Elevator Pitch
There’s a lot of hype, and a lot of unanswered questions revolving around social media in that there is a paradigm shifting in communication, advertising, and other spaces including real estate. The question ultimately is can you track and verify ROI when it comes to social media– I think the answer is yes, but not in the way many have gone about it.
I’ve had this conversation with many people over the past 6 months about tracking ROI and at the time, no study, nor documentation really existed, however, in recent months this all changed with Dell, when they bragged about their $1 Million in sales from Twitter.
Interestingly enough, it was done through channels with channel specific deals which leads me to Trulia, Zillow, and local MLS Boards, as well as FSBO, REO, and other property aggregates and large Brokers themselves as a means to move volume inventory.
The idea of disruption and disintermediation could play a role in this type of channel aggregation to the advantage of large Brokerage houses that flows down to the agent as an incentive to promote and participate in social media channels. This is only one of many channel scenarios that need to be fleshed out.
Channels- channels on specific targets being the beginning of the answer to real estate and social media above and beyond the agent but allow the agent the opportunity to participate with their particular social spheres.
I’m posing this question to the general audience because it’s what I’ll be focusing on in the coming weeks as I reach out to develop test strategies around this concept.
If you’re interested in dialogue on this issue, let’s do so. I’m looking at several models outside of the real estate space for models that could be adapted.
Would agents participate if media companies did the promoting?
Would Brokers sign on if volume was part of the equation?
Would media companies make the investment if it meant playing a value added role to the Broker?
I’ve got a million questions and a million ideas.
