If you’re a property manager trying to build an online presence, or you’re just trying to stay relevant in the ever-changing world of the internet, one thing that must be at the top of your mind is social media. There’s always a hip new platform available, and you’re probably wondering if you should be on it. Before you start creating new accounts, however, ask yourself these important questions:

  • Do I understand how the platform works?
  • Do I know what people are using it and how they are using it?
  • Is it clear how the platform can help my business?
  • Do I know how much time it takes to maintain, and is it worth my time?

Example Scenario: Instagram for Property Management Companies

Consider Instagram. This is a photo-based social network, so you’ll be posting photos and videos. Roughly six-in-ten online adults ages 18-29 (59%) use Instagram, nearly double the share among 30-to-49 year olds (33%). If you’re looking for tenants to occupy the properties you manage, it might make sense to upload pictures of the rentals you have available. That works to find tenants. But if you’re after owners, and you’re looking for new property management leads, it doesn’t make much sense and takes you away from other opportunities. Also, any vacancy photos and videos will have to be taken down manually once they’re occupied, doubling the amount of time required.

Principles versus Platforms

Marcus Sheridan spoke to us at the PM Grow Summit in January about Principles versus Platforms. In his talk, he mentioned that over the last 10 years, there were more than 70 social media networks or platforms that rose up, and only about 30 of them are alive today. Out of those, 12 are teetering on death. That tells you a lot about the amount of churn there is in social media.

People get enamored with the next social media fad (platform) that they ignore how it can help their business (principle). So, next time a new social media platform comes out be sure to ask yourself and research the above questions detailed in this blog.

What Do Facebook “Likes” Really Mean for my Business?

A common question we are asked is – how many likes should I have on Facebook? The real question is – what is the value of a like? There was an interesting article in the Harvard Business Review that talked about this.

There are two major misconceptions about Facebook likes:

  • The first is that a like equals new customers for your business.
  • The second is that someone who likes your business will get your business in front of their friends and family, who will also become your customers.  

When digging deep into the data, we can see that merely liking a page doesn’t change a consumer’s habits or increase purchasing. Moreover, liking a page doesn’t get friends and family to become customers. The data also shows that the majority of people who like pages on Facebook or follow certain social media pages are already existing customers. So, those likes represent people who are already using a product or service. They like you in real life.

How to Use These Takeaways

Since we know that someone who likes your business page already likes you in real life and is probably an existing customer, getting a like is not the end game. So, what do you do? If they already like you, ask for a referral on your Facebook page. That’s one way to get something out of it. If getting more likes is still important to you, you can try targeting your existing clientele. Ask them to like you on Facebook.

With any social media, the objective is understanding what your business needs, and understanding how social media is a tool to help you obtain your goals. Social media has so many aspects to it that it can be overwhelming, but if you keep this in mind: “how will this help my business?” Social media won’t seem so confusing or daunting.

If you have any questions about growing your property management business on the Internet, contact us at Fourandhalf.