Using social media to generate wealth

10 Replies

I've read that using social media is important for a business to become visible. So I started a twitter page. My question is, how do the followers I get lead to contacts/more properties/better deals, and ultimately more wealth?

@Declan Kaster

Welcome to BP. 

Could you reframe your question in the context of your real estate objectives?

We have found social media to be of limited benefit thus far in keeping our units rented, but see it as another form of "word of mouth" and have plans to look at it more seriously if vacancy rates rise.

I use social media primarily to sell houses that I am flipping or wholesaling.   I have a large following that is primarily made up of local RE investors. So my target market likes what I have to offer. 

For me to be able to buy better deals with my social media, I would have to alter my channels.  I would also need to alter my content to atract the type of followers that I want.  I built my RE investors by sending out content that RE investors like.

for sellers I would be more interested in Geo-targeting my farm areas.  I would look to target certian shcool dists where I want to buy and start posting stories etc about those areas.  All of my hash tags would follow those same areas. it will take a while but you can generate buyer leads that way

To your success

Josh

@Declan Kaster

Welcome to the site.

Social media is HUGE. Especially this site right here.

With social media you can drive awareness to what your doing. That is going to be vital in any business. The more people that know what you are doing the better.

@Declan Kaster

If you were flipping like @Josh Caldwell , a turnkey operator a la @James Wise or a wholesaler, a twitter feed could be a good way to shoot out new properties for sale to a population of potential buyers.

As a buy-and-hold investor specializing in student accommodations we have thought about using twitter to let existing tenants and potential tenants know of upcoming vacancies.  At this point we have not had any vacancy issues (< 1% across our portfolio), so have yet to pursue the matter.

Originally posted by @Declan Kaster :

I've read that using social media is important for a business to become visible. So I started a twitter page. My question is, how do the followers I get lead to contacts/more properties/better deals, and ultimately more wealth?

 You talk to them in ways that matter.  Using social media to only shootout properties is one the best ways to create a non-responsive list.  They will see you as a sales person hawking his goods - not as an information provider or a trusted voice in real estate.

The best way to build a list on Twitter is to follow influential voices in real estate.  Retweet items from them that you agree with or want to share with others.  Use the direct connect feature to speak directly to those people and directly to anyone who shares your tweets.  Ask real questions and thank them for the info they share and thank those that share your information.

At the same time, share articles, data, reports - whatever you can share - that has real information in it tied back to your particular area or neighborhood or city.  Share information that helps anyone who reads your tweets that you can be a trusted voice in your niche of real estate.

What you will see happen, and it happens over time, is that your followers will follow you because they trust you.  They will share your information, they will have real conversations with you on the site and when you send out a house for sale or a property for rent or a need for something....they will respond.  When they know you are real and willing to interact they will be a very valuable and responsive list.

Otherwise, you will just have a bunch of followers who are not worth anything and sure will not be helping you build wealth.

Originally posted by @Chris Clothier :
Originally posted by @Declan Kaster:

I've read that using social media is important for a business to become visible. So I started a twitter page. My question is, how do the followers I get lead to contacts/more properties/better deals, and ultimately more wealth?

 You talk to them in ways that matter.  Using social media to only shootout properties is one the best ways to create a non-responsive list.  They will see you as a sales person hawking his goods - not as an information provider or a trusted voice in real estate.

The best way to build a list on Twitter is to follow influential voices in real estate.  Retweet items from them that you agree with or want to share with others.  Use the direct connect feature to speak directly to those people and directly to anyone who shares your tweets.  Ask real questions and thank them for the info they share and thank those that share your information.

At the same time, share articles, data, reports - whatever you can share - that has real information in it tied back to your particular area or neighborhood or city.  Share information that helps anyone who reads your tweets that you can be a trusted voice in your niche of real estate.

What you will see happen, and it happens over time, is that your followers will follow you because they trust you.  They will share your information, they will have real conversations with you on the site and when you send out a house for sale or a property for rent or a need for something....they will respond.  When they know you are real and willing to interact they will be a very valuable and responsive list.

Otherwise, you will just have a bunch of followers who are not worth anything and sure will not be helping you build wealth.

 Agree with Chris here.  Need to provide useful information in order to be viewed as a valued member in the community!