By Michael J. Russer
Realty Times

In
this day and age of hyper-change a lot of new terminology gets bantered
about. “Web 2.0″ is the latest that has created a considerable amount
of buzz, yet no one seems to have a clear idea as to exactly what it
means. Well, here’s my 2-cents on 2.0.

As the name implies, Web 2.0 represents “version
2″ of the Web. And this new version reflects substantial changes in
both the way people use the Web and the underlying technology that
enables this enhanced user experience. For the purposes of this
particular article we will focus on how these changes affect the way
you and your clients / prospects use the Web.

First let’s look at what Web 2.0 isn’t. Perhaps
one of the biggest confusions about Web 2.0 is that it is often equated
with using the Web for enhanced “social networking.” Examples of this
include YouTube.com, Myspace.com, Facebook.com and so on. These sites
allows its users to post information about themselves as a way of
networking and interacting with other individuals that they otherwise
would not have access to. While these services have proved to be
extremely popular (Google recently purchased YouTube for over $1.7
billion just to gain access to its user base, and ostensibly,
additional advertising revenues), they represent only a slice of what
Web 2.0 is all about.

From a user perspective, a Web 2.0 site blurs the
distinction between content providers and content users. That is,
content users / visitors are allowed to actively create the content
found on the site. This represents a huge interactive change from the
old model where site owners were the source and distributor of
information, while users were passive recipients. This makes for a much
more dynamic and rapidly changing user experience.

Digg.com is a prime example of what Web 2.0 is
all about. The way Digg works is deceptively simple. Any member of Digg
(which costs nothing to join) can post a link and their comments to any
story they feel is relevant (if only to them). Other members who see
the post either “digg it,” “bury it” or simply ignore it. The more a
posting is “dugg” the more it bubbles to the top of Digg.com’s
popularity list, which is constantly changing. The essence of the
inherent popularity of Digg (and other similar Web 2.0 sites) is that
it gives the opportunity to otherwise obscure masses of people to
achieve their 15 clicks of fame, and benefit from the “social proof” of
knowing what’s hot, and what’s not.

This means that Web 2.0 gives the average “Jane”
or “Joe” the ability to affect what millions of other users see (and
think what is important) on the Web. It is a form of personal
empowerment that simply did not exist before and goes way beyond having
your own website. That’s because, simply having your own site doesn’t
mean millions of people are going to find it or take the time to see
what you have to say. But on Web 2.0 sites, these millions are already
there and depending on what you have to share, they may very well be
interested.

So how does this all affect you and your real
estate career? Are you now going to have to get your own site upgraded
to Web 2.0 standards? Well, not so fast. Web 2.0′s ability to enhance
online business (other than advertising revenues) is still very much an
open question. So let’s take a look at how Web 2.0 principles are
currently being applied in the real estate industry:

• RealestateVoices
  – this is the real estate version of Digg.com. Members post articles
  that are rated by other members. So far it appears to be sparsely
  populated and seems to serve no other purpose than to inform.

• Zillow – this free home valuation service now allows homeowners to
  modify their property’s listing with additional information that may
  affect their “Zestimate” (Zillow’s estimate of value). And just
  recently, Zillow has enabled property owners to post their Make Me
  MoveTM price. This allows people who are not currently selling their
  home to think seriously about it, and becomes a source of leads for
  enterprising agents who continually check to see which properties in
  their area recently posted these prices.

• Point2Agent – this real estate template website company has
  recently added a feature where other agents, and more importantly,
  consumers can post their comments and/or questions about any of your
  listings on your site. This is a powerful and anonymous way for
  visitors to a) interact with you, and b) modify the content that makes
  up part of your listing information. NOTE: the staff at Point2 monitor
  these postings to make sure nothing inappropriate shows up in these
  comments. To see an example of this, click here.

These are just some examples of how Web 2.0 is
beginning to creep into the online real estate space. As time goes on,
there will undoubtedly be additional manifestations as well. As to how
all this is going to affect your ability to increase the amount and
quality of business you do online is still uncertain. What is certain
however, is that the more you give your visitors the ability to modify
the content of a site, the less control you have over what shows up.
I’m not sure that business is quite ready for this kind of structured
anarchy just yet. For example, Burger King thought they would take
advantage of the popularity of YouTube by producing a video with a rap
star and then posting it on the site. Well, they got publicity all
right, but apparently not the kind they were hoping for! Word of
“digital” mouth can be destructive as it is helpful, and you never know
for sure which way those winds will blow.

For now, the best thing you can do is just keep
your eyes and ears open to these new user-centric experiences. And,
don’t spend your hard earned dollars on the “latest and greatest” Web
2.0 “solution” until it has well proved itself. In the next installment
of this series of articles on Web 2.0, we will explore the how the
underlying technology is making the Web act and seem much more like a
desktop application — which is good news for everyone!

NOTE: Mr. Internet®, RUSSER Communications, its
staff and officers receive no compensation whatsoever from any third
party vendors and make no recommendations as to the suitability of the
products or services mentioned in this article. NOTE: Author does have
a financial interest in WebAssess. Always thoroughly investigate any
product or service before trying or purchasing.