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Ready for Real Estate 2.0
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Posted On Dec 08, 2007
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 For those who looking ahead to see the next Web 2.0 trend in the industry after social networking sites like Facebook, Youtube, MySpace, Linkedin, Orkut , the news is “get all set for the Real Estate Web 2.0”. The Internet turning towards more user-driven content based websites leaves me with very little doubt that it might turn to Real Estate very soon.
I can still recollect where the Real Estate Industry started from, people owning a home or selling their property for the first time didn’t know where to begin or what questions to ask. The Real estate sites handed information on buying/selling of apartments, houses or commercial properties, mortgage rates, local contractors and movers, etc. in newspapers and through agents.
But today the Real Estate market is no less than a $3 billion online industry, and have moved far beyond than newspapers and agents, it has taken a whole new dimension, so pull your socks before your make your mind to enter this online property business.
With the introduction on Online Real Estate Website the $11.6 billion real estate ad market shifted their focus to Internet to retain their classified ads. According to a study by the National Association of Realtors (NAR) shows that more than 70 percent of buyers begin their search for a house on the Internet on sites like Realtor, Rent.com, Yahoo! Real Estate, etc.
So is a usual infrastructure of a commercial real estate website sufficient to utilize and cope up with the new technological trends. My answer would be “No”. As the market goes tougher, the real estate professionals will have to rethink over the strategies and their online user approach. And my answer would be “Introduce yourself to the Real Estate 2.0 trend”.
Introduce yourself to Web 2.0
After writing quite a few posts on Web 2.0, it’s benefit to small companies and its trends, I have experienced the Web 2.0 craze and how it has affected everything from social groups to newspapers to politics. What I wanted to talk about is how can Real Estate industry effectively use the Web 2.0 tools to affect the real estate market and the way everyday people buy their homes. Just as a lot of other industries are taking help from Web 2.0 technology and trend, homebuyers and sellers can also slash out the third party information and marketing services. With the emerging Web 2.0 real estate websites and blogs consumers have able to play an active role in finding the home of their dreams by themselves.
How can Web 2.0 facilitate the Real Estate Industry?
To me, Web 2.0 has given a very significant shift to the real estate industry. Businesses today have understood better how to use Web 2.0 in a value-added way.
Improve the end user interface with Blogs 
Real Esate Blogging are the best ways RE professional can get their head out of sand and make an impact. With blogs real estate professionals around the globe can learn from each other and provide a constructive service to their customers through starting conversations. One of the best examples I’ve seen in this service is Zolve.com as they tap into the idea of social networking with RE professional around.
Commentary 2.0(Videos)
Most of us have heard of MySpace and YouTube, which have quickly become two of the most popular Web sites on the Internet today. With a number of people using off of cable or DSL connections, it gives RE professionals a great opportunity to use videos and images to interact better with the consumers. Companies like WellcomeMat and OnlineWalkthru have created highly useful tools specifically for the real estate industry.
Real Estate Networking
Social networking sites are soaring; websites like MySpace allows brokers to create their own interactive professional profile. While many brokers already have online profiles with their companies' Web sites, this next generation of Web site would allow for more dynamic information that can be changed instantly and allow brokers to better connect with each other. Since commercial properties are already widely market on the Web, this type of personal marketing would seem to make sense.
Blend diverse database of information with Mashups 
This is among the Internet's hottest phenomena; Real Estate sites can combine ingredients from different online sources to create intriguing hybrids. Just think of dozens of real estate listings plotted on a single online map to make house hunting easier. No more shuffling through a stack of printouts to find your dream home. I think Zolve.com and eppraisal.com does a good job of that with historical housing data and maps
Real Estate Wikis
Real estate wikis are natural for developing a critical mass of ongoing contributors because local content- the market, the neighborhoods - is dynamic and always changing. As with blogs, daily contributors attract loyal audiences. A good example of how real estate could embrace this Web 2.0 technology is Wikipedia, an online encyclopedia whose content is created, changed and updated by the general public.
Future of Real Estate Marketing
It does surprise me a lot that there are still many agents till date not aware of Web 2.0. The impact of social commentary (networking), listing distribution etc. etc. are issues that are largely ignored. There really isn't much choice in the matter though. But I think its time for some hard-hitting in the real estate industry, its no more like paying presentation to clients like it was few years back. Agents need to be more transparent with the consumers and adapt methods for the same. Gone are the days when a title company handled the entire agent’s listing marketing efforts. Nowadays consumers are more equipped with knowledge and information about the industry, so not having proper amount of product and industry knowledge can make an agent loose out on the best deal.
I believe that the new real estate sites will only endure if they know how to take benefit from significant and established Web 2.0 technology and tools. As the demand for new homes that was booming just a few years ago levels out, the ability for these sites to acquire new membership and advertising will undoubtedly decrease. Well, it will be very interesting to see how these sites evolve (and possibly merge?) according to shifts in the market if they choose to ignore the Web 2.0 sparkle.
Some Related Articles:
Zolve Blogs
Real Estate 2.0
Future of Real Estate Marketing
Web 2.0 Real Estate
Real Estate 2.0 Market Leaders
The Future of Buying and Selling Houses
Transparent Real Estate
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