How much money are you making currently? Think about it, it’s a very personal question. But the answer will determine where you spend your time and money. The next question you have to ask yourself is, “What is your goal when it comes to spending money with any of these platforms?”
What is social media good for?
4.5 billion people use the internet and 49% of the population is on social media. Social media is good for reaching everyday customers and driving traffic to your website, blog, email inbox, and other content. It’s great for keeping up with your loyal customers and generating more by word of mouth. People you know and love will leave reviews for your business and share your content. Organic social works well if you know your audience well. And, well it’s a lot cheaper than other forms of advertising. If you have a good social media manager or team that knows what they’re doing, you can do pretty well with social media alone. But, the problem is that many businesses do not use social media to its full potential. There are so many different outlets that it can be overwhelming. You need to have a clear plan with the audience you want to target to gain leads on social. It also usually means investing in paid social advertising. But, social media can also be great for potential clients and new customers. It’s such a broad market with so many different outlets. You can post video teasers on Facebook that drive traffic to YouTube, or you can create an ad allowing your customers to make a purchase right in the Instagram app. You can set up a chat function on Facebook Messenger that allows interested customers to get in touch with your social media manager. Social media is a personalized individual experience and that’s why it works. The potential clients choose what platform they want to interact on and then they come to you through click ads and retargeting. That’s the magic of social media, there are endless possibilities with content. And it’s constantly changing; what may work today will be completely different tomorrow.
What is lead generation good for?
The good thing about lead generation software (BoomTown, Zillow, Trulia, etc.) is that you pay a certain amount of money per month for a certain amount of leads. What happens is, you pay that money per month or you pay a percentage of your profit from the close. You have more qualified leads: people are usually there to buy a house and ultimately get to the closing. The problem lies in the people that it brought to you. Just because someone is qualified to buy a house doesn’t mean that they want to buy a house with you. It’s the lack of trust that you can build on lead generation software sites. The pricing for lead generation software can be high, but more for high ticket realtors, it’s worth the price tag. What’s great about both of these is that they’re intertwined (depending on the software), you can connect lead generation to your social media to drive traffic from one to the other. The platforms are similar in the sense that they both offer services for lead generation, but one would be more superior to the other: the software designed for that purpose. However, lead generation can only get you so far as a realtor considering that 85% of your job is branding. Social media is necessary because you’re able to build your personal brand as a realtor to market to the 3.8 billion people that are on it every day, with 69% of those people being on Facebook and Instagram.
Ultimately, as a realtor, you are the business, which means you make the decisions on where you place your time, energy, and money. If you want to learn more about how you can market your Instagram and Facebook profiles, check out our other blogs here.