Facebook, Linkedin, Yelp, Foursquare – It’s a social revolution and real estate will not be left behind…
March 18, 2010
This past Monday the blogosphere lit up when analytics service Hitwise named Facebook the largest single website in the United States.
The data shows Facebook overtaking Google in the U.S. with 7.07% of all U.S. visits vs Google’s 7.03%. For the first full week, more Americans typed “Facebook.com” in their browser than “Google.com.” It’s important to note though that these stats don’t include traffic to Google’s other properties such as Gmail, Youtube, Igoogle, etc.
Nevertheless, considering Facebook grew a whopping 185% vs Google’s 9% it’s safe to assume that social networking is thundering forwards. What’s the connection to real estate? Lots…
The Web is social but real estate is lagging. This will change.
Currently, purchasing a home in Canada is a relatively lonely experience. Think of booking a vacation with a site such as Tripadvisor, or checking out restaurants on Yelp. These sites are dedicated to individual reviews and community discussion, they are powered by the social web.
Real estate, however, is a bit behind the times. In Canada, for instance, there are is no ‘Yelp’ for buying a home. What would a ‘Yelp’ for real estate purchasers even look like? It could provide discussion forums for Canadian neighbourhoods, Realtor Reviews such as ‘is this agent a dooshbag?’, real estate lawyer reviews, appraiser reviews and mortgage broker lender reviews too.
There is also the question of whether large social hub conglomerates such as Facebook and Twitter will themselves become the manifestation of real estate meets social media. Facebook, for instance, is already diving into real estate with it’s ‘Facebook Market Place‘.
The merging of real estate with the social web is still in its infancy. How the story plays out is yet to be written. But, without a doubt, as the popularity of Facebook surges and social media saturates the web, real estate will not be left behind.