Social Media Commercial Real Estate 2011

If I listen, I hear it almost daily...someone is objecting to using social media in business settings.  It gets tiring hearing people say social media isn't worthy of their attention and that real businesses simply don't market that way.  The fact is, nothing could be further from the truth.  But in our business world, doing it right can seem like an additional burden. We're rightfully concerned when we want to know what the harvest will be.  I think it's good to be skeptical, but just skeptical, not negative.  For me it's easy, because as you know, I like everything technical and I'm passionate about my lifelong career in commercial real estate.  So when the two collide, it's kind of like that Reese's commercial where the two pieces collide and create a beautiful thing - the Reese's peanut butter cup.

I had one of those 'colliding' opportunities at a meeting I attended today with approximately 100 really smart commercial real estate folks and a panel presenting various aspects of social media.  If nothing else, it sparked some ideas and provided stimulus for those in our industry to ponder the value that social media can and cannot offer.  My favorite comment from one of the panelists focused on the importance of transparency and authenticity.  That's what social marketing and media is really all about.  People want to know whatever they want to know and they feel they have a right to know it, so it's really important for people to be visible and authentic. 

We know people like to do business with people they know and trust.  As you well know, I believe that trust is the new currency.  Trust is earned.  You can't just stamp it on your forehead like a good housekeeping seal.  Social media done right builds trust.  Networking through social media is about building good relationships.  Now that doesn't mean that the numbers don't play a role.  They do.  The more potential contacts you have and the more the message of who you and your company are is out there to be "found", the better.  Don't be worried that much about denying people access to who you are.  Closed networks, i.e. groups, are not a good idea.  While there will always be a place for them, you're better off being part of an open community.  The most popular sites, Facebook and LinkedIn, have matured to a point where you can set access and privacy rules, so there's really no reason not to participate.  Be smart, but participate.

So let's talk about playing the odds part of the program by taking a quick look at LinkedIn.  We know that demographically,  LinkedIn users tend to be 35+ years old.   There are over 90 million members in over 200 countries and the U.S. accounts for approximately 50% of the member base.   Why wouldn't you want to play those odds and be a part?  And if you play the odds, why wouldn't you want to stack the odds in your favor?  You've heard me say before nothing about social media is free, but that alone doesn't mean that you should or should not do it. 

The key is that it needs to be an extension of your basic business strategy.  Figure out where it fits and then just get it done.  One suggestion; be careful who you trust this to.  I don't recommend what I heard someone deciding to do today which was, "I'll bring a 21-year-old to manage this for me.  They're good at it."  This is your business and you should treat it like your business.  Do I need to go back to the point of transparency and authenticity?  Figure out the resources you want assigned to it and how current you want to be.  Certainly don't do a giant launch only to have it followed up with a big black hole of nothingness. 

I heard today that maybe the term social media isn't the right one.  Maybe it should be 'interactive media' or maybe just 'human interaction'.  That's really what social media is - humans interacting.  It's not a platform for rude networkers and salespeople to scream at us or one another about their product.  It is a place for chance connections to occur and for efficient and hopefully profitable relationships to grow. 

Our industry has always moved a little slow into the world of technology.  Maybe it's because we are so entrenched in the fact that we're a face-to-face people business.  But come on, we're not really different from most businesses.  Let's embrace the technologies that are out there for us and be on the leading edge of serving our clients as best we can.  If you have some short stories about your own experience with social media, I'd love to hear them.

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Warehouse Home Furnishing Dist., Inc. trades as Farmers Home Furniture at 165 locations throughout AL, FL, GA, NC and SC.  The stores, offering furniture, appliances and home furnishing items, occupy spaces of 15,000 sq.ft. to 20,000 sq.ft. in freestanding locations and strip centers.  Growth opportunities are sought throughout AL and NC during the coming 18 months.  Typical leases run five years with options.  A vanilla shell is required.  Preferred cotenants include Dollar General, Dollar Tree, Big Lots and grocery stores.  Preferred demographics include a population of 15,000 within eight miles earning $35,000 as the average household income. For more information, contact Robert Garrett, Warehouse Home Furnishings Dist., Inc., 1851 Telfair Street, Dublin, GA 31021.

Five Guys Famous Burgers and Fries operates 550 locations nationwide throughout 35 states.  The casual dining restaurants occupy spaces of 2,500 sq.ft. in freestanding locations and endcaps and inline spaces of shopping centers.  Growth opportunities are sought throughout central AL during the coming 18 months, with representation by Harbert Realty Services.   For more information, contact Stutts Everette, Harbert Realty Services, 2 North 20th Street, Suite 1700, Birmingham, AL 35203.

Little Caesar's Pizza operates locations nationwide and internationally.  The pizzerias occupy spaces of 1,100 sq.ft. to 1,800 sq.ft. in inline spaces of strip centers.  Plans call for six to eight openings throughout MA during the coming 18 months, with representation by Denenberg Realty Advisors.  For more information, contact Neil Denenberg, Denenberg Realty Advisors, 230 Commercial Street, Boston, MA 02109.

Crumbs Bake Shop operates 29 locations throughout CA, CT, NJ, NY and Washington, DC.  The bakeries, offering a variety of oversized cupcakes and baked goods, as well as gourmet teas and coffee, occupy spaces of 800 sq.ft. in strip centers or upscale downtown areas.  Growth opportunities are sought throughout Fairfield County, CT and Westchester County, NY during the coming 18 months, with representation by Saugatuck Commercial Real Estate, LLC.    For more information, contact Penny Wickey, Daniel Neaton or Peter Yeskey, Saugatuck Commercial Real Estate, LLC, 9 Burr Road, Westport, CT 06880.

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