(excerpt from Transparent Real Estate
By Inman News, Thursday, January 18, 2007.
(excerpt from Transparent Real Estate post Musings on the Wisdom of Crowds)
The
Wisdom of Crowds has become dogma in this new era of social networking. CNN/Money picked up on the Inman Connect conference and its thematic message that the crowd will generate a torrent of relevant information and diminish the role of the Realtor as knowledge gate-keeper:"In the past, the real estate industry always had a gate-keeper mentality 'Brokers prospered by not giving out information,' says Dottie Herman, CEO of New York based broker, Prudential Douglas Elliman. 'Clients came to them for information. This takes the industry to a whole different model."
Technology has made it very simple to start up, run and contribute to Web sites and that has let loose a flood of information that's increasingly well organized."
And now to sports:Today, the Golden State Warriors traded four Warriors, including two overpaid underperforming players, for four athletic Indiana Pacers. Blockbuster trades are no longer analyzed in a vacuum by sportswriters the next day ... social networking is at work and the
Golden State blog and the Indiana Pacers blog were swarming with minute by minute commentary. Here's the interesting point - the wisdom of both these crowds in different states overwhelming concluded that Golden State got rid of two "Charmin' soft players" with bloated contracts and Indiana got shafted.Which invites the question - if the crowd (i.e., everyone) can see how bad the deal is, what the hell was all-time-great Indiana GM Larry Bird thinking?
Here's a good explanation and it applies to real estate.
--Pat Kitano, Transparent Real Estate
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