Social Media & Commercial Real Estate

On Thursday June 3, 2010 I participated on a panel for NAIOP Southern California called “Social Media  – It’s Good for Business.”  The other two panelists were Jessica Spaulding Thompson and Joy Loo (For more information, visit:  http://www.naiopsocal.org/NAIOP-U-Workshops-Info/122)

Our panel gave an overview of social media and its potential benefits for the Commercial Real Estate Industry.  Here are some of the highlights:

• Social media isn’t a fad.  It is a new way of communicating, marketing and networking.   The longer you wait to understand it and engage, the further behind you will be as it continues to grow and evolve.  We began the session with this video, by Socialnomics  that includes impactful statistics on social media’s growth and reach:  socialmediarevolution

• Presently some of the largest and most widely adopted social media sites  include:

LinkedIn – business oriented, 65 million users in 200 countries, social networking

Facebook – 400 million users, companies increasing activity, just surpassed Google in visitor traffic

Twitter – 100 million users, free forum to market your business

You Tube – 24 hours of video uploaded every minute, business uses include posting property tours, presentations, etc.

Blogging – Interactive website that provides a platform for self publishing, conversational

• A social media/marketing expert can help you get started, which will accelerate your learning curve.  However, you will derive the most value if you participate in the mediums yourself.  There is a reason they call it social “networking.”

• Develop a Social Media Strategy and identify your goals, tactics and measurement tools.  What are you trying to accomplish?  Brand Building? Sales? Recruiting? Different channels are effective for different goals.

• Tie your social media strategy into your marketing and communications plan.  They all connect together.

• 1+1 = 3.  There is power in integrating your channels together.  For example, by connecting your website to your Facebook page, you are helping drive traffic there and vice versa.

• Every day, more and more CRE firms and professionals are becoming engaged in social media:

Facebook – PIMCO, NAIOP, ICSC, Ware Malcomb

Twitter – @ProLogis, @VoitRES, @RetailTraffic @LeeAssocCRE, @WareMalcomb, @NAIOP, @CoyDavidsonCRE

Blogs – Colliers, PIMCO, Riverrock Real Estate Group, The Tenant Advisor

You Tube – Jones Lang La Salle, Ware Malcomb

• Want to learn more?  Here are some great online resources to check out:

www.mashable.com – great up to date information on trends in social media.

www.tweetdeck.com – application to manager twitter.

www.wordpress.com – free blogging software.

www.socialmention.com – social media monitoring tool. Hear what people are saying about your brand via social media.

Follow me on Twitter @WareMalcombCMO

Ruth Brajevich | CMO