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Social media can boost a broker’s business but can also be a “cruel mistress” if mishandled, according to one aggregator.
National Mortgage Brokers managing director Gerald Foley said Twitter, Facebook and LinkedIn were a good way for businesses to reach lots of people quickly and cost-effectively.
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“For small business especially, this level of reach was unimaginable 10-15 years ago,” he said.
However, Mr Foley warned that brokers have to be willing to take the good with the bad, because “social media can be a cruel mistress”.
“Bad publicity reaches your audience just as quickly as the good stuff, and once it’s out there it hangs around,” he said.
“Not even the largest corporations or the best spin doctors on the planet can control it. Cyberspace is littered with hundreds of these examples.”
A panel discussion at the Better Business Summit earlier this year said brokers “run the risk of being invisible” if they don’t use social media.
[Related: MFAA offers free social media help]
