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Vanity metrics are everywhere, even real estate

(MARKETING) It is often easy to fall for vanity metrics, everyone does it. But “being number one” is so stupidly subjective, don’t cave.

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How many times have you seen or heard “#1 in sales,” “x number of satisfied clients,” or “highest grossing broker?” Probably more than once. What do these phrases mean? Are they even really measurable? More likely than not, phrases like these come under the heading of “vanity metrics.”

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Vanity metrics are things and data sets that are easily manipulated. For tech, it can include things like the number of downloads, page views, and registered users; rather than components that are truly important, such as profits and customer retention.

Vanity Metrics in Real Estate

Real estate, like any other field, has their share of vanity metrics. “Being number one” is ridiculously subjective.

While some associates/brokers/offices have absolutely earned the right based on hard data, many have not.

“Being number one” could mean receiving an award from a random blogger friend, buying an award online, or just plain paying to have the title printed on business cards and in the newspaper; it really doesn’t mean there’s anything tangible or concrete behind the statement.

Nothing tangible

Take for example the person that might say, “over 2,000 satisfied clients.” Sure, that sounds great on the surface. They must be doing something right if they’ve made that many sales. Wait? Does that mean they’ve made over 2,000 sales, or does it simply mean they’ve met 2,000 people?

It doesn’t say, “I’ve successfully sold over 2,000 homes and I have the documentation to prove it.”

It’s also another vanity metric that is intensely subjective. You need more concrete information to make a judgement on the validity of blanket statement such as these.

Also, should you really choose a Realtor® based on something so subjective?

Show me a Realtor who has been in business for more than ten years with no marks on their record (ethical or otherwise) with their local association, and has the documentation to show they’ve successfully sold homes to “happy” customers (read: they come with many recommendations) and I’ll show you someone I’ll put my faith in.

What you can focus on instead

Every team is different. This isn’t to say that major (and minor) sales milestones shouldn’t be celebrated, because they should. Rather, this is meant to be a reminder to us all the vanity metrics are so easy to fall for; we’ve all fallen for these lines, likely more than once.

Instead of looking to data sets with no meaning, teams should focus on internal metrics.

How many clients do you have right now? How many of those clients have bought a home from you? How many showings have you done in comparison to sales? Are you getting positive recommendations and feedback? How much money are you making?

Things like this can tell you where you need to improve; it is concrete data (the recommendations might be a bit fuzzy, but you get the idea).

This isn’t to say that some vanity metrics, like Facebook polls and Pinterest posts aren’t useful, rather just be mindful of what you believe and where you invest your time.Click To Tweet

Listen to your team. Listen to your clients. Set attainable goals and reassess them as needed. Don’t worry about those catchy little phrases, because you know what you need to do to close your sale and keep everyone happy.

#MetricsManaged

Senior Staff Writer at The Real Daily, Jennifer Walpole holds a Master of English from the University of Oklahoma. She has long been a dedicated business and technology writer, and she holds real estate close to her heart, as she comes from a family of brokers.

Real Estate Marketing

Smartphone device plugs in to create 720 ° VR-ready home tours

(MARKETING) VR was once seen as a futuristic novelty, but with the rapid adoption rates, adding this to your toolbox could quickly set you ahead of your competitors.

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VR Maker

Accuracy is an important aspect of any real estate listing, which is why an app called VR Maker may soon become your new best friend.

VR Maker allows you to create a 360° presentation right from your smartphone, creating a seamless virtual reality experience in minutes. Such a presentation allows your clients to view properties’ interiors in crystal-clear detail, thereby removing some of the mystery from your real estate listings and bringing you closer to making a sale.

The way that the VR Maker works is simple: after signing up at iStaging website, you receive a 720° camera attachment for your smartphone (both iOS and Android are supported) along with a rotator unit on which you mount your smartphone. With the VR Maker app installed, all you have to do is make sure that everything is connected and tap “Capture”—VR Maker and the free equipment will do the rest of the work.

“The work” in the above context is quite impressive. VR Maker creates distortion-free 360° images of entire rooms with ease, allowing you to make a virtual house tour for which clients never have to leave the comfort of their homes. This footage also means that you don’t have to worry about uploading 100 photos at a time to make sure that every angle is covered—you can most likely cover the average house in one to two shots per room.

Having 360° footage of your properties isn’t necessary, but it lends a degree of credibility to your listings; after all, it’s hard to hide shortcomings in a home’s guest bathroom when one can see the entirety of the room. Similarly, having a high-definition, comprehensive view of the property gives you a leg up on the competition, and it certainly doesn’t dissuade clients from checking in.

Your clients’ comfort aside, using VR Maker will prove to be a huge time- and resource-saver for you as well, given that the app and equipment take little pre-existing knowledge to use and the shooting process is significantly more efficient than is traditional real estate photography. If you’re interested, head over to the iStaging website today to check out their demo.

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Real Estate Marketing

Want successful Instagram marketing campaigns? Follow these 8 tips

(SOCIAL MEDIA) Instagram has blossomed and more users means a shifting culture – here’s how to adjust your strategy.

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Instagram feeds update fast and there’s a new face-altering filter available each week. Users have figured out how to attract massive followings and even become “Instagram Famous.”

So how should brand marketing efforts fit the attractive, square mold?

Lucky for you, Buffer has done all sorts of research for you and rounded up eight key guidelines to follow when creating marketing content for Instagram. Here’s what they recommend:

1. Younger audiences like relevant, relatable and creative content.
Instagram’s user base is primarily 18-29 year olds and more women use the platform than men, according to the Pew Research Center. This demographic is fond of inspiring, beautiful and unique content. If you can create high-quality images and videos that can be described as “current, creative and useful” – the top three words used teens and young adults used to describe Instagram – you’ll be in good shape.

2. Post consistently, not constantly.
If you stick to a regular posting schedule and publish well-made posts, engagement will follow. Irregular, low-quality, constant posts won’t do you any favors. In fact, it may drive followers away if your posts becoming a nuisance and/or don’t measure up to others.

3. Post when it works best for you.
When’s the best time to post on Instagram? No one really knows; research varies. Make your own schedule based on what you’ve seen work for your audience.

4. Don’t neglect Instagram Stories!
Snapchat was all the rage for a while, but Instagram Stories are slowly taking over. According to Techcrunch, Instagram stories generated an average of 35 percent more views for brands than Snapchat.

Another study found some Instagram users pay more attention to stories than posts, too. Maximize engagement by posting a story every so often. Not sure how to create amazing story content for your brand? Free template resources, such as this one, can get you started.

5. Add hashtags and location tags.
These are tools to help users find your content. Use them when you can.

TrackMaven found nine hashtags seems to be the magic number for maximizing post engagement. Just don’t be obnoxious. However, use too many and your posts may be hidden from the hashtags feeds if they appear “spammy.”

6. Create a mix of videos and images.
Videos took over Facebook, and that may be Instagram’s fate, according to L2 and News Whip studies. However, whether videos will outperform images on Instagram depends on each brand’s followers. Experiment with videos and compare their performance with your image posts. The data will reveal what your followers prefer.

Read also: How to automate your Instagram posts to maximize results

7. Utilize user-generated content.
Big brands such as Ben & Jerry’s and GoPro collect the best customer-created photos taken of their products and repost them to their Instagram accounts – with great engagement success, too.

If you’ve noticed consumers frequently tag your company in pictures relevant to your product and brand, experiment with this strategy. It could be a great (and simple) way to expand your reach and reward consumer loyalty.

8. Caption lengths can vary.
Don’t make your captions longer or shorter than need be. The point of a caption is to convey a message, and this can be done in many ways: From a lengthy text story to a handful of emojis.

Instagram recommends keeping captions to 125 characters or less so users don’t have to click “read more,” but don’t forgo important details in an effort to be concise. Once again, quality versus quantity.

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Real Estate Marketing

LinkTree is one of many tools social marketers need

(MARKETING NEWS) When it comes to social media marketing, there are ways to get more coverage than just your feed — linktree is one of them.

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If you’re a marketer, especially in any sort of lifestyle or cultural space, the benefits of Instagram are undeniable. From its visual format to its fast-growing user base, Instagram is becoming a go-to visual media platform in an era where audiences are eager for it.

There’s just one problem; turning that attention into engagement is difficult. Links back to stories can only be shared in your profile bio, instead of within specific posts. For content marketers and publishers, changing out links at least once a day can be a hassle.

Thankfully, there are tools out there to help overcome these issues, no matter what your budget might be. We can look at LinkTree and LikeShop for two distinct examples of that range.

Both tools offer a standalone web page, with its own URL, where users can access an assortment of articles from a publisher. Each article is linked using a picture that a user would see on the publisher’s Instagram, and the user can access a historical archive of all articles in one place.

Best of all, you never have to change out a link in your profile; much like a custom URL shortener, your users can access the content you want them to see through one single URL.

Logistical benefits aside, publishers also enjoy data feedback through LikeShop and LinkTree. Depending on the tool used, you can see traffic numbers broken down by article, by day, etc.

These tools also allow you to customize the visuals and templates of your landing page, so that your brand experience is more consistent across these social media touch points.

LikeShop has been around for a while as an enterprise solution.

You can find its technology employed by Conde Nast publishers, such as Pitchfork and Vanity Fair, along with a host of others. As such, pricing isn’t openly disclosed, either on or off their website (that’s code for “it’s probably really expensive”).

However, it does have the most features of the two solutions. Mainly, Instagram publishers who push product can insert commercial links directly into their posts, to help increase conversions.

LinkTree is a newcomer to the game, and they are looking to bring a more affordable solution to market. In addition to offering a standalone free tier of service, they also offer a pro package for $6 per month. The pro plan gives you more customization and tracking options.

Whichever one works for you, these tools are a great investment for making your social media following engage with your website content, be it educational or commercial.

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