Old school vs. the new school. Traditional marketing methods vs. Social media marketing. Ways of the past vs. the wave of the future. Around the online real estate world, a small debate was going on about the different schools of thought on real estate marketing methods such as social media and online marketing, and the more traditional routes such as cold calling, door knocking, and direct mail.
Some have quickly taken one side over the other, dismissing the validity of the other point. The “old school” folks cheer on the statement that social media is a total waste of time. The “new school” people think the ones who deny the potential of social media are dinosaurs of the industry that should step aside. I think the the bigger picture here in this debate is that a balanced approach using both old and new methods is necessary to succeed in this market.
Is social media a complete waste of time? I don’t certainly think so. If you know me, you know that I am a big social media fan, and use things like Facebook and Twitter quite often personally and for my business. I have even signed new clients that I’ve met via social media.
Social networking can certainly have potential to be a time waster, with the virtual farms, virtual mafia, and the penchant to announce what one had for breakfast. Certainly if you spend too much of your time living on Facebook and Twitter, you are not going to get much done in general, or be able to effectively work with your clients. But if you handle your social networking activities correctly (strategically), you can get potentially attract new business through your social media engagement.
It is also necessary to have the right mindset and expectation about the potential business social media marketing can bring you. Connections that you attract through social media can take a long time for them to convert to actual business, much like other internet leads. But if you look at the bigger picture, social networks are a great tool to foster new relationships with prospects by engaging with them and repeatedly be out in front of them.
Through some of the more traditional methods of cold calling, and door knocking, most of the “old school” gurus direct agents to go through their database, sphere or lists looking for buyers and sellers that are ready to make their move RIGHT NOW. And then they’ll instruct them to cross the prospect off the list and move on the the next if the are not ready to do business in the immediate. Where this differs from social media marketing is that you are spending little time incubating those warm or cold leads, and going directly for the hot ones. While this approach may be successful for some, it is not for everyone, and even some prospects find this type of communication a total turn off (Hello Gen Y?).
Both social media marketing and more traditional prospecting methods both have their place in today’s marketing plans. Cold calling for hot leads can help you generate business that is ready to move right now, while social media marketing can help fill that pipeline of incoming leads that can eventually warm up to actual business too. I believe a balanced approach in your marketing plan is best.
There is no one marketing method that is the magic bullet. But use any combination of them with the right approach and mindset, and they will bring you new business.
What side of the debate do you stand on? Or what marketing methods have yielded the best results for you? I want to hear from you, so please comment below!
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