crocker 2011 power point presentation v2
DESCRIPTION
Presentation to be given Oct 4, 2011 at the Crocker SymposiumTRANSCRIPT
What are we trying to accomplish?
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What will social media do to CRE values?
What are we trying to accomplish?
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What social tools are the most useful?
What are we trying to accomplish?
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How do I use social media in my RE business?
What is social media, anyway?Traditional media:
– You pay, I talk, you listenInteractive media:
– You pay, I talk, and you and I talk about what I just talked about
Social media:– Everyone start talking to each other while I get a
cup of tea, and then I’ll come back and join the conversation
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Where do we find it?www.wordpress.com, www.facebook.com, plus.google.com, www.youtube.com, www.flickr.com, www.linkedin.com, www.yelp.com, www.socialmention.com,www.basecamphq.com, www.twitter.com, www.tumblr.com, maps.google.com and www.bing.com/maps/ …
…and many more places. (but these are a good start!)
,
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What are the implications for RE owners?
Good News: If your business is driven by consumers - and you do it right - your customers will market for you.
Bad News: If your business is driven by consumers and you make them mad – it matters in ways it’s never mattered before.
Really Bad News: Returns on certain asset classes are likely to drop, as Internet shopping, workforce virtualization, and the efficiencies driven by collaborative technologies reduce overall demand.
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…implications for RE owners?
Good OR Bad News: Location matters less, because (for retail) Yelp and Google Places let customers find the restaurant or store they want even when it’s in the elbow of an obscure mini-mall.Location also matters less for office as the workforce virtualizes (I work from my home office about 25% of the time). Possibility - bad if you own A- or B+ properties; great if you own B or even C properties.
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What are the implications for RE professionals?
Good news: Small practitioners can compete with large firms on a more level playing field. Bad news: The shift to small practitioners will drive down rates.
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…implications for RE professionals? Good / bad news: A big part of your value has been WHO YOU KNOW.
…it’s easier to connect with more people using social tools.
…but value of ‘weak connections’ in your network goes down because anyone can use LinkedIn to find that contact they are trying to reach.
So just knowing someone doesn’t matter as much – what matters is how deep the relationship is and whether they trust you…reputation matters more than ever.
Critical point: Reputation is back.
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Reputation matters…
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Today, restaurants:
HBS paper (released 9/16) by Michael Luca shows a 5 – 9% increase in revenue for Seattle restaurants who gained one star in Yelp ratings.
Tomorrow lawyers … and shopping malls?
Reputation is back…
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So what do you do about it (as an owner)?
• Use social media to listen to your tenants/customers;
• Look at your professional spending – do you need a large firm with large firm rates?
• Think about your portfolio and evaluate properties which have a location premium but aren’t at 100% locations.
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…and what do you do as a practitioner?
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Useful sites we’ve discussed
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Google Places registration - http://www.google.com/placesforbusiness
Bing Business Portal - http://www.bing.com/businessportal
Social Mention Search – http://www.socialmention.com
Great YouTube apology - http://prtcl.es/pOHCSN
Inc magazine on SoapWorks customer-led marketing - http://prtcl.es/rq0Dbi
‘United Breaks Guitars’ on CNN - http://prtcl.es/pWpd5D
PWC Emerging Trends in Real Estate 2011 - http://prtcl.es/q90bJk
TIME magazine’s article on LudoBites – http://prtcl.es/rjA8yB
McKinsey Global 2011 Report on US Jobs - http://prtcl.es/qy2I3F
The bookmarks can be found at:http://prtcl.es/naw8C0
Thank you! Here’s this presentation:
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