NAR\u2019s 2023 Technology Survey<\/a> took a deeper dive into realtors\u2019 use of social media. The leading use, reported by 68 percent of respondents who use social media, was to showcase existing listings. Client relationship management was the second-most common use, at 67 percent of respondents, with 53 percent using social media purely \u201cbecause it was expected of them\u201d and 52 percent treating it as a potential source of leads. That confidence is not unfounded, because 54 percent of respondents reported that social media was their top source of quality leads in the previous year.<\/p>\n\n\n\n Yet, if we turn back to the Member Profile, we find that almost half of realtors (48 percent) generated no new business from social media, and the median was only 2 percent. Fewer than 5 percent of realtors generated even 20 percent of their new business from social media. Given that 52 percent of respondents explicitly cited lead generation as a goal, but the median outcome is just 2 percent of new business, the takeaway is clear: Social media has the potential to be a significant driver of business but real estate agents are not, on the whole, leveraging it effectively<\/strong>.<\/p>\n\n\n\n Real estate professionals wishing to harness social media\u2019s prospecting potential face a number of challenges. These include, but are not limited to:<\/p>\n\n\n\n None of these are insuperable, and powerful software tools can be called upon to make the process efficient and cost-effective.<\/p>\n\n\n\n Among respondents to NAR\u2019s Member Profile survey, 22 percent reported using social media management tools daily, and another 16 percent use them multiple times a week. Those tools can help agents quickly identify real estate-related search terms that are trending on a given platform, and target them in a digital marketing campaign.<\/p>\n\n\n\n Yet the Technology survey showed the results of such marketing campaigns lagging well behind social media as a driver of new business. The obvious inference is that in any marketing campaign, however, well-constructed, the real estate professional is simply one more advertiser in a large pool. Effective use of social media can do much better, positioning the agents instead as a familiar and trusted presence. Real estate agents can also mine the rich data available on most social media platforms to put themselves in front of only potential clients matching their desired demographic, as opposed to anyone carrying out real estate-oriented searches.<\/p>\n\n\n\n Let\u2019s look at a few characteristic paths to improved social media prospecting, and the tools and skills needed to pursue them with a high likelihood of success. <\/p>\n\n\n\n All but the newest realtors probably already have a few clients who represent the desired target demographic. Those clients can serve as a template to help identify additional prospects who can potentially result in more business at the same market level (a key component of circle prospecting<\/a>).<\/p>\n\n\n\n Agents are privy to much information about their existing clients, but typically that data revolves around their preferences as opposed to broad details of their personal lives. Searching those existing clients using Spokeo for Business<\/a> can help fill in that missing context. The search results provide, among other things, existing clients\u2019 probable family members, estimated net worth, property holdings, and social media accounts. Spokeo for Business can also be used to help decode obscure usernames on social platforms by connecting that account to a person and their phone number.<\/p>\n\n\n\n Those social media accounts hold the key to more effective prospecting. Visiting existing clients\u2019 profiles usually gives at least some opportunity to assess their friends, family members, and social contacts; as well as any influencers they follow and groups or pages they belong to. All of those are potential sources of new leads, who can then be assessed in turn to determine how closely they match the desired demographic your original client represents.<\/p>\n\n\n\n A second option, available to real estate professionals at any career stage, is choosing a neighborhood or geographic area that is representative of the desired market niche. Choose a number of addresses within that area that appear to have an appropriate set of characteristics \u2013 evidence of children, perhaps, for those targeting young families; or visible signs of affluence for those seeking a high-value clientele \u2013 and search those addresses using Spokeo for Business.<\/p>\n\n\n\n These search results will provide the names of their current owners, as well as their ages, occupations, and details such as probable family members and the social media platforms they frequent. The current owners may or may not be immediate prospects, depending on their current circumstances and the length of time they\u2019ve owned their current home, but they and those who match them demographically are worth cultivating.<\/p>\n\n\n\n After reviewing a number of existing clients, or residents of desirable areas, some common characteristics should begin to emerge. A local employer\u2019s middle managers might be disproportionately represented in some neighborhoods, for example. In that instance, searching LinkedIn for people in the area who cite the same employer might prove fruitful. Using appropriate social media management tools to monitor LinkedIn and other platforms for those who mention taking or leaving a job at that employer is especially useful, as those are immediate prospects.<\/p>\n\n\n\n Building out a list of similar employers in your area, and following the same procedure to identify their employees, should also result in a pool of useful prospects. Finally, searching those names in Spokeo for Business will provide the real estate agent with an overview of each individual\u2019s circumstances and social media presence.<\/p>\n\n\n\n Building out a social media presence that promotes prospecting requires conscious effort. It should be regarded as a real estate social network and approached in the same light as networking opportunities with other agents or real estate-adjacent professionals in related fields.<\/p>\n\n\n\n Having analyzed enough current or prospective clients to be informed about their online habits, agents can then make a practice of being where those prospects are. This includes being present on the same platforms, following the same influencers, and joining the same groups and community pages.<\/p>\n\n\n\n Being part of the discourse on those pages makes real estate professionals visible in the places where these prospects congregate, and builds familiarity. Other participants in these pages, or commenters on those influencers\u2019 posts, will very often share demographic and financial similarities with the already-known clients or prospects. Searching those individuals using Spokeo for Business can identify them in turn as potential prospects if they meet the desired profile.<\/p>\n\n\n\n There are some scenarios in which it may be appropriate to make a direct and immediate approach to a potential prospect, such as a post on LinkedIn announcing a new job and a move to the local area. In that instance, a congratulatory \u201cYou\u2019ll love it here!\u201d response and an offer of assistance is appropriate.<\/p>\n\n\n\n A selling-first orientation is appropriate for a professional website, but social media requires more patience. Aside from LinkedIn, with its explicit business orientation, the primary function of a social media platform is to socialize. Attempting to bring every interaction toward a discussion of real estate is likely to be perceived as insincere and manipulative. A more appropriate goal is to be recognized as a member of the community, in both the geographic and the online sense. A real estate agent should aim to be recognized as \u201cone of us,\u201d within that circle.<\/p>\n\n\n\n This doesn\u2019t preclude being recognized as an authoritative voice in the area of real estate, and sharing or linking to your own informational content on social media can help do that. It\u2019s more important, however, to be involved. Real estate agents \u2013 or those who manage their social media accounts \u2013 should participate in the online conversation, and be neighborly and helpful. The pool of potential prospects will continue to grow as new voices enter the conversation, and agentss who are valued members of the community are well-positioned to capitalize on that positioning with a steady stream of referrals and new business.<\/p>\n\n\n\n Utilizing social media for prospecting, especially in conjunction with a search tool as powerful as Spokeo for Business, introduces a number of potential ethical and legal concerns. Some are derived from the NAR\u2019s Code of Ethics<\/a>, such as the necessity of seeking another real estate agent\u2019s explicit permission before sharing one of their listings.<\/p>\n\n\n\n A few other notable concerns include:<\/p>\n\n\n\n Having the correct digital tools available makes an agent\u2019s work more efficient. Customer relationship management (CRM) tools can automate much of the routine work of maintaining contact with clients over the long term. Generative AI services can help with the creation of form letters and blog posts, mailing-list managers can get them in front of your clients and prospects, and social media management tools can help with marketing and reputation management.<\/p>\n\n\n\n Social media prospecting requires what are traditionally thought of as skip tracing techniques<\/a>, paired with powerful data collection and analysis capabilities. Spokeo for Business is the ideal tool for that task. The company was founded initially as a social media aggregator, and at the time of writing draws information from 129 social media platforms, integrating them with thousands of other data sources to compile an unmatched \u201c360-degree view\u201d of each prospect. The tool itself can be used in a few ways to make prospecting for real estate agents more efficient, including:<\/p>\n\n\n\n To arrange a demonstration of Spokeo for Business\u2019s capabilities, or a free trial of the product, reach out to our team through the contact information found on our Real Estate page<\/a>.<\/p>\n\n\n\n Fred Decker is a prolific freelance writer based in Atlantic Canada, with articles appearing in print and online since 2007. He writes primarily on technology, personal finance, and food and food service, drawing on previous careers in those industries. He was educated at Memorial University of Newfoundland, Nova Scotia Community College, and the Northern Alberta Institute of Technology.<\/em><\/em><\/p>\n\n\n\n Sources<\/p>\n\n\n\n National Association of Realtors: Highlights of the 2023 Member Profile Report<\/a><\/p>\n\n\n\n National Association of Realtors: 2023 Technology Survey<\/a><\/p>\n\n\n\n National Association of Realtors: Associations and Social Media: Managing the Risks and Liabilities<\/a><\/p>\n\n\n\nThe Challenge of Real Estate Social Network Prospecting<\/h3>\n\n\n\n
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<\/figure>\n\n\n\nA Quick Guide to Efficient Social Media Prospecting<\/h3>\n\n\n\n
Use Your Existing Clients as a Template for Social Media Prospecting<\/h3>\n\n\n\n
Choose a Desirable Area for Social Media Prospecting<\/h3>\n\n\n\n
Look for the Commonalities Between Current and Potential Clients<\/h3>\n\n\n\n
Be In the Spaces Where Your Potential Clients Gather<\/h3>\n\n\n\n
Play the Long Game<\/h3>\n\n\n\n
Be Mindful of Ethical and Privacy Considerations<\/h3>\n\n\n\n
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<\/figure>\n\n\n\nChoosing the Right Tool for the Job<\/h3>\n\n\n\n
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