Social media is inherently buzz-worthy. It’s what everyone in real estate is doing, and what everyone’s talking about. Unfortunately, some of the things being said about social media, particularly social media marketing, are not as true as we have been led to believe.
In fact, some of these misinterpretations could actually be preventing your business from maximising the benefits of this powerful online marketing tool.
On this episode of Real Estate Pros, we discuss real estate’s love affair with social media and one big myth that could be holding your business back.
We recently met with a salesperson who works in an office that is part of mid-size franchise group here in Australia.
He wanted some help with social media.
He told us, “I need to be on there (social media) because my competitors are, and they’re crushing it.”
This statement is one we’ve heard so many times before – an agent or business owner feels they’re underexposed in the social media space because they see their competitors driving lots of engagement (i.e. Likes, shares, comments etc) and they want to get in on some of the action.
There are many businesses who have gone as far as buying ‘Likes’ to appear, at least on the surface, more popular than their competitors.
It’s easy to be seduced by these numbers on social media because there is a scoreboard showing you, and your competitors, how popular you are. It feels good to see a higher number than our competitors because it means we’re winning. Doesn’t it? The more followers you have, the better. Right?
Well, actually. No.
The common misconception in real estate is that the more followers you have, the more profitable your business is, or will be. And this couldn’t be further from the truth.
Unless you’re a Kardashian, selling advertising space on your profile or page, the number of followers you have does not determine how successful your business is, or will be.
Take our major portals for example.
At the time of this episode being recorded, Domain has 841,000 Facebook followers. Whereas realestate.com.au has only 455,000 Facebook followers – almost half the size of Domain’s audience.
But if you look at the revenue generated by both companies in the last half of 2016, it’s a very different story. REA generated $252m whereas Domain’s revenue was reported at $145.1m for the same period.
When it comes to business, the number of social media followers one has is not a reflection on how profitable they are, or will be. It simply means they have more followers.
I personally know of some of Australia’s top earning agents who have a very small social media following compared to their competition. But when it comes to GCI (gross commision income), it’s a very different story. You don’t often hear about these guys or gals because they aren’t running a massive social media following. But they are running extremely profitable businesses.
I’m not suggesting social media is a waste of time, but I do believe our focus in this industry on comparing social media followers is what is holding many agents back from what really matters in business.
My good friend and New York Times best-selling author Jay Baer always says:
“The goal is not to be good at social media. The goal is to be good at business, because of social media.”
In other words, you don’t need the biggest social media following to be successful in business. You need the most profit, and you can get there with a much smaller following than your competitors. Just don’t be fooled into thinking that because they’re crushing it on social media, they are crushing it in business.
Social media is a marketing channel, just like your telephone and email.
I would argue that no-one will hire you based on how many followers you have, but rather how effectively you’re using every marketing channel to deliver value to your clients and prospects.
What do you think?
Does size really matter when it comes to social media? Leave a comment below.