Communications Network LLC based in Chicago has launched a new social networking site called The Real Corner. I recently joined the community and the site is nothing more than a simple Ning-based platform aimed directly toward commercial real estate types. Although there is nothing special or unique about the site, it is great to see that those in CRE starting to embrace the power of social media. It’ll be a great resource for news, and if one decides to exploit the network, a great place to establish some strong contacts. However, I want to focus this post around the comments of co-founder of Communications Network, Michael Moore.
In talking about the new network, he says, “I’ve had the opportunity to see value created by bringing people together with similar backgrounds, expertise and challenges and sharing best practices and asking and answering each others’ questions. This is an extremely tough time for the commercial real estate world, so the potential and power of social networking and peer counseling is astronomical right now.”
Most importantly, this shows that the commercial real estate community is finally getting on board with the power of social media.
However, his comments also beg the question, is social media only exploding because of the challenging economic environment? In other words, would you be spending time on social networking sites if your business was booming and you were making a lot of money?
Are real estate professionals spending lots of time on social networking sites because they feel it’s the best use of their time at the moment?
Will the number of new users on Facebook, Twitter, and LinkedIn plateau as the economy strengthens?
There’s no way to answer these questions with any level of certainty, however I definitely believe that the recession is acting as a catalyst for social media. That being said, the power of social media for CRE professionals is undeniable regardless of the real estate cycle.
What are your thoughts?
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