Executive Conversations

Online Real Estate Strategy: The Graying of Social Networks

First a warning - I use a bunch of numbers to arrive at my point, which is, the strategy of a Social Media presence requires analysis and alignment with your goals (personal or corporate) relative to your online presence.  Without a strategy, you'll try everything and often achieve noting. 

On to the analysis then - The Pew Internet & American Life Project just released a report on Adults and Social Networking, which provided some illuminating information about the demographics of the social networking (SocNet) arena and the top three SocNets; MySpace, Facebook & LinkedIn.

The conclusion is that the most popular SocNets are not as young as many think; as expected, LinkedIn is older and much more business-oriented than either MySpace or Facebook, but we've recognized that trend for the last few year.  that's water way under the bridge for many of us.  Though the demographic on MySpace and Facebook skews to a younger population with the percentages, there are a BOATload of older Americans using these networks, for pretty much the same reasons as the younger crowd - to stay connected with friends.

Let's look at the Pew numbers and use the US Census 2005 to 2007 estimates to get hard numbers of the population.

Age Band	Pew %	US Census Population	Extended Count
18-24 / (20-24 = Census age band)	75%	20M	15M
25-34	57%	39.9M	22.8M
35-44	30%	43M	12.9M
45-54	19%	43M	8.17M
55-64	10%	30M	3M

What the table suggests is what we might have already known that most of the US population is older, 35+ is what I've focused on as 'older.'  When we take the sheer number, not the percentage of younger adults who use a social network to stay in contact with friends and compare it to the number of older users, the sheer number of adults in the older crowd catches up quickly.

While the age bands do not match up perfectly, we can use the correlation of the Census Bureau and the Pew numbers to estimate that a bit more than 24M ARE more older users in the social networks overall.  Older in my comparison is 35 and up, so if include the age band of between 25 to 34 as younger users, the number goes up to 37.8M vs. the 24M for older.  Connecting the dots then is that of the 68.1M social network users in the US, 38.8% of them are aged 35 to 64 - often a more affluent and influential population.

These stats play into a real estate sales strategy to take the time to assess your objectives and align them with your online presence in a strategy that is most likely to connect you with your audience.  The real estate specific SocNets are easy to get lost in and I'd stay the heck out of them but for the occasional networking it affords to connect with industry associates, but your prospects / customers are not at ActiveRain or RealTown - they will be in Facebook, LinkedIn and apparently MySpace.

These stats play to the larger online SocNets for sure, but there are more an more niches SocNets coming up all the time, thanks to services like Ning and KickApps.  With a look around, you may find that your marketing dollars allocated to social media CAN go pretty far to connect with your specific target audience.

Technorati Tags: Steven Groves, social media Bible, social media, strategy, Pew Internet Study, Social networks, populations, demographics

The Impact of the Long Tail in Blogging

Starting to get more active again blogging, due in large part due to my new opportunity at TheSocialMediaBible.com, so I am looking at my blogging properties again and freshening things up a bit. 

When I came to see what was up with the Executive Conversations in Real Estate blog, I was just blown away... according to the internal stats from TypePad, I had 324 visitors on Monday, 332 on Tuesday 310 yesterday and today since midnight GMT, I've had 222.  This is all to a blog I've not posted on since July 19, 2007 and the post before that was in January!

To me this speaks to the power of the long tail in social media; you're going to get found according to whatever you write at some point and right now the topic of social media in real estate is pretty hot so I am very happy to see all the activity - to my 24 current subscribers, I promise more content and I'll invite you to also check out www.StevenGroves.com and the www.SocialMediaBible.com, where I have been writing more recently.

I have never lost my love of the real estate professionals, but I have been distracted as the industry took a tumble (needed to get a paying gig ya' know...) and now I promise to update the Agent2.0 content model and we'll keep putting one foot in front of the other!

Technorati Tags: Real, estate, blogging, long tail, strategy

It was the best of times... and one of my gaffes

The concall last Friday was reasonably well attended.  As a wrap to the event we have winners to announce...

• Winner of the Blog is Travis Houston of Rising Tide Investments / San Diego
• Winner of the one-year subscription to Point2 Professional website is Drew Burks of Dream Design Realty / San Diego

...and now for the next part part of this message, at least it was hard initially.

Let me begin by sharing that I really admire Robert Scoble.  If you do not follow him, he is one of the icons of social media and from my perspective, he lives totally unafraid of the glare of the spotlight.  Since I've known him, he's made several gaffes and mistakes, which  almost immediately endears me to him.  The particular aspect of Robert that I am referring to now however is how he recovers from those gaffes, errors or omissions - he recognizes them, comments appropriately and then carries on.  Not like it never happened, but as if it is a very human characteristic to trip or stumble; more often for some people.

This brings me to my most recent stumble - I was not particularly happy or proud of my delivery of the event on Friday.  I did not think it went well, neither did several of the participants.  I was wooden, unengaged and overall, I embarrassed myself; Michael Gerber deserved a much better effort.

I'll do better next time - I owe you all as good a job as I can do.  My commitment to exploring the intersection of social media and real estate really means I should belly up to the bar, take my licks for the stupid stuff I do (and then - carry on... thanks to those of you who shared honest commentary.

Technorati Tags: michael+gerber, social+media, real+estate, technology, strategy, entrepreneurship

Support the RE.net Tornado Aid Project

I received a note last night from Lani Anglin-Rosales  a contributor at BloodHoundBlog.com, AgentGenius.com and her own blog at RERevealed.com in Austin (yes, I do miss Austin!).  I like Greg and the Bloodhound gang and how could I deny Lani?

I promised I would put up the donate badge to help out the effort - if you can - donate now...

Technorati Tags: real+estate, stragegy, technology, blogging, help+tornado

Recipe for Easy Success in Real Estate, the Agent2.0™ Model Underpinnings

As we've been working on the Michael Gerber Real Estate Entrepreneur conference call (which is tomorrow by the way - hope you've all registered!) I've been thinking about the fundamental components to make the real estate agent successful and how simply they can be presented to professionals. 

Here is more on the Agent2.0 ™model underpinnings -

1. Start with the understanding that the successful real estate entrepreneur is no different than you; same hours in a day, same tools available to them as you and all the rest
2. Add the understanding that the Internet is now and will continue to be the most common way the real estate consumer will begin and support his effort to find a new home
3. Adopt the technology and social media tools that place you squarely in the path of the consumer when they are looking for the data and relationship they need a professional to act on their personal activity and help consummate the transaction

Sounds simple when I put it like that, but I also realize that when I use the word 'poof' in reference to the effect of social media, it refers to the understanding of how the technology and processes work.  The lightbulb comes on, and then we need to adhere to the processed and work through a timeframe to realize the benefit of the realization we made back when. 

So yeah - it is a poof, but then it becomes the pleasure of executing a plan, not the grind of slogging through the trenches everyday.

Technorati Tags: real+estate, entrepreneur, entrepreneurship, agent2.0, strategy, success

What is the Message? Michael Gerber Knows the Real Estate Entrepreneur

It is an important starting point for a real estate professionals who want to make a difference in their business.  It's the point where you realize that what your doing is not working and you have the power to change it.

I see the event this Friday, a free conference call with Michael Gerber, as one of those kind of events.

As I spoke with Michael today in preparation for the event, we talked about the perspective that in a down market, there is only one direction - up.  From the depths of the lull, industry crash or whatever you want to call it, the next generation professional in the real estate industry will change what they are doing, how they do it and put in it's place the model of a successful business - the model of an entrepreneur.

Then I I think about people like Russell Shaw, Jay Thompson and Saul Klein - all successful in their business by doing things differently than others are / were; this is the paradigm shift that Michael is talking about and has been talking about.

If you need more incentive to attend the event, keep in mind we are doing a drawing for a 1 year Point2 Agent Professional website upgrade and a 1 year TypePad blog - almost $650 in door prizes.

Sign-up now - make a change for the better this year in your real estate business by learning how to think differently - think like an entrepreneur!

Technorati Tags: Michael+Gerber, Real+Estate, Entrepreneurship, Agent2.0

Point2 and RealTown - Both under the Leadership of Saul Klein

When Brendan King left Point2 technologies many people, including myself, wondered where they were going to get the kind of leadership Brendan exhibited in growing Point2 from  it's roots in heavy equipment into the real estate powerhouse it is today. 

When they announced Saul Klein was going to be taking over, I think many people wondered how he was going to handle the leadership of both Internet Crusade and Point2.  I called pretty soon thereafter for a podcast appointment and here is Part 2 of the resulting effort. 

Saul is a maniac about being in the field with the people who use the technology he is responsible for - I'm not sure anyone can match him for the over 1,000,000 air miles he has traveled evangelizing the use of technology in the real estate industry.

In this second / final segment Saul talks about the single point-of-entry of the Point2 technology solution and how an Agent2.0™-type of model is what will required of the next generation agent and he tackles the typical excuse of 'how can I find the time to do that' and the power an experienced agent can bring to the table when they add social media to their activity.

Click here to download the interview or play it now using the controls below.

It is also available at iTunes for your iPod (just search for 'Steven Groves' in the iTunes Store from iTunes)

Part 1 of the interview is here.

Technorati Tags: Saul+Klein, real+estate, strategy, podcast, technology, interview, agent2.0

Test Your Valentine's Trivia Knowledge - Tickle Your Sweetie!

I've been called a romantic and when I got a newsletter from 24Hr Fitness with some of these I thought I'd share it!  BTW; I added the last one...

1. Who was the first to declare Valentine’s Day an official holiday in 1537?
2. What was invented by NECCO in 1866?
3. The city of Verona receives 1,000 letters for whom every Valentine’s Day?
4. What product was introduced on Valentine’s Day in 1929?
5. Who sent the earliest known Valentine’s Day card? What US state became a member of the Union in 1912 and is known as the Valentine State?

Answers after the leap - More Valentine Trivia here

Saul Klein is a Master Builder of Tools Supporting the Real Estate Professional - Now at Point2 Technologies

Saul Klein is one of the real visionaries in the real estate industry and when he recently took over the helm at Point2 Technologies on January 1, 2008,  it again validated the solution that Point2 offers for real estate professionals everywhere and a signal that Saul is not content to just sit back on his many industry-shaping accomplishments and relax.

I've not met Saul face-to-face - yet - but in the interview, I was amazed at the energy and drive he showed for what he does - which is building the tools and companies real estate professional count on for best-of-breed solutions. 

With the success of Internet Crusade already behind him, he is now working on even better ways to put effective technology and education in the hands of real estate professionals.  The offering at Point2 technologies will continue to be enhanced by his drive and visionary talents I think.

In this first segment Saul talks about the state-of-the-industry he loves and the merging of the organizations he heads up.  It is a great piece and one I think listener will really enjoy.

Click here to download the interview or play it now using the controls below.

It is also available at iTunes for your iPod (just search for 'Steven Groves' in the iTunes Store from iTunes)

Technorati Tags: Saul+Klein, real+estate, strategy, podcast, technology, interview, agent2.0

Awakening the Real Estate Entrepreneur Within - a Live Event with Michael Gerber

I really believe that real estate professionals are, and always have been entrepreneurs - but often they do not act like it.  More often they do not see themselves as entrepreneurs anyway; in my role I see lots that do - so I listen to what might make a difference.

I have a healthy respect for the entrepreneurial spirit and mentality - it has been said that very little gets done with out the drive and determination of the entrepreneur.  New ideas get formulated, built and launched by entrepreneurs - not by the many who just follow and never try to take control of their own destiny.

If the real estate industry is so full of entrepreneurs then, and there are so many success stories like Saul Klein, Russell Shaw and Gary Keller, how does the average real estate agent get above the noise?  Do we all somehow expect we'll just figure it out or it'll fall in our lap?  Well, no... first off I'll suggest that 'average' never will get above the noise, but you can learn what you need to make a difference between mundane and extraordinary in your business. But how?  Listen and seek out entrepreneurial education.

To become a real estate professional, you have to attend a real estate school.  That education however is usually nothing more than being coached to pass the state exam; no real useful education or information on how to start or run a successful business.  You then hang your license with a broker and off you go - some of the better organizations at least show you how to prospect and handle clients.   Many do not.

I did  search on the web for 'real estate entrepreneur education' and came up with a few sites, but no one that had an educational offering that would make a difference - not like the kind of difference a Michael Gerber would bring to the table. 

For those of you who do not know Michael Gerber, he has been hailed by BusinessWeek and Inc Magazine as "#1 Small Business Guru in America" and when I talk with top producers, I find that they all have read and understand the wisdom that come from his 1988 best selling book "The E-Myth" and the 1992 update, "The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It". 

All this is leading up to this - today Michael's organization and I get to  announce a very special event developed just for licensed real estate professionals - a special live conference call / interview with Michael on his new book "Awakening the Entrepreneur Within: How Ordinary People Can Create Extraordinary Companies" and how it fits with the real estate entrepreneur. 

I'm going to use the service at TalkShoe, so we can get some interaction with the audience - get your TalkShoe account before the event if you want to interact, but you can also just listen in, they have a dial-in only option - which is why we chose it.

You can register for the event now by visiting the registration site or if you just want more info, check the new page posted here at the blog. 

Michael and I will be talking about the new book and how entrepreneurship plays into real estate - from what I've seen it is a natural and many of the online real estate community agree; the next version of the real estate professional will require a much more entrepreneurial perspective and drive to be successful.

If Michael's presence was not enough, TypePad is sweetening the pot to get you there with a drawing for a single (1), one-year free TypePad blog account ($149.50 value) and Point2 will give all attendees a free website, if they do not have one already.

The story behind all this is that I had met Michael in my work in the local entrepreneurial community and we agreed to put this kind of content together for real estate professional would be a great idea.  As part of the event, and relying on my background in social media, we're putting it into play strictly with online and social media tactics. 

This is part of what I call a 'gerber-esque" behavior; that of listening to the market, coming up with a solution to the pain / problem that is being expressed and then launching it in a cost-effective way that let's you listen to what your audience / customers want.  Listen again, repeat as needed.

Come register - you'll enjoy the event I'm sure and tell others about it!

Technorati Tags: real+estate, michael+Gerber, entreprenurship, entreprenure, education, agent2.0, conferece+call