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Real estate and social networkingThe new way of shaping professional relationships
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The study’s methodology01
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Methodology
Qualitative interviews with real estate professionals and experts
Conversation about their perceptionof social media’s impact in the real estate profession
Their professional and personal practices
Their views of the strategies in place
Survey of a sample representativeof the profession
An online questionnaire administeredto a sample of 302 respondants who declared to
work in the real estate sector.
18 questions + 6 screening questions(gender, age, region, line of business, profession,
position in the company)
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Quantitative survey
Sample of302 respondants
Average age45 years old
MEN38%
WOMEN62%
18-243%
35-4427%
55-6416%
25-3418%
45-5432%
65+4%
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Description of the sampleGeography
Alsace-Champagne-Ardenne-Lorraine 9 %
Aquitaine-Limousin-Poitou-Charentes 9 %
Auvergne-Rhône-Alpes 11 %
Bourgogne-Franche-Comté 3 %
Bretagne 4 %
Centre-Val de Loire 1 %
Corsica 0 %
Ile-de-France 28 %
Languedoc-Roussillon-Midi-Pyrénées 9 %
Nord-Pas-de-Calais-Picardie 5 %
Normandy 4 %
Pays de la Loire 4 %
Provence-Alpes-Côte d’Azur 14 %
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Participants’ profession
Line of business
MANAGERS21%
DIRECTORS27% EMPLOYEES
52%
ESTATE AGENT OR NETWORK50%
OTHER32%
REAL ESTATE PROMOTION15%
BROKERS
2%
TOURIST RESIDENCES
1%
Description of the sample
‘Other’ consists of:
HOUSING ASSOCIATION 14PROPERTY MANAGEMENT 10
PROPERTY 4SOCIAL HOUSING 4
SOCIAL LANDLORD 3CONSTRUCTION 3
PROPERTY TRADER 3LAWYER 3
DIAGNOSIS 2EXPERT 2
BUSINESS PROPERTY 2LEGAL PRACTITIONER 2
RENTAL 2SOCIAL 2
NB : only the responses with more than one respondant
are listed here (56/88)
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02 Real estate andsocial networking:The general perception
According to 58% of our sample, there is indeed a harmonry between the real estate sector and social networking. The 8 percentage point difference between "agree strongly" (14%) and "disagree strongly (6%) supports this tendancy.
Contrastingly, 31% of responants expressed that their profession is not particularly adapted to social networks.
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Real estate and social networking?
The real estate sector is particularly adapted to using social networks
11% 6% 25% 14%44%
I don’t know I disagree strongly I somewhat disagree I somewhat agree I agree strongly
59% of the professionals we asked felt that adopting a social media strategy gives real estate compaies a head start. The 8 percentage point difference between "agree strongly" (14%) and "disagree strongly (6%) supports this tendancy.
28% of the sample however do not consider social media strategies a competitive advantage for companies that have adopted one.
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Real estate companies that adopt a social media strategy are one step ahead
13% 6% 22% 14%45%
Real estate and social networking?
I don’t know I disagree strongly I somewhat disagree I somewhat agree
I agree strongly
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Social networking for professional purposes
ONLY PROFESSIONALUSE
14%
NEITHER
38%ONLY USED
FOR THE COMPANY
12%
PROFESSIONAL AND INDIVIDUAL USE IN THE COMPANY
36%
Real estate and social networking?
One in two real estate professionals are present on at least one social network and use it for professional purposes (50%)
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Social networking by real estate professionals
Professional use of at least one social network
TOTAL OR PARTIAL PROFESSIONAL USE OF AT LEAST ONE SOCIAL NETWORK50%
ONLY INDIVIDUAL USE
50%
Social networkingby real estate professionals
Ranking the usage of social networks
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I use it for professional purposes
I use it for both professional and pesonal purposes
I use it for personal purposes I don’t use it
VIADEO
YOUTUBE
SNAPCHAT
PERISCOPE
OTHER
60%9%11%20%
70%6%9%15%
28%49%16%6%
35%55%7%3%
78%13%4%4%
85%13%
97%
87%
98%
11%
Social networkingby real estate professionals
Ranking the usage of social networks
• Facebook (22%), YouTube (10%) and Twitter (8%): the main social networks used for the responants’ professional purposes.
• Facbook is well ahead of other social networks: 12 percentage points ahead of the 2nd most popular
• Moreover, Facebook and YouTube are the respondants’ most used social networks whatever the context; whereas
Twitter, Instagram and Snapchat’s use is predominantly personal.
• BtoB function of Twitter and BtoC of Facebook• With 3% and 2%, Instagramm and Snapchat are rarely
used for professional purposes.
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61% of real estate professionals use social media to develop their network.
Following that, 47% and 45% of the sample used social networks for sharing and looking up information.
Just less than a third of the sample reported using social networks for exercising their expertise.
The commercial aspect applied to only 19% of the sample.
Social networking by realestate professionals
Reasons for using social networks
TO DEVELOP YOUR NETWORK TO EXERCISE YOUR EXPERTISEYES61%
YES31%
NO39%
NO69%
TO SHARE INFORMATION TO RECRUIT NEW CLIENTS OR PARTNERS
47% 19%53% 81%
OTHERTO GET INFORMED
45% 3%55% 97%
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Social networkingfor professionalpurposes03
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Social networkingfor professional purposes
Feeling confident about using social networks
When real estate professionals were asked whether they felt sufficiently competent on social networks, 64% reported feeling at ease.
21% of respondants indicated feelings of complete competence with their professional use.
In contrast, 34% reported feeling unconfident, 7% of which felt not at all competent.
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3% 7% 26% 21%43%
I don’t know I disagree strongly I somewhat disagree I somewhat agree
I agree strongly
49% of respondants consider social networks to be a means of improving efficiency at work. However, 40% of the sample do not think social networking improves professional efficiency.
As for the distraction posed by social networks, 12% of respondants feel as though they do not aid professional efficieny at all.
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Social networkingfor professional purposes
Social networks are a means of improvingthe efficiency of my work
11% 12% 28% 9%40%
I don’t know I disagree strongly I somewhat disagree I somewhat agree
I agree strongly
One in two respondants (50%) feel that social networking is a factor improving their company’s business.These results, with the results of the efficiency question, demonstrate this sample’s clear level of professional engagement.
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Social networkingfor professional purposes
Social networks are a lever for the company’s business
12% 11% 27% 11%39%
I don’t know I disagree strongly I somewhat disagree I somewhat agree
I agree strongly
For the respondents, social networks are a real plus on a networking level: 63% felt that the networks offer new possibilities for professional contacts.
Only 27% of the sample felt that social networks do not offer new possibilities for creating professional relationships.
I don’t know I disagree strongly I somewhat disagree I somewhat agree
I agree strongly
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Social networkingfor professional purposes
Social networking is a professionaland inter-personal facilitator
10% 4% 23% 10%53%
81% of the sample felt that social networks are a new tool for work.This new work tool is however proportionally less perceived as a way to improve professional efficiency or the business
and, to a lesser extent, the professional relationship.
This gap can testify to the not yet met expectations of using social networks professionally.
I don’t know I disagree strongly I somewhat disagree I somewhat agree
I agree strongly
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Social networkingfor professional purposes
Social networkingas a new tool for work
2% 3% 14% 25%56%
04 Social networkingby companies in the real estate sector
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48% of the real estate companies we asked are active on at least one social network.
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Social networking by companiesin the real estate sector
The company’s use of at least one social network
COMPANY USES AT LEAST ONE SOCIAL NETWORK
48%
COMPANY DOES NOT USE A SOCIAL
NETWORK OR DOESN’T KNOW
52%
Facebook is the most favoured social network by respondants’ companies: 35% of respondants.
LinkedIn was the next most used (20% of respondants), ap-pearing 5 percentage points ahead of Twitter (15%).
The sample remained farily split for the networks Viadéo, YouTube and Instagram, while Périscope and Snapchat are used only marginally.
FACEBOOKLINKEDINTWITTER
VIADEOYOUTUBE
INSTAGRAMPÉRISCOPESNAPCHAT
OTHER
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Social networking by companiesin the real estate sector
Social networking by the respondant’s company18%
25%
24%
26%
26%
24%
My company uses it and has an account or several accounts My company does not use it I don’t know
28%
26%
91%
47%
55%
61%
61%
65%
70%
71%
73%
8%
35%
20%
15%
13%
9%
6%
25% of respondants reported that their company uses social networks on a daily basis.
56% reported that their company posts at least once a week and once a month.
Several times a day 15 %
Once a day 10 %
One to five times a week 26 %
One to five times a month 26 %
Less than once a month 23 %
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Social networking by companiesin the real estate sector
How often do real estate playerspost on social networks?
yes No
Over social networks, the most frequently shared posts by real estate companies are those which give news about their sector.
Only 45% of real estate companies publish news about the company itself over social networks. This shows that interest for using social networks as a platform for communication is progressing for the respondants’ companies.
Social networking by companiesin the real estate sector
The kind of posts by real estate companies
REAL ESTATE NEWSCOMPANY NEWS
NEWS ABOUT SOCIETYLOCAL EVENTS
NEWS ABOUT THE COMPANY’S PARTNERS POLITICAL NEWS
OTHER
25
27%
57%
62%
66%
77%
97%
97%
73%
43%
38%
34%
23%
3%
3%
yes No
REAL ESTATE NEWS
NEWS ABOUT THE COMPANY
NEWS ABOUT SOCIETY
LOCAL EVENTS
NEWS ABOUT THE COMPANY’S PARTNERS
POLITICAL NEWS
OTHER
While companies in real estate prioritise posts concerning the real estate sector, it’s first and foremost to get people to talk about them, the brand (71%), or the company’s products (57%).
Commerical purposes (43%) or expert positions (40%) are less pressing for the respondants’ companies.
Social networking by companiesin the real estate sector
The company’s aims throughusing social networks
29%
43%
57%
60%
84%
86%
98%
71%
57%
43%
40%
16%
14%
2%
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97% of real estate companies present on social media have a thought-out strategy.85% of the companies we asked favoured a strategy whereby the company speaks directly on social networks under their brand name.
The ambassador strategy, aiming to developing the company’s personification, is used by 48% of the companies we asked.
Social networking by companiesin the real estate sector
Strategies for speaking on social networks
Other(no strategy) 3 %
Brand ambassador strategy(numerous collaborators speak to personify the company) 12 %
Mixed strategy(brand ambassador and brand account) 37 %
Brand account strategy(The company speaks directly under their own name) 48 %
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It’s quite rare for companies present on social media to encourage their collaborators to use them for professional
purposes: 41% of the sample.There is little internal instruction.
Social networking by companiesin the real estate sector
Encouraging collaboratorsto use social media for professional purposes
28
NO
48%
I DON’T KNOW
11%
YES
41%
Among the companies that encourage their collaborators to be present on social networks, only 45% of them accompany
this encouragement with a training session about about social networks.
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Social networking by companiesin the real estate sector
Is the encouragement accompanied by a training session?
NO
55%YES
45%
Only 26% of real estate companies on social media follow the effectiveness of their posts and publications.
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Social networking by companiesin the real estate sector
Measuring effectiveness on social networks
I DON’T KNOW
37%
YES
26%NO
37%
Yes No
REGULARLY MONITORING THE PUBLICATIONS’ VISIBILITY
MONITORING THE ORIGIN OF NEWLY CREATED CLIENTS
REGULARLY MONITORING INTERACTIONS
REGULARLY MONITORING THE NUMBER OF LIKES
MONITORING THE NUMBER OF SUBSCRIBERS PER NETWORK OR PER ACCOUNT
OTHER
Monitoring companies’ social networking activity is mainly done by looking at indicators of publications’ visibility (73%),
individually monitoring contacts (62%) or interactions (62%).
27%
38%
38%
49%
57%
100%
73%
62%
62%
51%
43%
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Social networking by companiesin the real estate sector
Ways of measuring effectiveness on social networks
Qualitativeresults05
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RANGE OF DEFINITIONS FOR SOCIAL NETWORKSThe respondants, however, agree on the notion of a permanent link with their own professional community.
REAL ESTATE: A DAILY TOPIC OF CONVERSATIONThe success of social networks for real estate professionals rests on its conversational dimension. Real estate has always been THE current topic of conversation.
SOCIAL NETWORKS ARE THE EXPRESSION OF A NEW SOCIAL RELATIONSHIPSome professionals see social media as a virtual meeting hall. Social networks have just filled a missing space in real estate professionals’ chain of communication.
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Face to face interviews: qualitative analysis
REAL ESTATE BRAND STRATEGYThe need to distinguish yourself: social networks are more or less directly part of a commercial approach. They undoubtedly constitute a new way to make yourself known in an increasingly competitive market.
PERSONAL BRANDING AND CORPORATE COMMUNICATION:Social networking reveals a new way for brand and company communication to work with individual communication. Personal branding intervenes where the brand voice stops.
TWITTER, LINKEDIN AND FACEBOOK:These are the three most used social networking channels by real estate professionals. Two logics coexist. Firstly, communication of proximity, community animation that respondes more to real estate agents who invest in new territories and form a channel of empathy. Secondly is a more macro-economic approach to the real estate sector, whereby experts exert their influence in a BtoB function.
Face to face interviews: qualitative analysis
Social networks, business lever
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CHANNEL FOR INFLUENCETwitter’s technical function (algorithm), which leads to collecting a community of subscribers, responds perfectly to the need for personified expertise.
CHANNEL FOR OPINIONEach and every tweet implies "in my opinion". Even if the tweet is giving information, it above all indicates an endorsement or disapproval. It is directly used as a way to question public powers about sensitive issues concerning real estate. It’s also the "unhappy counter" that catalyses criticism and resentment.
CHANNEL FOR PRESENTATIONIn the BtoB real estate community, Twitter also aids the formation of new contacts and the ability to stay in contact with existing ones.
Face to face interviews: qualitative analysis
Twitter: expertise and influence
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WINDOW INTO THE BRAND:Creating and animating a Facebook page responds mainly to a new territory of expression which removes proximity. It combines teaching strategies which show what they are, what they do and what they sell.
A TOOL TO FEDERATE THE AGENCIESWhen we speak of agencies network, we get a glimpse into the function of getting people together that Facebook plays for the real estate major players. In this sense, Facebook can be a managerial lever and alignment in a network.
A TOOL FOR STRATEGIC TARGETINGMany professionals highly value the features of Facebook’s targeting tool. They both retain and enhance the posibility of precicely targeting their audience.
Face to face interviews: qualitative analysis
Facebook: the window into targeting
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REGAIN INTERESTThe experts we asked were in agreement that LinkedIn has recently increased in popularity. LinkedIn covers fields of corporate communication (brand pages) as well as the expression of individual expertise.
A MEDIA POSITIONINGThe respondants recognised the social network’s recent rise in power, and that is has gone beyond its initial target domain, human resources. Experts are seeing more and more opportunities in groups specific to their sector and in other experts’ publications.
THE NEW "PULSE"Speaking of evolutions, the new PULSE option, which allows you to express your expertise in the form of an opinion column, is recognised as a qualitative and influencial lever for BtoB communication.
Face to face interviews: qualitative analysis
LinkedIn: professional expertise
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Although at this time Instagram is rarely used by real estate professionals, certain experts see a promising future for this social network due to its aesthetic vocation. More than the other networks, it prioritises the aesthetics of the real estate sector (images of the surrrounding area, the atmoshere, countryside etc). It almost has a magazine function.
Face to face interviews: qualitative analysis
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ESTATE AGENTS ARE CHANGING THEIR FUNCTIONWe are witnessing a transformation in the relationship between estate agents and their clients. Personal branding reinforces this and in certain cases, the estate agent takes on the role of the area’s referent; they’re not only in charge of the sale (or the lease) of a property, but also everything that comes with it: information about the life, the area, transports links, useful information etc.
THE TEMPORALITY OF THE RELATIONSHIP IS EVOLVINGFrom a specific service provider, the real estate agent goes to a support before, during and after the sale. The ability for them to build, animate and win the loyalty of a community relies heavily on trust.
THE COMMUNITY’S ANIMATION:In the age of social networks, the tools at estate agents’ disposal are therefore multiplied. Photos of sales contracts, tip exchanges, codes for Twitter, Facebook or even Instagram obey the logic of continuous community animation.
Face to face interviews: qualitative analysis
The estate agent at the heart of its ecosystem
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THE COMPARATIVE APPROACH:Real estate experts highlight the role of digital technology in the development of buyers’ comparative approaches. This systematic look for comparison accents the need for expertise, for knowledge of the market, and for qualitative insights. In this context, social networks are the perfect place for experts.
THE NEW ENTRIES:The space left by former real estate actors on social networks has favoured the emergence of new actors. Already formatted around web codes and integrating from the beginning all the issues specific to new methods of communication, the these actors are evolving at the same time as the medium onto which they are difusing their information. The actor and the medium therefore act more as a single issuer.
Face to face interviews: qualitative analysis
Transformation of the profession
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06 Transversalfindings
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• One in two professionals is currently present on at least one social network for professional purposes.
• Facebook is the most used social network by real estate companies (35%)
• With 31% of real estate professionals using it for professional purposes, LinkedIn is the most used network for individual purposes.Twitter, a channel for expertise, is used by 15% of them.
• The use of each of these networks responds to different or complementary objectives. They contribute to a strategy as well as an attitude (visibility and establishing a relationship).
Transversal findings
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• Social networks meet professional utility: they are percieved as a new work tool by 81% of the respondants. 49% of them found social networks interesting in terms of improving professional efficiency and performance.
• 39% of professional social network users are believe that they are beneficial to the company’s business as well as to themselves. Sceptics represent 18% of the sample.
Transversal findings
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• The increased relationship: Nearly 60% of professionals believe that the real estate sector is particularly suited to using social networks. They are often the starting point for professional conversations which then extend into "real life". This increased sociability and proximity via social networking is strongly highlighted by real estate experts.
• Developing professional networks is cited as the main objective for real estate professionals. 61% use them to develop their network. As professionals, it’s the ‘networking’ dimension to social networking that interests the participants.
Transversal findings
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• Real estate companies favour the "media" dimensions of social networks. Chiefly present on Facebook (35% of them), they mainly publish sectoral news (73%) or news relative to the company (35%) with the aim of gaining territory or commincating about the brand: for 71% of them.
• The notion of ‘social networking strategy’ is shared by 97% of the sample: if the brand account is essential, a mixed strategy is put in place, which is equally supported by collaborators and ambassadors.
• Encouraging, teaching and measuring performance on social networks remain to be progression zones, clearly identified in real estate companies.
Transversal findings
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Contact Pierre Négrier or Laurent de Védelly for any question regarding this study
[email protected]@happycurious.fr
Contact for Pierre et Vacances Property InvestmentBéatrice Judel, Marketing and Communication Director
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This study was conducted in March / April 2016 for