Why 2.0

Why Real Estate 2.0?

Why do we need a different approach to how we market our Real Estate Projects?

I'll get to that in a second but first off would you agree that the Real Estate Market in NYC is in a state of flux? and that there is a lot of different perspectives about what is happening out there? And most importantly where we are headed.

Here are some of the latest facts regarding the secound quarter of 08 in NYC.
These numbers come from Jonathan Miller of the Real Estate Appraisal firm Miller Samuel:

• Prices were at or near record levels: Median Sales Price $1.025M, up 14.5%.


• After excluding 15 CPW/The Plaza: Median Sales Price $995K, up 11.2%.


• Number of sales fell 21.8% from 2Q 07. 2Q 07 had the highest total recorded sales for this report.


• Current sales levels are 27.6% above 5-year quarterly average of 2,413.


• Listing inventory 6,869 units, 31.2% higher than last year.


• Inventory is 10.9% below same period 2 years ago.


• Luxury inventory 31.5% below same period last year.


• Days on market was 135 days, 2.5 weeks longer than last year.


• Listing discount was 3.6%, up from 2.2% last year


• The full report is below:

http://www.prudentialelliman.com/NYCPhotos/retail_reports/mmo2008q2locked.pdf

So if the market is in a state of such dynamic change locally (let's forget about the national scene for a moment) Then why is practically everyone doing the same thing when it comes to their Sales and Marketing Program?

Why is everyone Marketing and Selling like it is 2004-07?

(like my picture above - which is dated but classic - Fine for photography not so hot for strategy)

How many Agency's and their Agents's get the quantum shift that is happening in Marketing with the rise of the Web 2.0 Approach?

Well having been on the front lines I could probably count on my fingers (OK maybe I might have to take of a shoe ) and count how many:

A. Get it and

B. Are actually doing it for either themselves or their clients

That is a pretty huge statement considering that there are over 75,000+ Real Estate agents in the greater NYC area.

So what should they also be incorporating into their S & M programs? and what do they need to do to evolve their game?

Well stay tuned and in my next post i'll tell you.