Social Media Risk Reduction for REALTORS

Matthew Rathbun , Broker ABR, ABRM, ASR, AHWD, CSP, e-PRO, QSC, GRI, RECS, SRES Director of Education

What is Social Media? Social media is people talking with other people on the internet!

Source: 2008 NAR Profile of Buyer and Sellers

It’s Like an Episode of Seinfield…. They are talking about -

anything.

everything.

yes, even real estate.

Marketing is a Conversation

84% of Consumers used an REALTOR®
84% of Consumers used Internet
Frequently Used Resources in Purchase
Internet 66%
REALTOR® 64%
Found following resources useful
Agent 70%
Internet 78%
(Sources for all: Swanepoel Trends Report and NAR Profile of Buyers and Sellers for 2007)

On-Line Consumer Demographics
64% are Married
18% are Single Females
Median age is 37
Median Income is $76,900
First Step Taken in Real Estate Transaction
55% Started Researching On-Line
20% Contacted a Real Estate Agent

Most Useful Information
84% Photos (At least 6)
82% Detailed Listing Information
60% Virtual Tours / Real Estate Shows
39% Maps
37% Neighborhood Information
26% Agent Information
Average time for REALTOR to respond to consumer inquiry = 52 Hours
Average number of pictures per listing = 2

Swanepoel: “87% of Brokers feel that servicing smarter and more informed consumers as their largest concern”
Marc Davidson, 1000 Watt Consulting: “How long can a trillion dollar industry sustain disregard for the iPOD, MySpace, Facebook, YouTube, Starbucks, text messaging and brand conscious consumers?”

Glen Kelman, CEO RedFin: “We are taking dead aim at the traditional real estate industry”
From Redfin.com: Start your home search on Redfin, and we'll help you tour homes and make an offer. Over 1,200 customers have bought a home with Redfin. 45% first-time home-buyers 95% satisfaction rate Experienced agents Our customers averaged a $10,504 commission refund.

Blogs
Social Media
Wiki
Widget
Aggregation
Avatars
Posts
Comments
Subscribing
Tags
“ Friends”
IM or Instant Messenger
Links
Lurkers
Mashups
Permalinks
Trackbacks
Podcasts
RSS

Virginia Code 18VAC135-20-190 “ Advertising” means all forms of representation, promotion and solicitation disseminated in any manner and by any means of communication to consumers for any purpose related to licensed real estate activity. Disclosures Required: 1. Firm’s name, city and state of main office 2. Licensee’s Name 3. License Status 4. Jurisdiction(s) Licensed

Virginia Code 18VAC135-20-190 All Advertising must be under the direct supervision of the principal broker or supervising broker, in the name of the firm and, when applicable, comply with the disclosure required by 54.1-238.1 of the Code of Virginia. The firm’s licensed name must be clearly and legibly displayed on all advertising. Online Advertising (Section C of the Code) 1. All Online Adverting applies to this Code 2. E-mail message are included in regs 3. Instant Message are included 4. Chat and Internet based Dialogue 5. The “web” 6. Voice Over Net 7. Banner Ads

Virginia Code 18VAC135-20-190
All On-line Listings must be kept current and consistent as follows:
Ads must be consistent with Property Descriptions and ACTUAL Status
Reasonable effort must be made in a written, timely manner for third parties to update listing information.
All listing information shall indicate in a readily visible manner the date that the listing information shown was last updated.

Virginia Code 18VAC135-20-190
Section D – Prohibited Activities
Implying that the property listed is for sale by the owner or unlicensed person
Failing to include a notice in all advertising that the owner is a real estate licensee has interest in a particular property ( as in financial or owner interest )
Fail to include firm’s licensed name on any sign displayed outside any place of business
Failure to get written consent of the seller prior to advertising any specific identifiable property
Property not listed by the party making the advertisement

Standard of Practice 1-2: Applies Code articles to the internet
Standard of Practice 1-9: Confidentiality
Article 10: Fair Housing
Article 12: Honesty in Marketing (Similar to VAC)
Article 13: Prohibition from giving Legal Advice
Article 15: Reckless Statements about other REALTORS®

Deformation
Unlicensed Practice of Law
Breach of Confidentiality of Clients
Copyright Violations
Unfactual Statements
Trademark Considerations
Necessity for Required Disclosures

www.AgentGenius.com
www.Inman.com
www.VARBuzz.com
http://sethgodin.typepad.com
http://narblog1.realtor.org
Your Local Newspaper
You Local Assocaition’s Blog

Social Media Risk Reduction for REALTORS

by Matthew Rathbun on Mar 25, 2009

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Social Media Risk Reduction for REALTORS — Presentation Transcript

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