The Importance of Social Media in Promoting Property Deals

Just imagine you had your very own real estate investing “institute” that cranked out deal after deal and deposited money into your bank account almost automatically? Writer Bernice Ross of Inman News recently ran an interesting article about the importance of social media in promoting property deals, and the same words of advice apply to promoting your real estate investing business.

Ross specifically considered LinkedIn, a popular social media site, and found that it was a great was to generate referrals for helping build your real estate investing institution. If you are investing now, you need referrals in order to find buyers, power team members, financiers, real estate investing attorneys, joint venture partners, and solid Realtors. Ross points out that asking people you know for referrals can backfire because those you know understand how long (or how little) you have been in the business and because some people may want to keep some facts personal.

(That is, if your uncle recommends his business partner to you, the partner may worry that you and your uncle will discuss his home buying and even his finances). When it comes to investing in real estate, you may not want to focus just on who you know in order to secure referrals.

Obviously, strangers are a better way to go. However, many real estate investing professionals tend to outsource their marketing and referral seeking to an ad agency. While there is nothing wrong with this per se, it can create a problem if you are not targeting the right market or if your potential clients are getting many similar mailings from other professionals as well. Why should they respond to you?