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About Transparent
Pat Kitano authors Transparent Real Estate. I'm currently co-Founder, Managing Principal of Domus Consulting Group, a management consulting firm working with real estate brokerages, media/publishing companies, and Web 2.0 companies to develop social media strategies, and with venture investors on new business models.
Since graduating from Cal Berkeley (Geophysics) and Columbia University (MBA), I've been involved in four competitive industries - films, investment banking, internet technology and real estate.
I'm a regular speaker and commentator on real estate industry and technology issues and am always on the lookout for a "transparency" angle.
I welcome contributors... or just send interesting items to pat (at) TransparentRE.com
TRANSPARENT REAL ESTATE
Panicked Economy Mirrors Personal Panic
When I lived in Japan between 1990-94 after the Japanese equity bubble burst in 1990, I didn't personally feel the turmoil. I continued to work in banking under the cloud of smaller expectations, but it allowed me to start new business lines for the bank that management accepted due to the need for new opportunities. People were employed. When the Korean (and other Asian) economies crashed in 1997, Korea rebuilt itself as the most broadband and wired nation on earth with economic growth rates bouncing back to 11% in 1999 after plunging 6.6% in 1998. The recovery was tangible and feel-good.
What characterizes this Great Recession is the panicked death spiral that just keeps accelerating since the credit crisis started in earnest with bank runs during the summer of 2007. The borrowers, both government institutions and lenders, and the consumers, are experiencing the same "feeling" - out of control debt threatening a crashing depression or life changing bankruptcy, respectively. The spectre of a very slow recovery dampens the hope that we all can "pull this one out". It's the reason why Obama got elected on hope and change.
Revitalization like Korea 1999 doesn't seem to be in the cards now, but I'm fairly positive that today's dramatic refocus on thrift and productivity on both a macro (government and corporate) and micro (consumer) level will eventually stimulate new higher margin systems that will fuel a renewed economy. Here's a metaphor: think of what happens when a company fires all its old workers who can't or won't use PCs and fills their positions with college grads who do at half the price. It becomes more productive. The people most hurt by this recession are the unskilled. They will now be forced to re-skill, and the resulting productivity gain once this massive human re-engineering takes place will bring back optimism. Now, we wait.
What characterizes this Great Recession is the panicked death spiral that just keeps accelerating since the credit crisis started in earnest with bank runs during the summer of 2007. The borrowers, both government institutions and lenders, and the consumers, are experiencing the same "feeling" - out of control debt threatening a crashing depression or life changing bankruptcy, respectively. The spectre of a very slow recovery dampens the hope that we all can "pull this one out". It's the reason why Obama got elected on hope and change.
Revitalization like Korea 1999 doesn't seem to be in the cards now, but I'm fairly positive that today's dramatic refocus on thrift and productivity on both a macro (government and corporate) and micro (consumer) level will eventually stimulate new higher margin systems that will fuel a renewed economy. Here's a metaphor: think of what happens when a company fires all its old workers who can't or won't use PCs and fills their positions with college grads who do at half the price. It becomes more productive. The people most hurt by this recession are the unskilled. They will now be forced to re-skill, and the resulting productivity gain once this massive human re-engineering takes place will bring back optimism. Now, we wait.
Make a New Friend in 15 Seconds
Facebook "Like" is the New Black! Virtually pat someone on the back by liking their Facebook or Friendfeed comment, or retweeting their great insights...
Still time to sign up for RETechSouth
We're starting our free Social Networking Referral System workshops this week. Register and you'll be prepared for the social media discussions to take place at ReTechSouth. Sign up and see you in Atlanta on Friday, March 20.
The Newspaper's Future Community Reporter is You!
Journalism Iconoclast notes the Washington Post is advertising a community reporter position for... $34,000/ year. But then Pat Thompson goes on to say:
I also believe there will be a new wave of citizen community reporting, and real estate bloggers would be positioned as among the more authoritative for chronicling the community. Having this kind of second job would also vastly expand their business network and local presence. Just one more future opportunity for real estate professionals who embed themselves in the local social media.But here is the real kicker. $34,000 is too much for this position. Let’s slash the pay to $25,000-30,000. Let’s get rid of those expensive benefits.
Instead, make this position 20 hours a week or so. Yes, this will be a part-time job, and it doesn’t come with benefits. It’s also a telecommuting position, because I want community reporters to be out in the communities they cover, not stuck in a newsroom.
Encourage these community journalists to have other jobs. Maybe they’ll be local baristas or office workers or shop owners.
Download this Twitter for Real Estate Book
One of our faves @Nik_Nik has published a comprehensive eBook on how to use Twitter. Download it at her blog My Tech Opinion.
What I like about eBooks is its ability to expand and update infinitely with latest editions. I think Nik_Nik has this plan and she'll introduce it in her blog. Twitter for Real Estate Twits will remain living as long as Twitter develops. I believe this is how data intensive books should be sold online... Swanepoel take note.
Dec '08 Median Price of House Sold in Detroit = $7,500
Chicago Tribune reports the median home price sold in Detroit in December, 2008 was $7,500. (read first at Ritholtz The Big Picture)
Detroit, which has lost half its population in the past 50 years, is deceptively large, covering 139 square miles. Manhattan, San Francisco and Boston could, as a group, fit inside the city's boundaries. There is no major grocery chain in the city, and only two movie theaters. Much of the neighborhood economy revolves around rib joints, hot dog stands and liquor stores.The statements made by the Tribune above depict a third world city.
The Social Network Referral System - Slideshow
Registration for the Social Network Referral System : http://domusconsultinggroup.com/register
Foreign Home Buyers Love America
UPDATE: Feb. 6, 2009 3:00pmPST
So it's come to this - America is for Sale!
I thought this was an interesting video. For the Chinese, it's much more transparent (and thus predictable) to buy US properties at close to the perceived bottom of the market.
So it's come to this - America is for Sale!
I thought this was an interesting video. For the Chinese, it's much more transparent (and thus predictable) to buy US properties at close to the perceived bottom of the market.
Congrats to Todd Carpenter, NAR's new Social Media Manager
NAR did the best thing for their organization by hiring my friend Todd Carpenter. By virtue of his long history as a blogger and founder of REBlogWorld, he'll provide the vision and direction to move NAR towards making it more attuned with its Realtor constituency. With Todd, NAR has turned on the light switch and is now asking the industry "what can we do for you?"
The odd thing is I didn't really see the actual breaking news this morning... I just saw glimpses of the congratulations all over the social media this evening and put 2+2 together. It demonstrates the social concept that relevant news gets funneled to its target via a variety of channels. One doesn't even have to be listening for the news, it bombards you from all angles...
Previewing a New Referral System - Stay Tuned
At Domus Consulting Group, we're merging our ideas about generating massive business networks with the social media marketing concepts we've been discussing on this blog and Media Transparent.
Real estate professionals understand the power of the referral. Twitter, Facebook and LinkedIn have reached a tipping point - Facebook adds almost 500,000 new members per day, and all of them are puzzled about what to do next after they log on. For business networking and job hunting purposes, it's simple what the next step is - build a referral system.
By the end of the week, we'll be introducing what we believe will change real estate marketing when we unveil our Social Network Referral System. Please subscribe to the Transparent Real Estate RSS feed (pardon the poor formatting of the RSS feed) or by email, and you'll receive the news pro-actively.
Real estate professionals understand the power of the referral. Twitter, Facebook and LinkedIn have reached a tipping point - Facebook adds almost 500,000 new members per day, and all of them are puzzled about what to do next after they log on. For business networking and job hunting purposes, it's simple what the next step is - build a referral system.
By the end of the week, we'll be introducing what we believe will change real estate marketing when we unveil our Social Network Referral System. Please subscribe to the Transparent Real Estate RSS feed (pardon the poor formatting of the RSS feed) or by email, and you'll receive the news pro-actively.