Many real estate professionals in the luxury market agree that social media is one of the most effective tools to engage with new buyers, investors and partners. But when push comes to shove, it can be time consuming and show little return if not done strategically.
Simply, there are a lot of behind-the-scenes tasks that go into a social selling strategy.
The mix of just the right information, at just the right time, to reach just the right audience to make a sale can be elusive to even the savviest to say the least.
For this reason, we’ve compiled 3 quick tips for luxury real estate professionals to use. These tips are intended so they can easily be implemented in 30 minutes.
We know that it’s not always easy to identify what a good social posting strategy should look like, and know that time is of the essence. So to help you implement it in an efficient and highly effective way, check out these three quick tips and use one of them this week as you go about your social media strategy. We guarantee you will start seeing results almost immediately.
Quick tip #1: Understand just who you’re talking to.
An estimated 90% of high net worth (HNW) individuals (those making between $100,000 and $1 Million) are very active on social media, with many spending an average of 48 hours a week on their accounts. This is like a full time job for them, so it’s fair to say it should also be a full time job for you. Reports from The Social Graf say that between 2010-2013 affluent users on Facebook grew from 21% to 61%, and on LinkedIn that number grew from 10% to 31%. High net worth individuals are looking into social media for investment and partnering opportunities, and LinkedIn reports that more than 5 million HNW North Americans will use social media for financial decision-making.
Researching your unique audience is the single most important thing you can do before launching an online marketing campaign. You may consider putting together a focus group to see how potential clients will react to certain types of marketing. For example, if you’re engaging with HNW individuals, you may consider using LinkedIn as professionals and investors tend to prefer the platform to Facebook or Twitter.
Once you’ve identified your audience, generate specific information that resonates with them like well-researched statistics, videos and infographics. Keep in mind that not all high net worth individuals are the same; consider the common denominator in your audience, create content that speaks to that and use social media for all it’s worth.
Quick Tip #2: Understand what attracts your audience.
Social media generates a mass of information, and it is increasingly more difficult to have the information you’re providing cut through the noise. The easiest way to do this is to create audience-specific information. NYC’s Cocoran Group uses social media to provide living tips for those interested in living in NYC. ApartmentHomeLiving uses their social media accounts to answer questions and make suggestions to those looking for a new apartment. Think of ways to meet luxury home buyers online by searching for hashtags and responding with home details OR just friendly posts that keeps you top of mind in your network.
The affluent buyer is value-conscious. Consider their motive to buy and answer a few questions when developing your social media strategy: What is the worth of the home you are showing? What is the worth of the service you are delivering? Is this home fulfilling a lifestyle need this buyer has? Be familiar with the unique offerings around this home that will resonate with the luxury consumer – is this home close to fine dining and shopping? Does it offer interior design options for the luxury consumer? We’ve done a bit of work for you and compiled a list of resources to answer questions like these.
Social media is often part of the final decision-making process for buyers and investors; it offers you the opportunity to build trust with those whom you may have never interacted with otherwise. It has drastically altered the way we communicate, and there is definite long-term reward for those willing to build relationships using the tools.
Quick Tip #3: Understand where your audience wants you to be and be there.
Contemplate whether or not casting a wide net is the best option for your listings. It may be beneficial in a specific neighborhood to take advantage of Facebook, Twitter, Pinterest and Instagram, while other neighborhoods may have a concentration of buyers who want to feel exclusive. Using social media is a fantastic tool, but when it comes to buying, a luxury consumer will be looking for an experience more than a listing.
Having researched and connected with your audience through specific posts, there are indications of the experience your luxury customer would most like to have. By delivering to them customer service tailored to their personalities, you will show them you are someone who cares not just about a commission, but about them as a person.
The hard case for investing resources into social media.
Studies have shown that we value the opinions of our peers above any other source, and by using social media we are able to access the experiences, opinions and research of many of our peers at once. It allows us to find and communicate with like-minded people, and seek information to help make decisions. We can also share our own opinions and advice that can help lead to an important decision or investment. One can also use social media to attend group events for networking and discuss new trends.
Social media has been a rapidly growing and changing landscape over the last ten years, and while it can seem difficult to keep up with trends there is one constant: if you master the art of social media to show that you care about your clients, you will go far. It only takes 30 minutes every day to see a huge difference on this front. If you implement these practices into your social media strategy, it will be hard to deny that you care, and at the end of the day, that’s what consumers want.