Web 2.0, Social Networking, Social Media, and Your Real Estate Business

The month of October, here at MAREI we are looking at online networking, this article came across my desk today and fits right in with our theme.  If you want to learn more about using the internet to market your business, be sure to attend the October MAREI Meeting.

Web 2.0, Social Networking, Social Media, and Your Real Estate Business


There are plenty of people singing the praises of Web 2.0, Social Networking, Social Media, and what they can mean to your real estate business…but what do they really mean to your business, and the future of your business? How do you begin the process of integrating social networking into your life and your business, and should you even bother…or is this just one more thing for you to do with no real potential for tangible results?

This article is meant to help you begin a journey which over time may change your business entirely. NAR’s recently updated e-PRO® Technology Certification course and their new Web 2.0 & Social Media Course can both help you continue that journey. Both courses can help you address the use of these new technologies in the context of the real estate business and changing consumer expectations.

Don’t be intimidated by the terminology, or by the technology. Social Media is important, but it is not an “emergency.” It is not something you need to do before the end of the week. It is something you need to think about, and work methodically and consistently into your business. Step one is to gain an overall understanding of the subject and then to create a Social Media Plan that is consistent with your Marketing Plan and your Business Plan.

What is Web 2.0?

Web 2.0, the second generation of web based services and behaviors, includes such things as social networking sites and communication tools that emphasize collaboration and sharing. Web 1.0 can be described as the Static Web, and Web 2.0 can be described as the Programmable Web.

Think of Web 1.0 as a digital newspaper. You can open it and read, but you cannot add, change or interact, except perhaps by sending an e-mail to the editor. Web 2.0 sites are dynamic, and change frequently with people adding, creating, sharing, and socializing. When you offer information or opinions in an online social media site, or using social media software, you are in essence being published.

What is Social Media Software?

Social Media software allows sharing and online collaboration. Examples are blogs, wikis, and sites that encourage comments and social interaction and networking.

Social networking technologies can expand the reach of your brand and connect you into existing and developing social groups

People - friends, connections, friends of friends Interests - common activities, hobbies, clubs

What is Meant by “Create a Social Media Strategy?”

At the entry level, Social networking sites such as FaceBook and MySpace make it easy for old friends and associates to find you. All you need to do is set up a free account and fill out a profile. The sites will find others who have attributes similar to yours in their profile. If you enter your high school and year of graduation in your profile, the site will find others who graduated from your high school the same year as you and suggest that you may want to “connect” or become “friends.” How many of your old friends from high school own their home, or may be looking for a home, or have a friend looking for a home? The idea is not to overtly prospect, but to connect, and the connection may lead to business…just as in the “real world.”

Contact with people creates opportunity and Social Networking creates a variety of ways to contact and connect with people. The Internet is the Network of Networks, and real estate is a networking business.

A large part of the job for any sales professional is prospecting and "working a territory" - be it geographical or a circle of friends and acquaintances - sometimes referred to as a sphere of influence. The Internet is a vast, relatively untouched territory, which can easily and effectively be reached on even a modest marketing budget. Get involved with the end in mind, and an understanding of the dynamics, including generational differences.

What about Online Communities?

Online communities give people with similar experiences and interests the opportunity to come together - freed from the restraints of time and space - to form beneficial relationships. An online community is a network of people sharing and collaborating with one another. There are many online groups and clubs you can join, just as you join groups and clubs offline for the purpose of meeting people who may someday bring you business.

RealTown.com is an example of a real estate industry social networking site that can connect you to other real estate professionals for possible referrals and for a wealth of knowledge not available anywhere else on all real estate subjects imaginable -- all created by members of the site, sharing and collaborating. RealTown even has an account on FaceBook, helping more people (those who listed real estate as an interest in their FaceBook profile), find RealTown. This is a key point…social networks help people find people. Social networks help people connect and communicate with people…without leaving the comfort of your home.

Major benefits for real estate professionals from participation in online communities include referrals from other real estate professionals, leads for listings and sales, a resource for information at your finger tips, and collective power with vendors.

How Can e-PRO® and the NAR’s new Course help me make sense of all this?

In July, the National Association of REALTORS® released its new and improved e-PRO® Course as well as an online course available to all REALTORS® that will make sense of Web 2.0 and the marketing and sales aspects of what is being referred to as Social Media and Social Influence Marketing. From a recent student: ” I, personally, found this training incredibly valuable with all its info, amazing links I never
knew about and also the FEEDBACK given by many seasoned and new agents at the bottom of many course pages. I also learned how important it is to truly take the time and network on Community websites where so many people tend to socialize & exchange great ideas. THANKS for everything!” L.D.

Don’t Wait

We have only scratched the surface here. There is so much more, and lots of business waiting for you online. It is time to take the next step. For more information on the new e-PRO® course and the Social Networking Course, and to learn about a special pricing offer, go to http://eProNAR.com.

Saul Klein is the CEO of InternetCrusade® (http://InternetCrusade.com) and Point2 Technologies (http://Point2.com), splitting his time between both companies. InternetCrusade is a technology solution provider and creator of both the content and the technology delivery platform for the e-PRO® online technology certification program of the National Association of REALTORS®. Point2 Technologies is a leading website provider with more than 200,000 clients worldwide.