FEBRUARY 2013 |www.opp-connect.com WORDS | Harn Ho


OPP EDITORS SOUTH EAST ASIA | 37


surprises. With local governments keen to check the spiraling price of houses, latest measures include the raising of minimum entry prices for foreigners by the state of Johor, Malaysia, where the present RM500,000 ceiling may be raised to RM1mil for foreign house buyers. More recently, the latest slate of cooling measures in Singapore announced this month will mean a 5-7% in additional stamp duty for permanent residents and Singaporeans buying their second properties, and foreign or non-individual buyers of private property will have to pay an additional buyers’ duty increased to 15 percent, causing experts to conclude that property prices and sales will be expected to slow down in 2013. In these times it becomes even


more critical that property sales professionals adapt to business environments that are constantly changing. One important way to do this is


to harness the capability of online marketing tools, particularly social media, to reach out to an unlimited pool of local and overseas clients. Consider this: by the end of 2012, Facebook had over one billion active users. That’s a sixth of the world’s entire population. This is a clear testimony that Facebook, or any other social media platforms for that matter,


Social media P


roperty professionals working in the Southeast Asia real estate industry are no stranger to


cannot be ignored by businesses in today’s marketplace. Like it or not, the emergence of


such social media sites has spawned a global phenomenon that has since connected individuals across the globe like never before experienced. By capitalising on the potential of


such sites like Twitter and LinkedIn, big and small businesses are now effectively on the same playing fi eld. Here are some tips on how you can make social media work for you:


Develop a clear social media direction Social media is just another marketing channel in which you would need to carve out a clear game plan. For starters, know who you are


trying to engage and identify your social media objectives. Are your desired customers high net worth individuals or the average working class? Is your aim to create brand awareness, launch new products and services or simply get your name out there? Understand that your social media initiatives should support marketing and customer support efforts. With this in mind, put together a social media team and budget. Identify benchmarks to measure


best practices and continually review your future social media direction. Determine criteria for evaluation and how you would best measure social media success.


Harn Ho, our South East Asia editor, has worked with several international strategic consultancies and is often quoted in the media for her views on inter- national property. Contact at: harn.ho@opp-connect.com


Select the right platform to reach out to your target audience The need to pick out the right social media platform cannot be overemphasised. If you wish to reach out to professionals, LinkedIn is probably a better fi t over Twitter. Instead of jumping onto the next


“Identify


benchmarks to measure best practices and keep reviewing them”


popular social media bandwagon, understand the demographics of its users. Decide if its user base provides your business with the desired exposure. Survey existing clients to fi nd out sites they frequent. Chances are you will fi nd individuals with similar profi les that you would like to connect with. Knowing whom or where to turn to would go a long way in ensuring that your social media efforts pay off.


Value-add clients Clients of today recognise value when they see it. To ensure that people follow your posts, provide information or services that would be of value to them. Simply pitching products or services will not draw people back to your site. Instead, disseminate newsletters, articles or reports that would complement the need for your products or services. For a more meaningful connection, engage in discussions or dialogues with existing or potential clients. A two-way exchange lets them know that they are being listened to – a sure gesture that suggests you will be extending valuable customer support to them. Answer questions or simply pass along professional advice.


Brainstorm | Work out exactly what your goalposts and fi nal aims are This would also lend credibility to


your professional branding and seal your business position in the market.


Devote time and resources Your social media efforts are no different from other marketing means. This means that like every other advertisement, you will need to expense time and money to see it through.


All levels of the management needs to understand that managing a social media site requires long-term commitment to make it work. This could mean hiring a professional to send out the right message to existing and potential clients – one that is aligned and consistent to your business image. It could also mean engaging a social media celebrity to become your brand ambassador. It is essential that you distinguish your business from others and build a personal brand that others fi nd worthy to invest in.


Monitor social media efforts Your social media efforts should be one that is constantly analysed and evaluated for effectiveness. Make use of social media monitoring tools to provide real-time monitoring dashboards for social media tracking and measurement. A tool like Hootsuit, for instance, allows you to manage and monitor many social media accounts in one place. Essentially, it is important to know what and where to monitor. Without a doubt, every business


should comprise a social media component. Since social media trends are always changing, social media efforts should be fi ne-tuned along the way to best meet the needs and wants of the market. With visibility comes opportunities


– learning to effectively peruse this 21st century tool will prove to be a worthwhile endeavour in furthering your business.


South East Asia is an exciting place to do business – but a property professional must make sure they keep up with marketing technology. In this case, the giant that is social media takes the spotlight.


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