Facebook now has more than 1.31 billion users, and Twitter over 645 million. No matter whether you're looking for tenants, vendors, or a prospective partner, chances are they use social media. Here, we will look at some of the innovative ways that social media can be used by landlords to manage their investments more effectively.
Facebook pages can be an excellent platform for promoting your rental properties. You can setup a Facebook fan page for all of your properties or an individual page for each listing. Having a Facebook fan page allows you to add detailed photos and videos of the property. It also provides another venue for potential renters to ask questions about the property that they are thinking of renting. When someone likes your page it will bring it to the attention of their circle of friends. After all, according to Pew Research, over half of the adults on Facebook have over 200 friends. That's a lot of exposure with only a minimal investment of your time.
It is estimated that 90 percent of all high net worth individuals -- those earning between $100K and $1 million a year - are active on social media. According to LinkedIn, more than five million high net worth individuals are now using social media to help with making financial decisions. The advantage of social media is that it both introduces people and acts as platform for building trust.
Twitter advanced search can be a useful tool for identifying potential renters. People will often tweet when they are looking for a new home to rent. You can then reach out to these prospective tenants using an @ message to alert them to your property. Twitter can also be useful for keeping up with trends in the real estate market. By checking the real estate hashtag, you can get a quick overview of what is happening right now in the real estate market.
LinkedIn is one of the most overlooked social media platforms. However, it can be a very useful resource for real estate professionals. There are a number of LinkedIn groups where landlords can interact with others involved in real estate investment. This can be a useful source of information on the latest real estate trends and strategy. It can also be an excellent opportunity to ask questions and receive a fast response from experienced investors.
Landlords need to be careful when using social media to vet their potential tenants. For example, impersonating someone in order to research their personal Facebook profile is going too far. However, a LinkedIn search can be a quick way to help confirm a tenant's employment history, which is a good indicator of their ability to pay their rent on time.
Social media has changed the way that we communicate and interact with one another. Used correctly it offers real estate investors a low cost way of marketing their property, communicating with tenants and keeping up to date with trends in the market.
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