In the last segment we introduced the concept of social networking as well as defining how important this strategy has become for those in business during the past decade. As we indicated, there are rules and strategies attached to this relatively new medium. This month we will introduce some of these rules and strategies so that you can be more effective moving forward.

Rule number one: Don’t bombard your friends with promotional messages. If you damage your reputation, you’ll quickly find yourself very lonely in the social networking world. That’s not to say social networking can’t be a great tool in business. You just have to do it in a way that doesn’t seem over-promotional. “You can use social media to maintain a presence with people you already know because it allows you to have a constant presence in their lives,” said Jeff Turner of Realestateshows.com.

Rule number two: Be professional at all times. Advance your status as a professional by posting a professional photo and creating a complete profile on the social networking sites you frequent. Make sure your postings are such that you would want a prospective client to view them. Funny photos and stories may seem harmless, but they can lose business for you within this medium.

Rule number three: Avoid setting up duplicate sites. It may make sense to have a “business” Facebook page and one for “personal” use, however, this may serve to confuse many you come into contact with. A better strategy would be to have links to segments of your business website.

Rule number four: Keep your information up-to-date. When you embark upon this strategy, you are making a commitment. Too many dip their toes into the water, then come back way too infrequently. Information that is out of date can do more harm than having no information at all.

If you observe these simple rules, you are in position to use the many strategies that social networking presents.

Strategy number one: Create a group and become a leader. This can advance you not only as a professional, but as an expert. For example, you may want to set up a group of local business leaders in your hometown. Business sites such as Linkedin have such capabilities.

Strategy number two: Advertise on Facebook. Spread the word by purchasing ads along the side of Facebook pages. You can set an age, gender, and location target market and have your ads appear on Facebook pages that match your criteria. You can also track your ad’s progress in real time to see who has been clicking on it.

Strategy number three: Start blogging. Darrin Friedman, the branch vice president of the Coldwell Banker Residential Brokerage office in Chevy Chase, Md., says blogging turned out to be his social networking silver-bullet. It has helped him recruit sales associates, build regional and national credibility, and ultimately make his company more profitable. He attributes his blog to helping his brokerage receive more than $5 million in referrals in 2008 and the blog has had a part in recruiting several agents to the company.

Strategy number four: Make expert information available. These mediums give you the ability to present information such as graphs and charts that can help you advance your status as an expert. The Internet can yield a plethora of information in this regard.

Strategy number five: Use response mechanisms to start business discussions. You can offer free reports, articles or newsletters to those who have an interest. This can be accomplished automatically such as giving them a link or you can require that they email or call you for the document. Each point of contact is an opportunity to start a business discussion and obtain referrals.

Strategy number six: Keep your clients and prospects informed. Social networking sites represent the perfect opportunity for you to keep the public up-to-date. For example, if service levels have slowed down, you can lower expectations. If there is difficulty obtaining a service or product, you can let everyone know. You can even keep them apprised of imminent rate or price adjustments, as well as letting “your” public know if you have a real estate listing that has sold or inventory is low.

When you delve into social networking, you are moving into a whole new world. It is best to learn “the ropes” first for maximum efficiency when you start your quest.

Source: Realtor Magazine as well as additional sources.