What is the best social media strategy for a real estate business?

A big reason for this is that Facebook's user demographics represent the target audience for any given real estate business age and income-wise. Beyond being where your audience is likely hanging out, the business features built into Facebook are perfect for real estate businesses.

Promote the town, not just the house.
Be yourself.
Educate your buyers.
Chat with your followers.
Respond to comments, good and bad.
Avoid simply shouting about your home listings.
Don't forget video.
Never assume you're only connecting with first-time buyers.