Where do you think brokers and agents said they found the most high-quality leads over the past 12 months, according to a recent survey? It was social media, which beat out their local MLS, brokerage CRM and agent websites. The broker/owners I talk to say the same: they’re finding their best leads using a tool that—in terms of dollars and cents—is completely free.
That’s the beauty of social media: your entire team can use social selling, the art of connecting and building relationships through social networks, to create an online lead machine without spending a dime.
One industry statistic shows that brokers spend most of their tech budgets (65%) on middle-of-funnel solutions that only account for 12% of revenue. Agents’ spheres of influence can account for 65% or more of brokerage revenue and are still seriously undertapped.
This data shows that investing in social selling can power a successful growth strategy. Here are four advantages of making that investment:
Leverage automation. Automation ensures a consistent, baseline presence on all your preferred platforms where consistency is key. Your team’s feeds can feature your active listings and relevant real estate content, and each agent can add as much or as little of their own touch and flair as they want.
Broadcast your brand. Social media is an ideal place to amplify your brand for a fraction of what you might spend elsewhere. The right digital marketing tools let you share your brand consistently from the brokerage level down to offices and agents. They also help you leverage underutilized platforms like YouTube, which only a quarter of agents say they use, but which is also often billed as “the internet’s second-largest search engine.” Talk about untapped potential. With every like, your brand gets more exposure (and your team gets more leads).
Keep your contacts warm. Another shocking statistic I saw recently: broker/owners are leaving up to 80% of their repeat business on the table (90% of past clients are willing to work with the same broker/agent, but only 12% do). Social media is a great way to stay in touch with previous clients and gently keep your team top of mind, for both repeat and referral business.
Help your agents succeed
Technology is an essential recruitment and retention tool. Given how valuable social media can be, brokers that help agents build an online presence are likelier to attract and retain better talent. A consistent and quality presence is crucial for agents to grow their spheres, which automation helps with. Agents who don’t have their own listings can use tools to post those of their peers, giving them greater credibility and increasing the likelihood of double-sided deals. When agents do well, so do their brokers.
Expand your business by being socially smart. Social media is one place where you can get a lot of bang for your buck. In my experience, brokers that harness social media marketing tools effectively sell much more than those who don’t. As we wrap up 2023 and set our sights on a successful 2024, making social selling a more significant part of your growth strategy could pay extra dividends, especially with the right tools on your belt. RE
Learn more about Constellation1’s Digital Marketing Suite at https://constellation1.com/front-office/digital-marketing-suite/.
Douglas Fisher is VP of Revenue at Constellation1. He helps broker/owners find the right solutions to support long-term business growth.