The real estate and auto industry, among other industries, lost their information advantage when people were able to compare prices and do independent research online. Not only are people able to find information, they're able to actually do the buying and selling directly. Agents and dealers are, by definition, middle men. Their "expertise" and access have made them essential ones, but the advantage in using them has decreased.
This has all been true for years, but social media is the latest wrinkle in this. It could be an opportunity for those who do it right, and it could be death for those who do it wrong.
Opportunities:
1. Real Estate brokers using social media to deliver news and updates. (price drops in areas, etc.)
2. Using social networks to establish themselves as thought leaders in the industry. (i.e. Duffy Realty of Atlanta)
3. Partnership with online realty sites (Zillow, Trulia, etc.)
4. Increased customer knowledge could lead to shorter turnaround and fewer home visits
5. New sources for lead generation
Dangers:
1. Individuals can access the same sites to search for and sell homes.
2. Online realty sites like Trulia and Zillow will become competitors. How long before they have agents, physical or otherwise?
3. A bad experience with an agent is broadcast to the whole world.
4. Content has to be awesome and varied, or else you'll come off as too "selly"
It's an interesting time for real estate, and I think social media will have a huge role to play. It may only be a matter of time before a majority of people at least start the process by trying to buy or sell on their own.
I don't know a lot about real estate, admittedly. What aspects of real estate make agents essential?
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