Using Facebook as a Real Estate Data Collection Source
Since launching its F8 platform, the social network Facebook has seen a staggering number of applications developed for it. So many that it verging on becoming a menace - I’m already getting overwhelmed with updates from people who have questions they want answered, or some Pirate games they want me to install.
Despite the noise there is still some very interested work being done with Facebook. Some innovative developers are using the network to reach out to the community at large and get the “wisdom of the crowd” to enhance their databases. An example of this is the Cities I’ve Visited app, which was developed by TripAdvisor - I suspect as a way for them to compile a list of the most popular travel destinations.
One of the early movers in the real estate space is the Neighborhoods application, which was developed and launched by the real estate web site provider Point2 Technologies. It’s a pretty popular application - as of this afternoon it had 21,136 daily active users. Testament to its widespread appeal, it even got a nice nod from the Lost Remote TV Blog recently.
I asked the guys at Point2 for some hard numbers from this project and this is what had for me.
User Base Growth
As of Aug. 31: 1:00 p.m. – 84,370 users…
Daily growth rate is 5,000 to 7,500…Growth rate is doubling every 5 to 10 days at present
29 countries available/active…will continue to add to it
Very impressive numbers.
But what’s even more interesting here, when you dig deeper, is that Neighborhoods is tapping the viral nature of Facebook apps to refine Point2’s database of hyperlocal neighborhoods. It’s getting the Facebook users themselves to tell Point2 where they live. To suggest new neighborhoods where the none may already exist, to correct errors where they exist. It’s rather like conducting a huge Census survey. For free.
Many Real Estate 2.0 sites are out there right now trying to tap the crowd (e.g. my-currency, Zillow) to build out their content but, in my opinion, they are using a flawed Field of Dreams approach (”If you build it, they will come”) to grow the datasets on their sites.
Neighborhoods, on the other hand, is an interesting experiment of the reverse. Don’t make the crowds come to you, go to where the crowds are. Leverage that huge user base and put them to work for you.
It doesn’t stop there either. Point2 has successfully used the traffic as a way to feature listings from its agent pool, and is seeing very good results.
As for traffic back to agent listings, we are tracking around 12+/- percent of total daily users viewing the listings, which is very encouraging.
When F8 first launched, I suggested a few applications that could be developed on the platform (see Facebook Could Make or Break Real Estate 2.0). Three months on, I’m surprised there have been few takers. Perhaps these numbers will shake them out of their slumber.
Popularity: 54% [?]
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13 Comment(s)
2 Trackback(s)
- From Monday Social Marketing Mashup: Facebook : Real Estate Marketing Blog | Sep 17, 2007
- From TRANSPARENT REAL ESTATE (www.TransparentRE.com) | Sep 18, 2007
Kansas City Real Estate | Sep 6, 2007 | Reply
The Facebook Neighborhood project has been a great and I see the benefit with my little use.
Andrew | Sep 6, 2007 | Reply
I just font know why i have little interest in FB.
Drew Meyers | Sep 6, 2007 | Reply
Andrew-
This is just a guess, but is it because your close contacts don’t use it? If your close contacts use it, it essentially replaces e-mail (at least for me). It’s a highly useful communications platform.
Jason Golding | Sep 6, 2007 | Reply
Hi Joel,
Thanks for the post. I’m the guy leading the development of the Point2 Neighborhoods app on Facebook.
Just an update of those numbers from August 31.
As of this week, our daily growth rate is up to 10,000 to 15,000 net new users per day. The total users of the application is now well over 150,000. We are doubling in users every 7-8 days at present. (ie. at that growth rate, in 8 days we have 300,000 users and in another 8 days we have 600,000)
Thanks again.
Jason Golding | Sep 6, 2007 | Reply
Should have also mentioned that the Wall Street Journal included us as one of their reference applications in a story they did on Facebook. The link is http://online.wsj.com/article/SB118886348147516379.html .
Arlington Virginia Condos -- Jay | Sep 7, 2007 | Reply
I have some ideas for Facebook. The problem is I’m too busy writing contracts to execute them….
Eric Dawson | Sep 7, 2007 | Reply
share your ideas…
Bruno Roldan | Sep 7, 2007 | Reply
Very interesting stuff. I wonder what the next facebook is going to be? Is it a fad or is it here to stay? The API will definitely increase the lifetime of the site.
Look forward to the following year see what becomes of it.
Bob Newsom | Sep 7, 2007 | Reply
I think the blogging communities should come together on this “SUBPRIME
> ISSUE”.–Why?-Because Wall Street has sold these so-called securities all
> over the world, aside from all the derivatives the banks are holding. We
> need a national program like the “War Bonds” to raise enough money to buy
> all subprime loans made from approx. 2002-2006 and replace with 5% 30yr
> fixed, fully amortized loans. We can eat the losses with the bond
> guarantee by the Federal Reserve, or/and ask Bill Gates and Warren Buffet
> to co-chair the program and bring in the Builders, Realtors, Mortgage
> companies and WALL Street in to solve this issue before it spreads much
> worse than the 1990’s RTC fiasco.People are just getting up and walking
> away. Banks are giving REOs to asset companies who do not even water the
> property let alone anything else. (Giving 100-300 properties to companies
> that cannot handle them.) And, ~YES, there are jobs paying
> what~~???~~~Where are the buyers going to come from~~~??? We, are becoming
> a Fascist Economy ;With the Rich at the top and the others on the Bottom
> with very little middle class.The average CEO in the 40s-70s made
> 15-25-times a workers pay~~~Now its 300-700-times per the New York Times
> article I read over 6-9 mos ago. The Congress and Business Roundtable
> better get a gripe (Stop the pout-flow of “GOOD” paying jobs or have the
> next Generation inherit a 2-3 class country). Have all our “So-Leaders
> read George Washington Farewell Address next ~Look around Europe *&*
> many others are saying this out-souring is not working. Only our American
> leaders do not know this. And is it true “Cheney’s old company moved to
> the U.A.E~?: and that Clinton / *&* Bush Sr, have consultant contracts
> with Saudi Arabia .~?~? Where is American fairness to Americans~?~?
>
> Thanks-
>
> Bob Newsom-Pres.-A REAL ESTATE SUPERSTORE,INC.
>
>
>
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> Bitter Creek Ct Temecula, CA 2591 all letters will be forwarded together
> to Congress. ( Donations for this campaign will be graciously
> accepted.)for ads mailing etc., . E-Mail : light@quixnet.net
Mark Lomas | Sep 9, 2007 | Reply
I’m new to Facebook so any tips here would be helpful. I’m guessing there’s an online tutorial?
Interesting footnote for some might be is that MySpace is perceived as a social networking site for College aged and younger while MyFace is perceived as a buisness/social networking site for college aged and older. (according to Time or Newsweek recently)
Joel, I’m going to put your site on my blogroll, if you’d like to link back that would be great! Thanks!
Michael | Sep 9, 2007 | Reply
I didn’t realize people (other than multi-billion-dollar companies) use Facebook to promote their parties or products…wait, that’s kinda what this is too…
- Michael
http://www.PropertySolutionSF.com
John Schroeder | Sep 9, 2007 | Reply
Just checked out the neighborhood spot on Facebook. Everybody wants the hyper local info and it looks like Point2 has a great way of going about it.
Dick Todhunter | Oct 30, 2007 | Reply
Thanks for the heads up, wonder if I will beat the stamped into Facebook?
Blogging has turned out to be an amazing learning experience in itself. Now learning that the social networking system is a fine adjunct to my blogging efforts makes things more exciting and challenging. I do think that we have to be selective in the social systems we subscribe to, research each and make informed decisions.
I did join Facebook recently, and your article is timely as to it’s use.
Thanks