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Ryan Shaughnessy, Broker/Attorney - Your Lafayette Square Real Estate Partner

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Are Listings Taboo on Social Networking Sites? My Answer - Not When They are Presented in a Passive Format like a Listing Widget

11-03-09
Ryan Shaughnessy, Broker/Attorney - Your Lafayette Square Real Estate Partner

Yesterday, I posted an article to my ActiveRain blog entitled "Stop Annoying Your Facebook Connections - Use SeeMyListings.com to Place Your Listings on Your Profile Page." It was a pretty simple post. It described how you could use the www.SeeMyListings.com widget from the National Association of Realtors and Realtor.com to place your listings on your Facebook profile page and eliminate or at least reduce those "just listed" type status updates that can be annoying to friends, family and colleagues on social networking sites.

The response from AR members and subscribers to my AR and outside AR blogs was positive with most comments being something along the lines of "Thanks... I didn't know that about the listing widget." Given these comments, I posted the article as a link in a status update on Twitter, Facebook, and LinkedIn. Again, I received positive comments so I also posted to several LinkedIn groups. Again, 99% of the responses were extremely positive. In the NAR LinkedIn group, it seemed to provoke a storm of protests from the self-proclaimed "social media police" and "social media gurus." It seemed odd for two separate reasons: first, the listing widget was created by Realtor.com for use by Realtors, and, second, it was intended to allow Realtors to show their listings without bombarding or annoying their "friends" on Facebook with listing information. Realtor.com has held tech seminars around the country this year and the listing widget has been offered in these seminars as a preferred method of presenting listings over repetitive status updates. Nevertheless, the discussion posted to the NAR LinkedIn group seemed to be controversial.

Here are a few of the comments that I wanted to share from the LinkedIn discussion:

  • It always bothers me when people continue to use social media to do sales. The reason social media has evolved is because people are tired of traditional sales and advertising practices. Consumers look to their inner circle for trusted influencers. Facebook, Twitter, LinkedIn are all places to network, be social and expand one's influence by providing value, not flashing your business card and homes for sale in everyone's face... Spamming these sites doesn't help the agent who has the listing. It harms them. I unfollow, block and basically turn a blind eye to their listing spam and them. It's an indication of a lack of understanding the simple basics of social networking.
  • OK go ahead and post your widget. Turn FB into a marketing site. My point is the origin of social networking is exactly NOT about what you are doing. It is repeating the same repulsive behavior that has been annoying us on TV, the radio and in print media. The consumer is sick of being SOLD. They want to connect with a trusted advisor they find personally or comes recommended to them. I can see your point about having the widget on the profile. Of course since FB is a walled garden, only your friends can see your widget. Tell me this, what is the point? If it doesn't get traffic why bother? I prefer not to risk being put in the same class as spammers and that is what it is to me when you put ads on a social networking site.
  • I agree with Xxxxxx, FB is not for listings. You can go ahead and post them there, but I will remove anyone from my "favorite" friends list and move them to the "other" list that I rarely if ever review. If you would like to post an interesting article, with a link to your listing, then that would be much better. For example, I posted regarding investment property. I posted it to FB and got quite a few visits back to my site. An alternative is to set up a business FB page, then let people that want those ads to become a fan. When Realtors complain about your postings, that is a good sign to back off on sending those. Use an email broadcast, much better.
  • I am glad that I will never see your advertising because I will never visit your profile.
    Facebook is for social-media and not for your listings, but I believe that has been mentioned to you on the above posts.

Now, I actually respect the commentator who made the first two comments. However, I fundamentally disagree with her position. Here are a few points to consider:

  • Opt-In Procedures: Unlike e-mail marketing suggested by one of the commentators above, most social networking sites (including Facebook and LinkedIn) are opt-in, permission based sites. That is, your connections or friends on these sites have to accept you before they receive any communications(status updates or other items) from you. If you overstep the bound or unwritten rules of the sites, people will simply opt-out.
  • Passive Nature of Profiles: Unlike status updates, posting listings using the listing widget on your Facebook profile or using Slideshare.net or Box.net on your LinkedIn profile doesn't post or send any announcement to your connections or friends. It is passive in nature and is accessed only by someone who is looking at or reading your profile.
  • Distinctions between Permission Based Advertising and Spam: Use of the listing widget isn't "spamming." By definition, "spam" is an unsolicited, commercial communication. In the case of the listing widget, it isn't unsolicited because the friend or connection has opt-ed into your network. In addition, it isn't even a communication. There is no e-mail, notification, etc. sent or posted. That said, the person must actually go to your profile to take a look at your listings.
  • Uses of Listing Widget: The listing widget is an important tool. The ability to show potential clients your current listings can bolster your expertise and credibility. If you sell a particular neighborhood or have a narrow field of expertise, the listing widget allows friends and connections who are potential clients to see the number of listings, price ranges, types of housing, etc. which can be effectively used to enhance your status as a neighborhood expert or specialist.

Some members of social networks want to preserve social networks as a pristine, commercial-free playground of thought and discussion. In reality, LinkedIn and Facebook are or at least can be powerful marketing tools when used right. The fact that businesses are actively promoting their presence on Facebook, LinkedIn, and Twitter is a pretty good sign of the marketing potential held by these sites.

Oddly, I don't disagree with the underlying premise of the comments above - that is, ad and marketing machines on social networking sites aren't effective. However, I don't view a listing widget on your Facebook page as contaminating or fundamentally changing the social nature of sites such as LinkedIn and Facebook. When I look at most profiles on Facebook, I often see a link to one's website. The website is typically their company website or personal business website. My question is: Is using a listing widget on one's Facebook profile really any different than having a Facebook profile with a link to a person's business website?

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Stop Annoying Your Facebook Connections - Use SeeMyListings.com to Place Your Listings on Your Profile Page

11-02-09
Ryan Shaughnessy, Broker/Attorney - Your Lafayette Square Real Estate Partner

The Marketing Machine - Annoying your Friends, Family and Other Members of Your Social Network

Social networking sites such as Facebook can be great tools for keeping in touch with members of your sphere of influence. Keeping your friends and family informed of your professional interests is an appropriate use of social networking sites. However, there is a fine line between sharing your professional insights and experiences on social networking sites and using social networking sites as an advertising and marketing machine. For those new to social networking sites, it is easy to take the wrong approach to social networking by blasting your listing information repeatedly to your connections. SeeMyListings.com Widget

Use SeeMyListings.com Widget to Place Your Listings on Your Facebook Profile

For Facebook users, there is now a simple solution. Use the listing widget provided by the National Association of Realtors and Realtor.com to place your listings on your Facebook profile. Here are the steps:

Step 1 - Go to www.SeeMyListings.com.

Step 2 - Click on "Add My Listings.

Step 3 - Log on to your Facebook account.

Step 4 - Enter your MLS provider and user name.

Step 5 - Click on "Add to Profile" or "Update Listings."

In a few simple steps, you are able to automate the addition of your listings to your Facebook profile. Given the number of Realtors who I am connected to on Facebook who aren't using this feature, I thought I would post this this short how-to post to get them motivated. Five easy steps to get your listings on Facebook without annoying your friends, family and even colleagues.

126 Comments
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Butler's Pantry and Gilded Age Announce the Grand Opening of Palladium Saint Louis

11-01-09
Ryan Shaughnessy, Broker/Attorney - Your Lafayette Square Real Estate Partner

Gilded Age, a Lafayette Square real estate development company, and Butler's Pantry, a local catering company, jointly announced the grand opening of the state of the art event facility known as "Palladium Saint Louis" in the former Laundry Building of City Hospital No. 1.  The opening of Palladium Saint Louis marks the the completion of the first phase of the City Hospital - Carroll North Project with construction of corporate apartments set for Spring, 2010.

Butlers Pantry - Paladium St Louis

Located just South of Downtown St. Louis, Palladium Saint Louis is now open with the ability to accommodate 400 guests for dinner or over 700 people for cocktail style events.  Some features of the new venue include:

  • 3-story State of the Art Chef's Kitchen
  • Mezzanine Floor Overlooking the Event Space
  • Expansive 2-story Windows Offering Stunning City Lights Views
  • Artistic "petals" for Personalized room Designs
  • Dramatic Lighting
  • State of the Art Audio and Visual Capability
  • Valet and On-site Parking  

Take a glimpse at this great venue space:

 

Development Team Credits:

  • Developer - Gilded Age
  • Architect - The Lawrence Group
  • General Contractor - BSI Constructors

Interested in relocating your business to Lafayette Square or in obtaining additional information on the City Hospital - Carroll North Project?  Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381 or send an e-mail to Ryan@PREASignatureRealty.com.  Or, visit our website at www.PREASignatureRealty.com. 

Prior Blog Post:  Palladium St. Louis - First Event

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Listing Condos for Rent in the City of St. Louis, Missouri

11-01-09
Ryan Shaughnessy, Broker/Attorney - Your Lafayette Square Real Estate Partner

Interested in listing your condo for rent in the City of St. Louis, Missouri?

PREA Signature Realty is a market leader in the rental of residential properties in the City of St. Louis, Missouri.

Market Leaders - Rentals in St. Louis City

(Note: Information based on MLS data available through November 1, 2009)

PREA Signature Realty offers the following rental service plans to owners and management companies:

  • Competitive Market Analysis: Receive a comprehensive rental report to assist you in setting your rental rate and leasing terms.
  • Limited Service Plan: Obtain placement of property in MLS with syndication to over 100 other websites. Owner is responsible for all showings. Listing Agent is responsible for entering listing into MLS and negotiation and execution of lease only.
  • Exclusive Agency Plan: Substantially same as full service plan, except owner retains right to show residence and to directly lease the residence to leads generated by owner.
  • Full Service Plan: Listing Agent provides comprehensive services including preparation of Competitive Market Analysis, entry of rental listing into MLS with syndication to over 100 websites, scheduling and attendance at showings, and negotiation and execution of lease.

Here is a comparison of the rental service plans offered by PREA Signature Realty:

SERVICE PLANS

CMA

MLS

SYNDICATION

BROKER SHOWINGS

DIRECT OWNER LEASING

FLAT FEE

COMMISSION

Competitive Market Analysis

YES

NO

NO

N/A

N/A

YES

NO

Limited Service Plan

YES

YES

YES

NO-OWNER ONLY

YES

YES

NO

Exclusive Agency Plan

YES

YES

YES

YES-OWNER/AGENT

YES-LEADS PROCURED BY OWNER

YES

YES

Full Service Plan

YES

YES

YES

YES-AGENT ONLY

NO

NO

YES

For more information on listing your condo, loft, townhome, or single family home for rent in the City of St. Louis, Missouri, contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.

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Foreclosure Trends - What is Happening in the St. Louis City Market?

10-26-09
Ryan Shaughnessy, Broker/Attorney - Your Lafayette Square Real Estate Partner

MARKET DATA

Foreclosure Trends - St Louis City

Foreclosure Trends - St Louis City

Since the start of the year, there has been a downward trend in the number of foreclosure sales and bank repossessions in the St. Louis City market. According to RealtyTrac, St. Louis City ranks 607 in foreclosure activity nationwide. Although the number of new foreclosure notices published, foreclosure sales, and repossessions has declined, the inventory of REO listed properties has increased.

Foreclosure Trends - St Louis City

Foreclosure Trends - St Louis City

In recent months, the number of new REO listed single family homes in the St. Louis City has dramatically increasedwith an average square foot price between $20 to $40 per square foot according to MLS figures.

Foreclosure Trends - St Louis City

Foreclosure Trends - St Louis City

At the same time, the number of REO listed single family homes sold has remained steady with an average price per square foot between $25 and $35 per square foot.

Note: The RealtyTrac data includes all residential properties (single family and condos). The MLS data only reflects single family homes and attached fee simple townhouses.

COMMENTARY

If you are an investor looking to purchase single family homes in the St. Louis City market, there are two favorable trends relating to foreclosures and bank owned properties. First, notwithstanding the recent decline in foreclosure activity, there has been an increase in REO inventory. Second, there is now a clearly established sales price trend for REO properties. Notwithstanding these two trends, the purchase of REO properties may not be suitable for all purchasers. Homes with substantial equity or in the best neighborhoods are often purchased as short sales prior to the foreclosure sale or are purchased by experienced investors at the foreclosure sale. The remaining properties often are less desirable either becuase of their location or condition. However, for experienced long term investors with the financial ability to make repairs, these properties may represent a value opportunity to purchase single family homes at discounts average 30% or more off the fair market value of comparable properties.

In addition to foreclosure sales and REO listed properties, there are other opportunities in the current market relating to distressed properties. Here are some alternate real estate investment strategies:

  • Purchase of notes and first deeds of trust at a discount from private, non-institutional lenders.
  • Purchase of notes and second deeds of trust at a discount from private, non-institutional lenders.
  • Bulk purchases of properties from other investors, developers, and lenders.
  • Purchase of homes subject to existing deeds of trust from sellers currently in default on their note.
  • Purchase homes listed as short sales
  • Bid at foreclosure sale.
  • Purchase of bank owned properties ("REO").
  • Bid at judicial sales including tax sales and sheriff's sales.
  • Purchase directly from LRA or LCRA.

If you are an experienced investor and would like to discuss the purchase of investment properties in the St. Louis City market, contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.

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