Social media is more than just an app on your phone or a way to stay in touch with friends and family, it is a powerful business tool. Property management as an industry has been around for a long time. To be successful you can’t just adapt, you have to lead the way. Today, that means embracing social media as a property management tool.
Your Tenants are On Social Media – Are You?
There is no denying the huge impact of social media on the modern world. Currently, 87% of people aged 18-29 use Facebook, and Mark Zuckerberg is a household name. His company generated $39.94 billion in revenue last year, mostly from advertising.
Across the world, more than 30% of people are on social media, and here in Canada over 22 million people are active on social media - well over half the population. In Ontario, 67% of people are on social media, and those numbers will only continue to grow.
But how does this translate into the property management industry?
Business Benefits of Social Media
A property management company - and its clients - will benefit from social media in the same way that any other company might, including:
Increased client loyalty.
Greater brand exposure and awareness.
Insights into your clients through social media analytics.
Customer service and feedback - remember that unlike traditional forms of marketing social media enables a two-way conversation.
More exposure via ‘organic’ internet search engines such as Google.
Competitor analysis through social media analytics.
Leads and sales.
Social Media for Property Management
More specific to the property management industry, social media allows you to:
Show listings to a wider audience: Traditional advertising alone is simply not enough anymore. If you fail to adapt then you could be missing out on large tech-savvy demographics.
Target specific demographics and locations: With ads that speak to potential tenants. Targeted ads aimed at specific client personas are proven to be significantly more effective than mass-targeting.
Facilitate better communication: Providing a channel for communication keeps tenants and clients happy, nipping any potential issues in the bud.
Network with other businesses, clients, and stakeholders: Remember that other businesses use social media - especially LinkedIn - and you can use these channels to reach out to them for any number of potential opportunities.
Keep up to date on market trends: See what your competitors are doing. You never know when an idea might spring up on social media that could change your business.
Generate reviews and testimonials: Social media is the perfect channel to ask for reviews that you can then use across your social media pages, website, and offline materials.
How to Use Social Media for Property Management
Here are some tips you should follow to use social media effectively:
Create a strategy
There is a big difference between being on social media and using it effectively. Just being on social media isn’t enough and, in fact, it can even be harmful to your brand to have a weak and under-visited social media page.
Choose the right channels
Facebook, Instagram, LinkedIn and even Twitter all lend themselves well to property management. Pinterest, meanwhile, may give you views, but will it give you the same reach? Decide which platforms are going to be most effective.
Create desirable listings
Using social media is all about finding and reaching a broad audience, once you reach them make sure you are delivering great content. Invest in a professional photographer, graphic designer and content writer if you have to. There is no point in reaching a wide audience only to deliver them a poor experience.
Social media and property management are a perfect match. Contact CEMP today if you want to learn more about how you can help add value to your property investment.