Auction houses up and down the country are joining the social media revolution. Through social media channels such as LinkedIn, Twitter and Facebook, they are now increasingly engaging with other property professionals and picking up useful market information.
A quick look at the market shows that well-established and traditional auction houses including Edward Mellor, Eddisons, Barnard Marcus and Allitt Auctions all have active Twitter and Facebook accounts which offer useful tips about buying at auction and how to bid, along with factual information regarding lots, such as property prices and auction results.
Social media helps to create a sense of community in the property industry as it is used to share everything from property news to information from surveyors.
Key organisations such as RICS and the Essential Information Group having active social media accounts. While these platforms are great sources of information, they also allow investors to connect directly with other people in the market, persuade future clients to work with you, see what properties you have on offer and talk about experiences.
When hunting for properties, traditional media and online is still popular for buyers. However, now Twitter can help guide investors to these sites through key links.
Twitter is instant and the perfect way for investors to keep abreast of industry news as and when it happens, while also making valuable connections with fellow investors.
Twitter really can become a valuable community to trust. My firm’s own Twitter account details which auctions we’re attending, offers tips for buying at auction and includes up-to-the-minute news stories.
Blogs are independent outlets for people to talk at length about issues they feel strongly about. The increase in the number of blogs means that auction houses are more accountable than ever before. Bloggers use this open forum to discuss and share opinions about auction houses, results and market information.
There is nowhere to hide in today’s digital age. We are all exposed so we must ensure our service levels are impeccable to avoid negative messages taking off in the blogosphere like a forest fire.
LinkedIn is a valuable social media tool and is especially useful for building relationships with other property and auction specialists. Anyone who wants to engage with specific sectors of the market should join like-minded groups and actively contribute to the online forums – answering other people’s questions, posting commentary and posing questions of their own.
As everyone in business knows, success is based on relationships, and the new social media tools really provide a great way to engage with other people and start forging these valuable relationships.
If you’re still not convinced about the benefits of social media, here’s a quick rundown of the main reasons I rate it in today’s increasingly competitive market:
Expert positioning: answering questions posed by others and being seen to be helpful will help establish your expertise.
Sharing knowledge: users can alert friends and colleagues by sharing links instantly.
Simplicity: social media channels are extremely simple to use. All that’s required is a mobile phone with internet connection.
Global reach: businesses can communicate information in a flash, regardless of location. Once a piece of content goes viral, there is no limit to the amount of people it could potentially reach, all at no extra cost to your business.
Contact building: social media offers unparalleled opportunities to interact with customers and build relationships. Auction houses can source feedback, test ideas and manage customer services quickly and directly like never before.
Communication: because your followers will be seeking you out, you can rest assured that the messages you choose to put out will be bang on target and reach a captive and interested audience.
The social media community will continue to grow and become even more influential. Auction houses and lenders will continue to update investors with up-to-the-minute news, leading to stronger business links. Social media will speed up sales and make it even easier for investors to secure properties around the country.
Make the most of the social media revolution. Join it today.
Chris Baguley is director of specialist lender Auction Finance Ltd
Twitter: @AuctionFinance
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