As part of our ongoing look at the future of real estate, Sharon E. Michnay, CRP, GMS, director of Corporate Business Development for Halstead Property in New York, NY, shares her insights on some of the industry’s hottest topics.

How do you expect to use online social networking as a primary tool of generating new and repeat business?

Approximately 95% of buyers in 2008 between the ages of 18 and 44 spent at least a few times a week on social networking sites. Halstead has established a “Web” training seminar to increase our agent use of these sites (as well as participate in our successful Propopoly™ blogging program). In addition, we have created a list of ‘best practices’ and made them mandatory for reciprocal linking from our corporate website.

For our agents, we want them to use social networking in conjunction with our website, pr, blogging and other social media to establish their digital footprint. Owning page 1 Google or having a strong presence and demonstration of expertise is key to generating new clients. Social Networking further provides a simple solution to “touching” and expanding an agent’s sphere of influence. Status updates, wall posts and new photos all offer opportunities for permission based, personal communications. Postcards and e-blasts are just not going to cut it anymore, and I’m personally unconvinced they ever did.

What gaps do you see between your current sales agents’ technology capabilities and the typical customers you will be working with this year?

At Halstead, we have actually seen two groups of agents emerge. One has a firm grasp on technology, while the other still grapples with the concepts of email and blackberries. With technology, our savvy group is right beside our customers, but still tends to fall behind them in the Social Networking arena. The other agent group, well – ever seen the Grand Canyon?

How will real estate advertising dollars be spent in the future? How will real estate marketing be different?

Marketing in the traditional sense of a carefully crafted message inside an aesthetically pleasing image designed to evoke a specific emotional response from the consumer will be greatly marginalized. In other words, marketing at the consumer will take a backseat to consumer engagement and generating consumer advocates. GenX and GenY don’t respond to the generic “free price opinion” or “we are the best” ads, and I expect that with the hundreds of marketing messages one encounters daily, the Boomers are expecting more too.

Branding ads and corporate websites will still have their place, but will be supplemented by many more and mostly online marketing initiatives. LeadingRE is already paving the way with their Propopoly™ blogging system. Banner ads and billboards will be mostly replaced by Facebook applications and viral marketing. It will need to be transparent, engaging and meaningful on an individual level.

What will the physical real estate office of the future look like?

Count quietly to yourself: How many agent desks are in your office? How many conference rooms/client meeting areas do you have? At the busiest point in the day, how many agents are sitting at their desk?

Today, almost everything an agent needs is either mobile or at least accessible from home. Many agents choose to be “virtual” and don’t have desks at all. The physical real estate office of the future will be smaller and center more around the client and client interaction. Work stations and areas will exist to provide the services for which agents actually use the office and the remaining space will be comprised of intimate spaces for client meetings, lease signings and closings.

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