So we’ve been chatting about social networking here on Day #3. There’s been alot of talk about sites such as Twitter, FaceBook, MySpace and others. (Active Rain and LinkedIn as well) The big question out there seems to be whetehr or not this is a profitable use of your time. Here’s my take on the subject:
- Anything that can expand your Sphere Of Influence gets a big thumbs up from me
- Anything that can become viral gets another thumbs up
- Any tool can be abused and drain your time – Smart time management is required
- Never try to use social networking as an excuse to ignore offline networking and prospecting efforts
I only recently began using these tools to market the Loan Officer Marketing Lab, but I’ve been using “the big 3″ for the last few years to market my web development firm. Let me tell you… It works – but it must be managed as a database tool.
I view people as my only true asset in business. If no one is there to hear my marketing message, then what is the point of being in business. If I have a group of people ready and willing to hear what I have to say, then no matter what I’m selling, I have a pre-built audience. The competion who ignores building a database, and online “audience” will always be 30 steps behind you since every time they wish to bring in more business, they have to market to cold groups as opposed to warm.
That’s the beauty of social networking – It builds your audience, it exposes you to more people you otherwise never would have had an opportunity to market to, and it’s relatively painless to build. Use these tools in a respectful manner, and you’ll soon grow to love social networking as well. Here’s a handy little guide we posted to the blog this morning:
http://www.loanofficermarketinglab.com/3unbreakablesocialmedia.pdf
Make it a great one!
CW – Loan Officer Marketing Lab
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{ 7 comments… read them below or add one }
I find the online social networking doesn't compare to getting out and seeing people. I think it's OK if you are using it to sell/promote something over a large area but it doesn't seem to work well for local niche marketing (for me at least). I find the best use of the social marketing (sites such as Twitter, FaceBook, MySpace, etc.) are the backlinks you can get that help drive up your search engine placement and traffic to your site
Social networking to me is mostly a waste of time. Many realtors and LO's get on sites like activerain just to toot their own horn about how great they are, how great of a blogger they can be, or their to showcase their newest listing. There is often a very small chance of you gaining their biz that way. You could use it to break the ice and contact people, but to build relationships…might work for teens and young adults on the net, but for RE…still hasn't reached that level yet.
Wow, after spending a day in Chicago @REbar Chicago #rebcchi. I, now, firmly believe that social media is a complete waste of your time, but not mine. You are right you should not do it. You should not blog, twit or facebook! Why would you want to do anything that would put you in front of 200 million people at any one moment.
Are you an overnight success – No, but you are not now any way.
Do you get loans your fist time in – No, but you hardly any of us ever did.
I was able to speak to over 500 captive people several times a day, it is a true opt-in experience. Do I bang them over the head with mortgage this and real estate that – No. But, I am top of mind when they need me or know someone that needs me. My at the bat percentage has gone way way way up since I blog, twitter and facebook.
If you are not doing it, someone else it
D
Gosh, I read my comment and I have more to say.
If all you do is social network then yes it could be a waste of time, but Twitter offers Tweetups. Facebook offers you access to agents and end users and a blog either shows how bright or dim you are.
You must participate in the conversation. When I was #rebcchi my friend who I took with me was amazed at the people that knew me from either my FB, Twit, or blog. So, if all you do is sit in a cave nothing you do will work
D
Hello there Dave,
You're so right. Many people do think social networking is a waste of time. Just as you find an equal amount of people who will claim networking in person is a waste of time.
Randy, I have to disagree with you about not being able to develop relationships with realtors online. I can directly attribute at least 30% of my income this year to online only relationships.
A nice little site called LinkedIn will prove this point. Movie deals, software creation, business sales and purchases all take place ONLINE with people who have previously never met in person. Experts estimate that billions of dollars of products, services, and deals are hammered out on LinkedIn by people who previously never met.
With that being the case, the only thing stopping a loan officer and a realtor from forging a relationship online is the disbelief of the loan officers. I have personally watched at least a dozen loan officers in the past 2 months accomplish exactly that on ActiveRain.
The key is – What apporach are you taking? Meeting in person is still the king of course. But that's ok, as meeting online is only a PRELUDE to meeting in person – The initial point of contact. Which would you rather do?
- Cold call, interupt, and annoy a realtor with a direct phone call when he/she is busy?
- Meet them on their own home turf, when they are online, in a more relaxed frame of mind, and it's been PROVEN that response rates are nearly double an email message? (Using usable info as bait?)
I know which route I'd go. As long as it leads to a personal meeting, it's worth the time invested.
The way I see it is…it can't hurt! Also, I think it is thought provoking to read what other Realtors have to say about certain topics….
Chad,
Thanks for the timely and good information. Social media has been an asset to my business as well. I had to learn to manage it, but over time it has certainly paid off.