The Mike Ferry Organization Blog: Mike Ferry on Social Networking

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Mike Ferry on Social Networking

At one of the large Real Estate company conventions I attended in Las Vegas this week, I came to the conclusion that this company has adopted social marketing/social media as the primary method of how they expect their organization to do business. If this wasn't the exact philosophy that they've adopted, they sure gave most of the attendees that impression ... and that's fine, it's their company.

To start the convention, they did something very interesting on the stage in front of their approximately 2,000 attendees. They actually had a debate take place between me and the fellow that is their social media guru ... It was very interesting to say the least. I was defending the position of running Real Estate like a business, meaning that we do the things that The Mike Ferry Organization teaches to develop and build a predictable, duplicatable, profitable Real Estate sales business. It was an interesting and fun little debate, which I'm sure both of us felt that we won, although I will say the response in the audience was leaning heavily in my favor.

Here's what's interesting after listening to everything they talked about regarding social media/social marketing:

The real estate company I am referring to has approximately 90,000 agents. Through email campaigns, twittering, blogging, and any other social media devices they could use, they were able to sell 2,000 tickets to their convention.

The Mike Ferry Organization has 90,000 customers in our database. Through thousands of phone calls and office presentations, we sell 5,000 tickets each year to the Superstar Retreat. From a sales perspective, you tell me which makes more sense ... 5,000 or 2,000?

The other speakers made it very clear and were very loud and adamant about the fact that I've completely missed the boat ... that I'm completely old fashioned, and completely out of touch with reality when it comes to building a business because I'm not endorsing things like Facebook, which was one of their other methods of achieving their attendance.

Remember, there are no magic answers, and we are in the communication and people business. Communication revolves around conversation, and conversation revolves around talking to people ... not responding to the fact that they're “going to the gym to workout for a couple of hours,” though Facebook.

Oh by the way, I had the biggest attendance at their Breakout Sessions ... not surprising that good salespeople like you want good information.

Please be sure to download a copy of my Social Media Report here:
http://www.mikeferry.com/main/files/SocialMediaReport_0311.pdf


Mike Ferry - The Mike Ferry Organization
CEO - The Mike Ferry Organization

5 commentsMike Ferry • March 18 2011 06:39PM

Comments

Amen. Mike you are right. I would take your 2k over 5k anyway.
Posted by Mike Mahoney about 3 years ago

Hi Mike,

I watched the debate on You Tube. And, even though I have a FB account, a Twitter account and a Linked-In account and a blog, I still feel that real estate is a business which demands personal interaction. Either face to face or on the phone, and supplemented by email. "Old fashioned" methods do work along with all the new technology. To succeed today, you need to know it all.

Posted by Eileen Landau about 3 years ago

Great point, but at the same time I would like to see some "hard" data as to how effective each method is.

Let's compare apples-to-apples. The motivation, incentive and barriers to the attendance of either event where probably different. I am neither a proponent of one over the other. Each has its redeeming points, but without any factual research, it is all speculation.

Mike, I stand behind your sales principles; but at the same time, social media, implemented correctly, can greatly multiply your exposure. Expanded exposure that is physically impossible via door-knocking and calling. There are only so many people you can reach using your methods alone. Social media is a way to get a potential customer to knock on your door instead!

 

Posted by Adam about 3 years ago

I think there are two additional points to be made in cautioning agents about getting too involved with social media as a primary source of business:

1. It appeals to the agents looking for "an easier, softer way." Sounds great, play on your computer, get lots of listings. Even if you COULD generate business that way, you have to have the sales skills to manage the business, negotiate contracts, work with sellers and agents. That's why the agents that have all the social media take over-priced listings, they don't have the skills to price it correctly;

2. It appeals to the "let's fool them" type of marketing. The appeal to many agents is with social media they can appear to be market leaders when they have not closed a deal. There is always options to build your business by fooling people, but the basics of sales in the long run will yield better results based on what I am seeing.

 

Bill Gross

Productivity Coach

Century 21 Masters

Walnut, CA

Posted by Bill Gross (Century 21 Masters) about 3 years ago

Hi Mike, I'm attending your Toronto's Sales Talk w/ day 2 coming up; it's my 1st ever Mike Ferry experiance. I'm 'sick & tired' of settling for 'chump change & small rewards' - even tho I've had my best year - I still will take on any client that walks in my door. Some thing has to change & I know it's me. 'Commi$$ion$ don't fall from Heaven' Looking forward to day 2. :)

Posted by Peter Tarshis about 3 years ago

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