Define goals of social media networking

REALTORS® using social media should limit their participation to sites that put them in contact with the consumers they’re trying to target, according to Mike Barnett, president/CIO of Property Panorama, a virtual tour software company.

“Know your demographics,” Barnett, a fourth generation broker in Arizona, said. “If you’re working with your own generation, it’s not too hard. But when you look at the generational diversity, it becomes more critical to understand how they’re communicating.”

As new REALTORS® enter the market, social media, texting and multimedia services are critical to staying in business. “If you’re still working to get your phone on vibrate, there’s a problem,” he added.

It’s important to understand the goal of participating in social media. “Are you looking for buyers and sellers online or are you finding information to better work with your buyers and sellers?” he asked.

“Real estate is a networking game. You network with fellow REALTORS® and with the general public,” Barnett said. “Your social media efforts are different if you’re trying to get referrals from other REALTORS® than if you’re trying to find new customers.”

Barnett suggests one way REALTORS® can communicate with their sphere of influence is to create a group on RealTown.com. A REALTOR® can create a group for his home development which gives him the opportunity to converse with other people in his neighborhood. “You do better business by communicating with people in a conversational, meaningful way,” he added. “You invite people to join and you talk about area activities, yard sales, minutes from the homeowner’s association. By doing this, you build trust and confidence showing your expertise about the area. It’s definitely the ‘meet and greet’ of the 21st century.”

This sharply contrasts to Barnett’s own days of starting in the real estate business. “They used to put us in a van in the morning and drop us off on a specific street and we knocked on doors, talking to people in the neighborhood; then we’d attend a Chamber of Commerce meeting in the evening. That’s how we used to network with people who own homes – it’s different today,” he recalled.

“There are some people who will never embrace technology but I’m not sure that’s who I’d want to go to,” he added. “REALTORS® used to control all the listing information but the public has access to the information now. It’s important to recognize the change and learn to work with it.”