Searching for a house or apartment can be a daunting task. In New York, the stress of this process is amplified due to the massive real estate landscape, countless brokers, and expensive moving costs. Additionally, the commercial real estate industry is traditionally the last to embrace new technology; making the hunt for a new home more difficult. Today, real estate agents/brokers are starting to evolve and embrace online platforms, in particular social media, to help the consumer navigate the process.
The recent WSJ article, “Real Estate Firms Get a Handle on Twitter”, points out that social media platforms like Twitter and LinkedIn are giving top real estate firms a competitive advantage, by generating leads and in some cases, closing deals.
However, when it comes to the current real estate landscape in social media, these traditional firms are behind the eight ball. Social platforms aimed at cutting agents/brokers out all together are gaining traction and taking over the apartment hunt process. RentSocial, for example, is a social platform allowing people to connect directly with property management firms and as a result changing the entire real estate search process.
According to a recent article on Mashable, “RentSocial appeals to the connected generation who like to share aspects of their lives with friends and family, which is more important in the decision making process. There are more than 100 million apartment renters in the United States, with about 53 million of them 30 years old and younger.”
My question to the class:
Do you think the traditional commercial real estate model (with the use of agents/brokers) will survive with the emergence of competitive social media platforms?
– Halley Holdsworth