Risk Management and Social Media in Commercial Real Estate
- Jan 16, 2012
2011 was marked by a global wave of civil unrest. The fact that social media played such an important role has prompted many government agencies and businesses to step up their monitoring of Twitter and other social networks. These actions confirm the widening power of social media as an accelerator of social and business change.
Commercial property industry leaders increasingly recognized that social media immediately amplifies negative buzz about their brands and reputations, and can have an impact on positive imaging and sales if used effectively.
Many leaders, like CBRE and GE Capital Real Estate, asked us to start monitoring what’s being said about them and help engage online movers and shakers. As risk/reputation management and investor relations grow in importance, we also expect many other REITs, developers and publicly held real estate service providers to leave nothing to chance in 2012.
In Q4, 2011 our proprietary CREObuzz™ algorithm identified four times more discussions about Brookfield Office Properties than SL Green or Vornado. The most buzz corresponded to the removal of “Occupy Wall Street” protesters from Zuccotti Park, a space controlled by Brookfield.
Stay tuned for our upcoming insights, as well as filtered news mobile apps focused on commercial real estate. 2012 will mark the turning point in how CRE industry leaders take much more deliberate steps to better mitigate reputation risks in social media channels and define themselves rather than leaving others, like “Occupy Wall Street” protesters, to do it.
CREOpoint will be leading the way with powerful social media management dashboards to help you manage in this new and challenging environment.