David Lykken: The importance of Facebook for business

by MPA16 May 2014
By David Lykken
Special to MPA

 
Typically, the only interest an organization has in its employees' use of social media is restricting it. Companies often want to monitor its employees' use of social networking sites to ensure that nothing is being shared that could come back to paint the organization in an unfavorable light. But social media isn't just something to be avoid for companies. Used correctly, it is something to be exploited.

Facebook is currently the world's largest social networking platform. People use Facebook every day to communicate with one another and share ideas. In a hyper-connected world, don't you want your mortgage professionals to be involved in those conversations? A closing always begins with an initial conversation. More and more, those conversations are taking place online.

On average, people spend one hour everyday on Facebook. And they don't just talk about their grandkids, their vacations, and what they saw on TV. They also talk about products and services. When they're looking for homes, they ask their friends for guidance on finding the best banks and mortgage providers. Isn't that a conversation you want your mortgage professionals to be a part of? The only way to do that is to liberate them to use Facebook for business.

Of course, you'll want to encourage your employees to be smart about revealing sensitive information or inappropriate content, but you certainly want them to be involved. Developing a social media strategy for your company is an absolute must in today's environment. Discouraging your employees from using social media in today's world is like preventing them from using to the telephone several decades ago. The way we communicate has changed--let's be a part of it instead of shying away from it.

David Lykken is 40-year industry veteran who has been an owner operator of three mortgage banking companies and a software company. As co-founder and Managing Partner of Mortgage Banking Solutions, David consults on virtually all aspects of mortgage banking with special emphasis executive leadership development, corporate strategic direction and implementation as well as mergers & acquisitions. A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently he started producing a 1-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across America
 

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