Coldwell Banker Opens Office in Second Life
Second Life (SL) is like World of Warcraft - they are products largely driven by virtual communities that have very quickly developed its own meta universes. They’re also kind of like twitter (you can follow me here) - I don’t really get it.
But I’m probably alone here. Thousands, if not millions of people are using it to live out virtual fantasies through their SL avatars.
Being that it’s a virtual world, many of these fantasies center around real estate, and buying and trading virtual land. Some residents like Anshe Chung, the “Rockefeller of Second Life” claims to have made over $250,000 from creating, renting and selling virtual homesteads to new residents.
So it only makes sense that a real estate company would try and capitalize on this virtual land rush too…
Coldwell Banker (CB) announced today that it is the first national real estate company to sell homes to SL residents. From their press release:
Coldwell Banker has an inventory of more than 500 homes on 550,000 square meters in the Ranchero section of the Second Life mainland, one of the largest home developments in this virtual world. These virtual homes will vary in price based on size and style, including southwestern, colonial and contemporary, among others. In addition, Coldwell Banker is offering homes perched atop a picturesque hill overlooking the ocean. Second Life residents can meet with a Coldwell Banker sales associate avatar in the brand’s virtual office and schedule an appointment to tour virtual properties of interest. Homebuyers who close a purchase with Coldwell Banker will receive free “virtual furniture� for their new home as a closing gift.
You can see a current map of the SL world (or “grid”) here - Ranchero is located just in from the inlet on the eastern side of the island that kind of looks like a “J”.
It’s a interesting idea. Large companies like CB are making all kinds of creative plays in SL’s cyberspace - HSBC has a bank, Toyota has a dealership, even Reuters has a SL news bureau. For good reason too, SL can be a test bed for new ideas and it gets people interacting with their products and services; and it’s a relative cheap investment:
…an island costs $1,675 for about 16 virtual acres, plus $295 a month for maintenance fees…
(more in Investor’s Business Daily: Companies Are Finding Second Life)
Unfortunately, I wasn’t able to figure out where CB’s headquarters was. If anyone can find it, can they post a SLURL in the comments?
This commercialization of SL is not without controversy however. Folks who resent this corporate intrusion (nicknamed “Grievers”) have taken matters into their own hands; apparently there’s a Second Life Liberation Army who have shot virtual customers outside a virtual American Apparel store and even gone as far as detonating virtual nuclear weapons (more in USAToday article).
Then of course, there was the infamous “Phallus attack” on virtual Realtor Chung earlier this year (see Virtual Real Estate Tycoon Assaulted in Second Life).
I’m sure we’ll see more attempts to capitalize/advertise in these virtual worlds in the future. CB is definitely ahead of the curve on this one and, in a day and age where advertising is becoming so ubiquitous and consumers are becoming increasing desensitized to tradition branding efforts, this is a way for a major real estate brand to try and cut through the message clutter.
If you’re interested in checking out Second Life, click here to join.
Of course, in the mad rush to take advantage of the opportunities in Second Life, let’s not forget that you should also Get a First Life.
Update:
I found it.
Here’s the SLUrl to teleport you there.
Porsches and Beamers parked outside and CB-branded helicopters on the roof. Nice.
Nobody was home when I visited, but there’s coffee and donuts and there’s a nice boat to hang out on while you wait.
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16 Comment(s)
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Christian Sterner | Mar 24, 2007 | Reply
There was a very intuitive book published in 1992 called Snow Crash, by Neal Stephenson. I had to read it for a class about how sci fi relates to reality. It has been pretty amazing how many times that I have realized that Neal was spot on. He may have actually been the person that coined the term “metaverse.” Not positive, but the short story behind the book is that money blew around on the streets, without worth. It was the information that everyone was after (info was power). Definitely worthy of a read, if for no other reason that to wonder how Stephenson knew which way the world was headed.
TitleRep | Mar 24, 2007 | Reply
I find it amazing that people are able to waste so much time, and now money (real money) on this. Don’t get me wrong, I’m a big fan of video games. In fact I use certain games as a form of relaxation after a long day at the office (nothing better than getting a knife kill in Counter-Strike), but this seems to be taking over peoples lives.
I do admit, I joined second life to see what all the buzz was about. I logged on for about a half hour, wandered around trying to find what was so cool and causing all the hype. After about 20 minutes I found it too. A virtual strip club!
I go inside looking to spend a few of my free Linden dollars, and just my luck, nobody was there but me. Oh well, maybe next time.
I haven’t logged since… Which reminds me, I might as well uninstall it from my computer. Back to my first life!
Ioan | Mar 25, 2007 | Reply
I think it’s pretty smart for CB to further their brand in the virtual world. Their brand will be synonymous with real estate properties and will be in front of millions of eyeballs.
dc | Mar 25, 2007 | Reply
This is so pathetic! I can’t believe legitimate businesses are getting in on this(!!) and that people waste so much time in a completely fake world! It must be for the the cartoon porn. That’s REALLY pathetic and gross.
Condo Blog | Mar 26, 2007 | Reply
There is no way in hell this is true. CB would not risk its brand in jumping into something like this…plus their not that techy savvy. Where can we source this back too?
Hey Joel…also….congrats on the Inman Promo!!!!
Runa | Mar 26, 2007 | Reply
My first impression was the first as tittlerep’2 and ds’c: amazing and pathetic.
Anyway, considering the increasing popularity of SL and similar online projects, this idea can be also considered, at the same time, a great idea.
If there’s so many people “able to waste so much time, and now money” in such things, it’s normal that somebody finds the way to earn on it…
Steven Groves | Mar 26, 2007 | Reply
I understand the discomfort many have expressed regarding the CBRE/SL endeavor – it’s new, it’s still rather cartoon-ish and, like so many visually oriented technologies through out history, there is a lot of mature content in these early stages of development – in many places, SL is a sex-game on steroids.
Take a minute though and imagine how SL will operate and when the gloss has come off the visually stimulating / sexual aspects of the technology. Mid-tier adopters with more mature reasoning will see how to use the media to connect people for more urgent reasons – work, family and certainly commerce.
We can’t pretend to have all the answers, but like Joel, I try to be more of a futurist when it comes to evaluating technology. What I can state unequivocally is that as a realtor of the future, you better get used to tools like SL – you can bet your customers will - the future of the web is in social media and SL is by far the most advanced social media interface there is.
To paraphrase the line from Men In Black, when K is recruiting J – “A thousand years ago everybody knew as a fact, that the earth was the center of the universe. Five hundred years ago, they knew it was flat. Fifteen minutes ago, you knew we humans were alone on it. Imagine what you’ll know tomorrow.â€? - imagine what the web will be like tomorrow - if you’re stuck in the vision and model of the past, SL will never serve you. Which is OK - do not redicule or belittle those with new ideas and trying new things.
Read my blog for another perspective on the future of RE technology… I read Joel regularly, might not always agree with him (usually do) but I like his writing and perspective.
Steven Stearns | Mar 26, 2007 | Reply
…the market will go where the consumer can get what he/she desires. This is a true case of information being more important than influence: consider the expansion of the global real estate market and it seems Second Life becomes the next Emerging World where commerce is growing with the confidence of the consumer residents there.
It is really no different than a gated community -only the un-inivited and underfunded, and maybe the overly cautious -can’t get through the gate.
Location, location, location: where is the information and how do you get to it?
Me? Not right now. The city is still working on the sidewalk out front, and I have a chipmunk problem in my gutters…
steven.stearns@obeo.com
ObeoConnect-NEVER miss a buyer!
Incredible Agent | Mar 26, 2007 | Reply
I wonder if there are any lenders in Second life? I need to refi my first house so I can buy a Second home and Second car.
Arlingtgon Virginia Condos -- Jay | Mar 29, 2007 | Reply
I’d explore Second Life, but I’m afraid it would too engrossing to a strategist like me. For the same reason I still haven’t opened up my Civilization IV video game…it may be too fun. With a website to work on late every night and 3 kids (acquired this year) there is no time for games anymore unless it’s before 7am.
I think it’s a great idea by CB–compared with their pathetic attempt at offering templated blogs to their realtors. Often out of the box marketing and influence building is seen as idiotic by competitors who later end up rushing to emulate an effective guerilla marketing campaign.
jay
Rocco | Mar 30, 2007 | Reply
Fantastic post. I think it is really smart for Coldwell Banker to get in on the action. I think it is quite funny, but if they are making real money then it is not all fun and games.
We all may find it strange that people are willing to spend real money on virtual worlds, but it is happening. Coldwell Banker is simply fulfilling a need for the marketplace. they are good enough at doing it for real real estate, sounds redundant, why not virtual real estate.
TitleRep | Apr 1, 2007 | Reply
What’s next, Virtual Title Companies? Hmmm… I may be on to something!
In fact, I’m going to write a post on my blog about that. There’s obviously a need…
Bruno Roldan | Jun 28, 2007 | Reply
Hmmm i wonder if they need virtual tours to display their virtual properties heheeheh
Ben parker | Jul 6, 2007 | Reply
It’s more evidence that the Second Life naysayers are on the defensive.
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Michael Pierce Real Estate - Kansas City | Mar 8, 2008 | Reply
I have only been on second life once and did not really “get it”. I will ahve to check it out again to learn more about it.