NAIOP NJ PANEL: SOCIAL MEDIA IS A KEY TOOL, BUT THERE ARE RISKS
Issues involving Legal Rights of Employers and Employees are offset by the Power and Immediacy of Internet Presence
LIVINGSTON, N.J. – October 10, 2011 – (RealEstateRama) — Social media is a tool for quickly and efficiently communicating with clients and customers, but it’s more than simply joining Facebook and LinkedIn. Knowledge of social media, how it works, how it can play an important role in a company’s marketing strategy are all key issues, as is knowledge of the pitfalls, legal and otherwise. That was the message delivered by a panel of experts at the NAIOP New Jersey seminar, “Social Media for Commercial Real Estate Professionals.”
“Social media is so important because of the power of its immediacy and the breadth of its release,” said panel moderator Galit Kierkut, a partner of Greenbaum Rowe Smith & Davis. “There are also risks that you need to be aware and careful of.”
Addressing the most commonly used social media tools, “there are many questions when you start out,” said Caryl Bixon-Gordon, president of Caryl Communications. “Which tools are right for your business, and how do you use them?
“The Internet is a key resource for more people,” she said, explaining the use and benefits of such tools as corporate web sites, Facebook, Twitter, LinkedIn, Blogs, YouTube, and newcomer Google+. “It offers product visibility, provides a company with credibility, and fosters new relationships. Social media has become a primary tool for marketers, and the great thing about social media is that they interface with each other.
“It is important to research and put together a plan, promote your social media presence, measure and analyze the results, and continually improve your plan,” she said. “And above all, know your audience.”
Jonathan Schein, general manager of Penton Media’s Commercial Real Estate Group, concurred from the media perspective. “Understand your target market, respond to cultural differences, assess and manage the risks, and know your technological limitations,” he advised. In the broader scope of media, “the competition now is everyone. Everyone who ‘tweets’ becomes a ‘publisher.’
Social Media’s Potential Legal Ramifications
“There are no limitations on getting your message out,” Schein said, noting however, such inherent risks as Internet postings by employees and the potential legal ramifications.
“Those legal ramifications are nothing if not confusing,” said Kierkut. “Blurring the lines between social and business use is one of those risks,” she said, “ranging from employer liability of employee use, to business risks of employee use, to the risks of monitoring employee use.”
For matters that do get to court, the latter have tended to weigh legitimate employee interests vs. legitimate employer interests, and public policy concerns, she explained.
Harassment claims constitute yet another legal risk, according to Kierkut. Terming social media as “the ‘bar’ outside of work” where everyone meets to gossip and exchange work-related opinions, “I advise my clients that supervisors and employees should not be Facebook ‘friends’. Companies and employees have to be vigilant.”
Other legal issues abound, Kierkut noted, including vicarious liability, defamation claims, copyright claims, loss of confidential information, and ‘rogue’ employees. “Handling these risks calls for firm policies, because it is a minefield out there,” she said.
Social Media and Credits for Real Estate Industry
Over and above the risks, the mantra of social media for the real estate industry is to “build support for your projects, your communities, and your stakeholders,” said Timothy White, vice president-public affairs for Beckerman Public Relations. “Your entire marketing and information process can be run digitally. It is more dynamic and has a broader reach.”
Social media can be utilized to build a coalition and generate support for a project, White said. But that can work both ways: “The ‘other side,’ the opposition, can do the same thing. In any event, “all campaigns now have a digital presence. Digital as a marketing tool is important for maintaining momentum.”
The event also marked the first NAIOP New Jersey seminar licensed to accredit Continuing Education Units (CEUs) for brokers and salespersons, announced Michael G. McGuinness, CEO of the chapter. “The New Jersey Real Estate Commission now requires that licensed real estate officials complete continuing education requirements as a condition for biennial license renewal,” he said. “This seminar has been approved for two Mandatory Continuing Education credits, and approval for two Continuing Legal Education credits for attorneys is pending.
“This is an important step in our continuing effort to support New Jersey’s commercial real estate community,” he said.
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Media Contact:
Evelyn Weiss Francisco/ 201-796-7788 / evelyn (at) caryl (dot) com
