LinedInThere is a myriad of social media platforms to choose from. Each one can serve its own strategic purpose for developing your real estate business.

Obviously, Facebook and Instagram are two of the biggest. However, I have always focused a great deal of my attention to LinkedIn. Here are three reasons why:

  1. Working professionals and top executives use LinkedIn. A long time ago I determined that I wanted to work with this group of buyers and sellers. In all marketing efforts, you must be where your target audience is. Since LinkedIn is the social media platform for working professionals, it just made sense to have a presence on LinkedIn. You should spend time identifying your target audience, determine where they spend their time online and have a presence there. 
  1. Learn more about their education and work experience. As an agent, you should be learning as much as you can about your prospects. Knowing their education and employment background will tell you a great deal about who they are. It will also provide you with great reference points when you do get the chance to talk and/or meet with them. You will also gain great insight into their qualifying abilities. Remember, LinkedIn is designed for users to go into great detail about their education and work experience. Make sure to include any pertinent information you learn about each prospect into your CRM system. 
  1. Learn more about their income level. As you know, income is an important factor when it comes to qualifying for a loan. Once you know where they work and what title they hold, you can do some research online to estimate their income level. Though you won’t have an exact figure, you can get a rough estimate. There are some great websites, such as Salary.com, that can provide you salary ranges for certain positions in specific geographical locations. 

Information is power. The more information you have on prospects, the more effective you can become when it comes to closing deals. The Internet and social media has made it easier than ever, so be strategic when it comes to prioritizing your schedule. Follow me on Facebook and LinkedIn.

For more great tips to enhancing your real estate business, order my new book, 21 Habits of the Highly Successful Real Estate Entrepreneur.

By Mike Weinstein, MBA