homes for sale says:
I think getting as many current/past clients and customers on FB is a great way to stay connected to people with boundaries–your blog feed should be on your profile so that whenever you post it goes out to all your FB contacts….
Also post your sold homes so that everybody sees you’re selling lots of houses. That combined with staying connected with family pics, etc., blog posts and homes sold can make FB powerful. And it is a process that takes time but has much potential if you ask me.
It’s also much less expensive for staying “connected” with past clients that other means.
j
November 2, 2008 — 8:10 pm
Arlington homes for sale says:
And like Mariana, my blogging and amateur SEO with it has made me large sums of money….FB will be a way to continue making money off those blogging generated clients for their next transaction or to be referred to their friends.
November 2, 2008 — 8:12 pm
Brian Brady says:
“Also post your sold homes so that everybody sees you’re selling lots of houses”
Brilliant. I never thought of that.
“FB will be a way to continue making money off those blogging generated clients for their next transaction or to be referred to their friends.”
Absolutely. There’s a “fan of” feature that exists there that acts like an endorsement, as well. Satisfied clients can become your “fan” and it build’s social capital.
Facebook PPC is in its infancy but appears to be a winner. I’ll know in a few weeks.
November 2, 2008 — 8:17 pm
Michael Price says:
If they are belly to belly with me, they are to far away for me to look them in the eye! 🙂 Gotta work on that.
November 3, 2008 — 6:49 am
Jeff Brown says:
I knew I’d seen you at the meetings. 🙂
November 3, 2008 — 10:19 am
J Boyer Chatham NJ says:
I would not call myself a heavy hitter yet, but I have not done any business attributable to T,FB,LI,or MS. Have not really tried hard at it ether. I have done considerable numbers of transactions, associated with blogging.
November 3, 2008 — 12:07 pm
Tom Vanderwell says:
I’m a little late in the comments but let me lay out some of my thoughts and “returns” on the various SM categories:
Facebook – at this point, I’ve kept Facebook predominately personal. There are a few mortgage/real estate people on there, but not many. It’s about my kids, social friends, cousins out of town, the nephews etc. Can’t say I won’t expand it, but I haven’t yet.
Linked In – I can’t say that I’ve gotten much out of that yet, but they just added a spot where you can “feed” your blog. Have to see if that helps.
Twitter – I have found a couple of useful things about Twitter – I’ve gotten to know Bawld Guy and consider him a friend – how’s that for an investment? Seriously, there are several writers and publications who I follow and they feed their stuff on Twitter. It’s a great way for me to keep up with what Paul Kedrosky, Darren Rouse, the New York Times and others are writing. Have I gotten any actual deals from it? Not yet, but as I take my internet business development plan to the next level, I know that I will.
The other “investment” that I get off of Twitter is the sense of belonging from knowing that there are other people all over the country dealing with the same frustrations and struggles that I am. When I hear Teri, or Todd Carpenter, or many others, talking about their day to day challenges, it’s helpful to know it’s not just me that has those problems (well, at least not all of them). 🙂
Disclaimer – I’ve only been pursuing a serious effort in the Social Media since July of this year. Can I say that I’ve earned money directly off of those so far? No, I can’t.
Can I say that I’ve made money off of my blog at Straight Talk during that time? Once the preapproved buyers find the right house, yes I can. I had one deal for $720K blow up because of a bad inspection on a brand new house. How do you like them apples? Is a pretty decent portion of my traffic at Straight Talk from twitter? Yes, a surprising amount.
Do I consider SM to be a failure in my case? ABSOLUTELY NOT! With what I have planned over the next 9 to 12 months, Social Media is going to play an ever increasing role in what I do, how I do it, and the way I interact with others.
There, now you’ve heard my story. Comments, thoughts, interactions appreciated.
Tom
November 3, 2008 — 12:07 pm
Ed Gory says:
Agree, it’s “belly to belly” that really pumps up the bottom line. SM can be great for lead generation, awareness, and branding for me, but ultimately, it’s getting face-to-face with people that turns lead generation into lead CONVERSION.
November 4, 2008 — 10:48 am
Jeff Brown says:
Not so loud, Ed. Some folks in the biz object strenuously when you point out irritating little factoids like that. 🙂
They don’t like to hear that 50 deals from 10,000 leads generates the same income as 50 deals from 300 leads.
Belly to belly — pass it on — but whisper.
November 4, 2008 — 10:54 am