Social Media Risk Reduction for REALTORS


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Social Media presentation for the Charlottesville Area Association of REALTORS for March 26, 2009

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  • Social Media Risk Reduction for REALTORS

    1. 1. Matthew Rathbun , Broker ABR, ABRM, ASR, AHWD, CSP, e-PRO, QSC, GRI, RECS, SRES Director of Education
    2. 3. What is Social Media? Social media is people talking with other people on the internet!
    3. 6. Source: 2008 NAR Profile of Buyer and Sellers
    4. 11. It’s Like an Episode of Seinfield…. They are talking about -
    5. 12. anything.
    6. 13. everything.
    7. 14. yes, even real estate.
    8. 16. Marketing is a Conversation
    9. 17. <ul><li>84% of Consumers used an REALTOR® </li></ul><ul><li>84% of Consumers used Internet </li></ul><ul><li>Frequently Used Resources in Purchase </li></ul><ul><ul><li>Internet 66% </li></ul></ul><ul><ul><li>REALTOR® 64% </li></ul></ul><ul><li>Found following resources useful </li></ul><ul><ul><li>Agent 70% </li></ul></ul><ul><ul><li>Internet 78% </li></ul></ul><ul><ul><li>(Sources for all: Swanepoel Trends Report and NAR Profile of Buyers and Sellers for 2007) </li></ul></ul>
    10. 18. <ul><li>On-Line Consumer Demographics </li></ul><ul><ul><li>64% are Married </li></ul></ul><ul><ul><li>18% are Single Females </li></ul></ul><ul><ul><li>Median age is 37 </li></ul></ul><ul><ul><li>Median Income is $76,900 </li></ul></ul><ul><li>First Step Taken in Real Estate Transaction </li></ul><ul><ul><li>55% Started Researching On-Line </li></ul></ul><ul><ul><li>20% Contacted a Real Estate Agent </li></ul></ul>
    11. 19. <ul><li>Most Useful Information </li></ul><ul><ul><li>84% Photos (At least 6) </li></ul></ul><ul><ul><li>82% Detailed Listing Information </li></ul></ul><ul><ul><li>60% Virtual Tours / Real Estate Shows </li></ul></ul><ul><ul><li>39% Maps </li></ul></ul><ul><ul><li>37% Neighborhood Information </li></ul></ul><ul><ul><li>26% Agent Information </li></ul></ul><ul><li>Average time for REALTOR to respond to consumer inquiry = 52 Hours </li></ul><ul><li>Average number of pictures per listing = 2 </li></ul>
    12. 20. <ul><li>Swanepoel: “87% of Brokers feel that servicing smarter and more informed consumers as their largest concern” </li></ul><ul><li>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?” </li></ul>
    13. 22. <ul><li>Glen Kelman, CEO RedFin: “We are taking dead aim at the traditional real estate industry” </li></ul>From 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.
    14. 23. <ul><li>Blogs </li></ul><ul><li>Social Media </li></ul><ul><li>Wiki </li></ul><ul><li>Widget </li></ul><ul><li>Aggregation </li></ul><ul><li>Avatars </li></ul><ul><li>Posts </li></ul><ul><li>Comments </li></ul><ul><li>Subscribing </li></ul><ul><li>Tags </li></ul><ul><li>“ Friends” </li></ul><ul><li>IM or Instant Messenger </li></ul><ul><li>Links </li></ul><ul><li>Lurkers </li></ul><ul><li>Mashups </li></ul><ul><li>Permalinks </li></ul><ul><li>Trackbacks </li></ul><ul><li>Podcasts </li></ul><ul><li>RSS </li></ul>
    15. 24. 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
    16. 25. 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
    17. 26. <ul><li>Virginia Code 18VAC135-20-190 </li></ul><ul><li>All On-line Listings must be kept current and consistent as follows: </li></ul><ul><li>Ads must be consistent with Property Descriptions and ACTUAL Status </li></ul><ul><li>Reasonable effort must be made in a written, timely manner for third parties to update listing information. </li></ul><ul><li>All listing information shall indicate in a readily visible manner the date that the listing information shown was last updated. </li></ul>
    18. 27. <ul><li>Virginia Code 18VAC135-20-190 </li></ul><ul><li>Section D – Prohibited Activities </li></ul><ul><li>Implying that the property listed is for sale by the owner or unlicensed person </li></ul><ul><li>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 ) </li></ul><ul><li>Fail to include firm’s licensed name on any sign displayed outside any place of business </li></ul><ul><li>Failure to get written consent of the seller prior to advertising any specific identifiable property </li></ul><ul><li>Property not listed by the party making the advertisement </li></ul>
    19. 29. <ul><li>Standard of Practice 1-2: Applies Code articles to the internet </li></ul><ul><li>Standard of Practice 1-9: Confidentiality </li></ul><ul><li>Article 10: Fair Housing </li></ul><ul><li>Article 12: Honesty in Marketing (Similar to VAC) </li></ul><ul><li>Article 13: Prohibition from giving Legal Advice </li></ul><ul><li>Article 15: Reckless Statements about other REALTORS® </li></ul>
    20. 30. <ul><li>Deformation </li></ul><ul><li>Unlicensed Practice of Law </li></ul><ul><li>Breach of Confidentiality of Clients </li></ul><ul><li>Copyright Violations </li></ul><ul><li>Unfactual Statements </li></ul><ul><li>Trademark Considerations </li></ul><ul><li>Necessity for Required Disclosures </li></ul>
    21. 34. <ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li>Your Local Newspaper </li></ul><ul><li>You Local Assocaition’s Blog </li></ul>