How can social media help the problematic property market? | Discuss

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How can social media help the problematic property market?
15/11/2011
3:52 pm
Kevin Hudson
Derby
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A recent report by Savills has predicted that by 2016 rental prices will have increased by 20%, and house prices increased by 6%. In todays market it is near impossible for someone below the age of 35+ to buy a home…but by 2016 renting could be out the window as well.

This got me thinking. Since the rise of social media, charities and good causes (Social Good) have generated more awareness, and as such have managed to generate more solutions, both short and long term. It now would seem that the UK property market, and its inhabitants, could do with some of that social media awareness and power.

How, is the question that I am posing. Any thoughts on how the use of social media could positively benefit the UK property market, in the short term and long term (or before the disastrous year of 2016, at least)?

27/11/2011
12:55 pm
Paul Routledge
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Hi Kevin,

@ LandlordRefrencing.co.uk as you know we are a social media referencing site and I believe the future of letting will be in being able to carry out traditional referencing, but with the addition of a web site like ours where you can reference a tenant direct from the horses mouth: the last landlord or agent. social media at it's best tp protect one another.

Schemes like our although hated by bad tenants will benefit good tenants as they will not have to suffer a crap neighbour if all the landlords and agents join the scheme.

I think http://www.dailymail.co.uk/pro…..rties.html

 

Paul

27/11/2011
10:57 pm
PaulBarrett
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What about the posibility of encouraging LL to put up a profile and their terms of doing business.

This on the basis that good tenants want to know that their LL would use the LRS service

Tenants could then come onto the site and check out the LL and whether they might have any property available

Obviously only good LL and good tenants would use the LRS service which is just what we want..

28/11/2011
10:50 am
Kevin Hudson
Derby
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I completely agree that sites, such as landlordreferencing.co.uk, should become key parts of the social media strategy for the property industry. I think that in the past, the property industry has suffered from a lack of real value discussions… i.e. the only discussions have ever really been about house/rent prices etc, and the occasional news story of a really bad landlord or tenant. Now however, sites like this one, integrated with social media can provide a much better foundation for the task of improving the property industry… in all areas. I'm a firm believer that open discussion is often the best way to solve the biggest problems (perhaps this is something the Government should look into).

 

I also personally believe that all of the top officials and influencers in the property industry should be active on some form of social platform, as at the end of the day, these are the people that need to hear what is being said, in order to take it on board and (hopefully) make a difference.

 

@ Barrett, I agree with you also. I think there needs to be a bit more (for want of a better word) 'professionalism' about being a landlord. Maybe something along the lines of licenses e.g. they have to be a member of LRS and continually meet certain needs/rules etc in order to maintain that license? I feel the role of being a landlord needs a bit more education tied into it. In the past year I myself have become a landlord, for the first time, and not knowing what to do, I have made every decision with the help and input of my mum and grandparents…successful landlords of 30+ years. I don't want to say being a landlord needs more 'policing', but more education and a greater watchful eye is needed i think… and I believe that social media can play a huge role in the education element, as well as the 'professionalism' of landlords.

28/11/2011
12:21 pm
Vanessa Warwick
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Hi Kevin & all,

What a great topic for discussion.

I like this quote which I came across recently:

“The companies that perform best over time build a social purpose into their operations that is as important as their economic purpose.” —Harvard Business Review, November 2011.

This recent Forbes article describes the type of business which goes beyond CSR to embedded social purpose.

I think this can be applied to Landlordism.

As co-founder of Property Tribes, the U.K.’s busiest Landlord and investor community, we have long promoted best practice and for LL’s to operate as a business and treat their clients (tenants) with respect.

There are too many people who see tenants as a pay cheque, not a real person with a real life and real needs.

Social media and sharing is good to spread positivity and best practice and to show that there are responsible Landlords out there.

Social media will also allow tenants to vet landlords, which can only be a good thing for professional Landlords.

The web rewards those who reveal and sacks those who conceal.  Therefore, transparency in the property market can only make it a better place for those who have nothing to hide and who provide a professional service.

I also like the #safeagent initiative being promoted by NALS and I hope more tenants and Landlords will realise the importance of having client money protection.  Again, social media can spread this message as per NALS YouTube channel.

28/11/2011
12:51 pm
Paul Routledge
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Hi Vanessa,

Absolutely right one of my favourite sayings is “A wise man learns from his mistakes and an even wiser man learns from not only his mistakes but from other people’s mistakes as well. I believe that social networking for landlord really encapsulates those sayings perfectly because the learning from one landlord to another of a bad tenant stops a bad tenant in his tracks.

A wise man once said to me, we today think social networking has been around for a few years and came about by the internet, but the truth is it started with the cave men writing on walls to pass on information to the next generation and even today those painting tell us a story over 5000 years later.

@ landlordreferencing.co we are just a cave wall for modern man to write his message on.

Paul

28/11/2011
4:49 pm
Vanessa Warwick
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Thanks Paul.

I also think that “social proof” is also going to be a massive influence in the years ahead.

There seems to be an unconcious human reaction that, if someone sees a lot of people doing something, it “makes it okay” in their eyes and they accept it.

A bit like a busy restaurant with every table taken suggests that it is a good restaurant and worth going to!

Social proof with the Landlord arena is slowly growing.  When you get enough Landlords on board this site, it will reach a tipping point, and suddenly social proof will overcome any objections or worries to this new type of tenant referencing and this site will go viral.

I am sure that point is no too far away. 🙂

28/11/2011
5:00 pm
Kevin Hudson
Derby
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I’ve just stumbled across this article by Sprout Social regarding UK construction businesses and social media…it fits in relevantly with this discussion topic.

 

http://sproutsocial.com/insigh…..ial-media/

 

It would seem that, although the property (landlords, tenants, agents, etc) industry are embracing and utilising social media, the construction professionals are not. 

28/11/2011
6:34 pm
Paul Routledge
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Hi kevin,

Maybe Builders are far to hard to be nancy social networkers lolLaugh.

Paul

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