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Let's kick things off with Stephen create -- the president of house and property development marketing.
Thank you for coming I thank you for having and like I said this is timely for two reasons we get FaceBook reporting.
After the closing bell today and we didn't get report on.
On housing bit this morning the National Association of Realtors said that signing of contracts to buy new homes.
Selling nearly one and a half percent between may and you and so that's the news and now -- branch and together with DO.
And if it's interesting that home sales are really affected traffic's affected by social media.
It is you know people like to.
Be involved and people want to feel rest assured that they're.
Biggest purchase decision ever in most people's lives is is actually something that makes a lot of sense -- that other people agree with -- social media is a great way to reach out to people.
Yes and -- 80%.
A real estate agents are using FaceBook to market their properties I was stunned when I saw that.
That -- using FaceBook they're using Twitter they're they're using.
All of the potential for me -- -- great because people love photographs.
Yet tell a bit more about the interest that's and -- you guys have an interest.
We do and and many of our developments have interest pages it's just a great way.
To use imagery to capture buyers and to get people's interest -- interest is also unique form around where -- can show media.
Prettier images and many senses right well yeah you get to choose the -- you get to -- -- you -- people.
So he's -- what are some tips on how real estate firms like you and others out there are targeting this new generation of social.
Well what what we're doing is we're we're taking a look at that buying trends and and what people what type of information people really -- So for instance when we're marketing -- new development we will focus on social media on the neighborhood what's happening in the neighborhood how the neighborhoods growing evolving -- changing and that is something that people.
Really enjoyed because.
It allows them an opportunity to learn about an area before they have to basically venture -- and and and and see it firsthand right so you can give them more info on the area what else.
On the area on what's happening.
On a daily basis we have blogs on some of our developments where we will -- -- what's happening on the weekend when concerts are going on what she fares are going on.
Which blocks are.
Prettier than other.
Others yeah is two months.
Too much aren't -- stand and free plan is that fifteen cents immediately and you need to keep it consistent and I you don't wanna be jumping all around.
You don't want it -- be everything for everybody you right to have a consistent message and and and you want to make sure that you your.
Content is really high quality.
Have you seen -- developmental landscape change over the last few years -- That social media creates conversational.
But -- Well when people love to talk about real state we've -- -- out to -- north lunge for the year.
-- you know after work everybody is talking about where you living what are you doing what are you buying in the real asset erode their own land if he if you on property.
That's real it's it's tangible.
Yeah it doesn't trade and and indexing go up and down every day it only trades -- -- if ethnic.
And -- -- -- up and filling up in New York that I now demand and market pleased that it's on fire okay so that makes cents -- It.
It's just little little macro for a second we've got a bunch of housing reports over the past two weeks some very good we saw a multiyear highs for.
Home builder sentiment.
For housing start this is but when it comes to its sales of new homes.
Down nearly -- half percent last month and previously owned homes which is the bigger part of the housing market down nearly 5%.
Watch what price -- good prices there is a good.
Mortgage rates are good with the national economy is still recovery.
And it's not is easy for people to buy homes -- qualify for mortgages it was in years past so I think that's slowing things down a little bit I think people.
Nationally are still concerned about their job security so renting is preferable to -- -- we're seeing that especially in big cities yeah although in Manhattan again it's completely different human hand we we have an inventory crunch and prices are going up and rents are going.
Sky high yet the vacancy rate here at one point sub 1% it's made -- less than half a percent in Canada may now yes incredible.
That's that's -- can't buy but nonetheless OK so so you would think access accrediting getting that mortgage approved is the biggest battle.
For people right now what was his overall confidence.
I think that in and consumer confidence nationally noted that job security is a really important thing and I -- mentioned it just talking about.
What's happening you know in the midwest with.
Grain prices you know so people selling of the cattle yell they may be concerned that they may not you know there -- they may have to lay off workers.
And and then you have to tap into the equity in the home -- not sell it exactly or won't be able to afford a home because you're dealing with these issues that was already consulate.
Circle for it said yesterday that they don't expect European debt crisis.
It's really get fixed and -- -- being strong here for another five years so I'm asking you that because when do you think the housing market aside from.
New York City.
When do you think it'll get better.
I think it'll probably follow some of those other national and international trends are probably looking at.
I I would hope it wouldn't be five years but probably two before a packed how does mobile.
Playing a role.
A lot of real estate market and mobile is a tremendous role.
When I'd walk around the city IC people on -- -- -- on their phones searching for real state so what we've had to do is actually change.
Or -- a platform so we build web sites we build lives we build.
All these different media tools not just for your laptop now -- we build them for.
The the iPhone and iPad applications we build them for droids we're actually having -- two in three different formats for each different type of media that we're reaching out.
People are really looking at properties mobile phones absolutely and not only that but the using GPS and as well so they'll they'll use -- GPS the plot out -- open house tour.
Or you know will send out media with GPS look located so that you know where the local restaurant is you know with a -- -- -- all shows up right on your on your device.
They do without phones.
This is that we we probably have a more simple a fifth period prisons and -- was they're just take no way.
But Steven isn't true that personal recommendations.
Like a real federal person that you know tells you hey you should check out this property is and that basically the strongest endorsement -- -- property and we.
Without a doubt referrals are over 40% of the lead generators for all of real state but with that referral base he still wants somebody else to.
Kind of verify.
Your information so that's why these social media campaigns and blogging has become so important because you really get to see what other people think.
No doubt that building that neighborhood the market.
OK that's -- That's very useful but that can be really bad because you might hate something and we have completely different tastes and I might -- -- but I read your harsh recommendation am not gonna see it.
Well you have to think every he would agree to solve this car like you when you go to a restaurant and you ask the waiter excuse me.
What are you like on the -- well how do you know -- that they like he would you like to -- so you do have to take everything with a grain of -- but if you have a large -- pool of information.
I think it -- -- balanced amount of of of feedback to be right decision -- You know any -- I -- just have to go back to my small silly example -- by a pair of shoes online I always read these -- -- granted this is a seventy dollar pair of Houston point two times.
But if someone says that they don't like -- issues for whatever reason I tip if I get like two negative comments.
I want but an unseemly seventy dollars I can imagine.
What's gone through people's minds when they're buying a 700000 dollar home.
It's true and again you know.
Feedback is good that you welcome all feedback but you know there are people who are always going to be positive and people are always going to be negative so again.
I would read a few more comments but if they said that the shoes were terribly uncomfortable and they have the same with soon as -- -- maybe that's not for you.
At and last question get any personal example -- -- of companies successfully.
Oh absolutely we launched two developments one on 120 portion of Manhattan and one in -- 37 bridge street.
Both of which.
Had tremendously successful FaceBook campaigns -- this I didn't dumbo.
Was just on the edge of dumbo and people really didn't know that area as well also being able to.
-- social media to tell people about what was going on was tremendously successful and then over on 24 street.
We were really targeting it was mostly studios -- -- apartment so hard target demographic was a little bit.
On the younger side graduate students and they are 100% -- in the social media.
Yes and that's your market and -- -- just gonna ask you you know a younger market are you hiring younger brokers -- Or younger workers to deal with answers -- -- it's -- it's not necessarily.
You know did the largest growth in social media is the 45 to 54 girls so.
We we don't know silly.
Feel that we need to hire people who are certain age demographic it's really -- what they're what what their interest.
And it great Steven -- president of house -- property development marketing.
Thank you so much thanks for letting me grilling you about the housing market there's US that's a shot at you.
-- -- That is based on -- nine.
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