In the 1980′s a rave was the rage as all night dance parties could be found from city to city. Anticipation and excitement grew as organizers and attendees spread the word or posted handbills close to the event.

Enter 2009. A rave has been replaced with real estate camp or more specifically Real Estate Bar Camp. An event designed for real estate professionals who want to learn more about increasing their business and commanding a greater presence in the ever increasing field of social media. One of the presenters explained it very succinctly. “The consumer used to seek us out, now we seek to find them”. With so much information available to consumers these days, how do you stand out and create an identity that distinguishes you from your community of competitors?

What is Social Media?

A lot of attention yesterday was given to Twitter. As we signed in at the reception desk we were provided a name tag that also displayed our Twitter ID. Mine is pasadenaup2date, my wife’s is pasadeena. Twitter’s premise allows you the opportunity to answer the question “what are you doing” in 140 characters or less. Most of the people in attendance did have at least a minimal understanding of social media and how to use it. To me what was surprising wasn’t the amount of people who were there which was about 300, but the number of people who were not there. This was a great opportunity to learn from people in the real estate and internet industry who are opinion leaders and have a tremendous amount of insight to share. In other words, how to provide the consumer with a greater experience and provide the sources and information they desire.

Why Social Media?

Studies continue to indicate internet users want information and want it quickly, and now since so much of the real estate transaction begins on the internet, social media is becoming the gathering place. It’s instant and real time. So much of our lives are spent with inactivity such as waiting in line for the morning coffee or stopped in traffic to and from work. Social media is immediate, no waiting.

The Impact on Real Estate Marketing

So what does all of this have to do with real estate and selling or buying you next home? The marketing of real estate is changing. The Sunday newspaper with its real estate ads may be in the trash by 11:00am, while your property marketed correctly via the internet is available for sale 24/7, with more complete descriptions and color pictures. The internet changed forever the face of the travel industry. When was the last time you called a travel agent and ask them to book a flight for you?

I don’t believe the internet will have the same effect on the real estate industry simply because we have a transaction that is complex and mired in paper. And with real estate being a business based upon relationships, people and networking it could never be replaced with an online transaction.

But since real estate is a business based upon relationships, people and networking, the ones who adopt and utilize the many advantages of social media will be likely to prosper.

Where was your real estate agent yesterday?