Facebook and Commercial Property - Harnessing the Social Media Potential

This year, social media has taken over the internet

. We're updating our facebooks and checking into four square, tweeting, blogging and sharing more than ever before. Digital marketing is becoming a popular way for businesses to reach out to their audiences and businesses are setting up social media channels as a way to broadcast news, monitor sentiment and respond to queries.

And experts are now saying that social media can help commercial property owners and managers as well! Like any other business, a good building manager knows that positive tenant sentiment is key to doing good business. Smaller commercial property operators may be able to interact with their tenants one-on-one but for larger premises, such as with shopping centre management, understanding and responding to your tenants' needs can be more challenging.

This is where social media can be invaluable. By monitoring conversations, building and development owners can gain valuable insight on their tenant sentiments and respond to inquiries in a prompt and efficient manner.

To demonstrate how social media is being use in the sector, the Royal Institute of Chartered Surveyors (RICS) released its analysis of Social Media and Commercial Property last year - providing some interesting insights on how social media forums have been adopted by commercial real estate agents, building managers and developments:

Twitter - individual commercial real estate agencies can use Twitter to communicate vacancies and broadcast new developments to their longer list of interested parties. The searchable nature of Twitter means potential buyers and investors can monitor particular keywords and conversations of interest to find what they're looking for in real time.

Facebook - some investment management funds have successfully utilised Facebook pages to communicate with tenants, responding to comments and requests left on the Wall. The community environment of Facebook lets groups target relevant parties in a forum like setting.

Blogging - RICS suggests that for new developments, a blog is a great channel to update stakeholders on progress. Meanwhile, photo sharing applications like Flickr can give users a firsthand look at the work in progress and attract additional investors.

Professional services - new software and technology has revolutionised the commercial property market. Up to the minute information on vacancy rates and availability can now be accessed by anyone with an internet connection. Meanwhile, professional services and communities, such as property wikis which are edited in real time by fellow experts, are an invaluable resource when it comes to the most pertinent and timely information on the market.

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Facebook and Commercial Property - Harnessing the Social Media Potential

By: Steve Wrangler

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