Social media has become a necessary tool for most businesses in the modern world. It allows quick and easy connection with potential clients and returning customers, in addition to showing off other sides to your business.
Social media has grown particularly important for real estate professionals, but some may be hesitant to invest in this type of marketing. Below, a group of real estate leaders from Forbes Business Council shared some of the biggest obstacles to fully capitalizing on social media marketing, including cost and time investment. Here’s how they recommend overcoming these challenges and reaching your firm’s full social media potential.
Members of Forbes Business Council share social media challenges impacting real estate firms and how they can overcome them.
Photos courtesy of the individual members.
1. Lack Of Clarity
Social media is a great marketing and sales tool, but you need to know how to use it properly. Your strategy will define your content and the type of interaction your company will have with an audience. Companies don’t have enough clarity on how it can help them, how to measure the ROI and its efficiency in general. Every company needs to go through a trial path to figure out what works for them and what doesn’t. – Nataliia Ivantsova-Nada, Nataliya Nova Luxury Accessories
2. Not Having A Strategy
Thinking of the sales pipeline as a supply chain is a great way to understand how each touchpoint is interconnected toward success. It’s also a more effective way to identify fail points or other clogs in the system that hinder KPIs. Break it down into multiple sections and monitor the associated data. Each touchpoint in the sales pipeline requires a strategy to reach the ultimate goal of conversion. – Landon Eckles, Clean Juice
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3. High Cost
The primary reason real estate professionals resist marketing content is the cost. I understand this because I have flipped nine residences as a hobby, and content is costly yet highly effective for property listings, especially online. Real estate professionals need to realize that not only does content professionally written increase conversions, it also increases sales. – Tammy Sons, Tn Nursery
4. Not Understanding Your Buyer
When utilizing social media, you are selling a lifestyle. Your content needs to reflect your ideal client avatar (ICA). The pictures, palette, branding and copy should reflect the tone of the prospect with the agent becoming the gatekeeper to said pathway to paradise. A website can sell a property, but the agent sells the dream. – Cody Jefferson, Embrace The Lion
5. Indecision Surrounding Content
One challenge is that many organizations are unclear on what type of content to produce and the impact it has on the buyers’ journey. Depending on what stage a prospect is in, certain pieces of social media content can be designed to nurture a prospect and move them closer to purchasing. Without understanding this, it can be hard for organizations to create content for actual impact. – Marcus Chan, Venli Consulting Group
6. Not Growing Personal Brands
Large firms seem to have had a hard time with their professionals developing a personal brand. This is where the power of social media lives—in the personal brand. People connect with people, not companies. Providing brokers with brand guidelines, tools and resources to grow and invest in their personal brand is the best thing a company can do. Invest in your people. – Carrie Bobb, Carrie Bobb & Co
7. Outdated Thinking
When we are thinking about a process, the first question is “How long has this process been running this way?” Every process that is older than three years is due for reevaluation and change. The older the process, the higher the probability is that you may need to change it. The same goes for marketing channels. – Adam Rudman, Apartments Near Me
8. Not Being Immersed In Social
I’m not sure that investing in marketing content is actually the best strategy for real estate professionals. Social media is not a platform to be acted upon; it’s a platform to be immersed in. Limited success will be posting marketing content versus becoming a valuable resource by answering questions, participating in discussions or providing local or industry insights. Listen and respond. – Hilmon Sorey, ClozeLoop
9. Limited Market Wisdom
One challenge that may be holding organizations back from sharing their content is that commercial real estate services have forever been a market wisdom-driven industry, wisdom being both market knowledge and relationships. Sharing market wisdom without any assurance of compensation is a risky proposition. Business intelligence and relationships are often shared inside mastermind groups and networks. – Richard Lackey, City Commercial Real Estate, Inc.
10. Not Having The Time
The biggest challenge that holds real estate pros from engaging on social media platforms is time. Busy agents focus on closing deals that put money in the bank; prospecting takes time. While social media helps agents stay top-of-mind with their sphere, it takes time to properly engage on social media. Automated digital marketing like newsletters and set-and-forget drip emails are just easier. – Kevin Hawkins, WAV Group, Inc.
11. Minimal Immediate Returns
The main reason real estate professionals don’t spend more resources on social media is the very minimal immediate returns. Building a significant brand is like creating a business where you put in a ton of work to grow the long-term value. This challenge is a hard barrier to overcome because professionals need to spend resources in a place that isn’t bringing any more revenue in the short term. – Luke Lintz, HighKey Enterprises LLC
12. Impatience In Seeing Results
Real estate has traditionally been slow to adopt tech, but in the wake of Covid, real estate companies are increasingly adopting tools for digital marketing and social engagement. The challenge is, unlike many other industries, results in real estate aren’t acquired overnight. Marketing teams should know creating an impact through social and content takes time and should devise their strategy accordingly. – Lalit Ahuja, ANSR
13. Necessary Time Investment
One surprising reason is time investment. Businesses are not ready to invest their time in planning their marketing content. Though it is the most cost-effective strategy, there are still a few businesses that don’t underestimate the power of social media. They need to understand that to get results from their marketing strategy they need to invest their time and make a proper strategy to get results. – Sanket Shah, InVideo Innovation Pte Ltd.
14. Required Extra Effort
Many steer away from formulating a new business strategy they aren’t accustomed to. If they’re going to consider adding social media marketing into the equation, that’ll require additional research to establish specific goals to outline a proper budget needed to produce optimizable results. The solution is plain and simple, but some just aren’t willing to put in the extra effort. – Tiffany Gaines, SS Global Entertainment