"Let’s face it—we face an increasingly technological future, and there is no percentage in betting on King Canute trying to hold back the tide by royal edict. Millennials think of social media as an indispensable tool and want nothing more than the apps that make life easier, more productive, and more fun. That’s the trajectory ahead, and real estate companies that can harness the power of social media to manage and market property will gain enormous advantage over laggards in this arena.
Although the technology is “virtual,” those using it are very much flesh-and-blood. The densest social networking markets are also the densest physical markets for real estate. That shouldn’t be surprising, but it is to many people who have bought the “death of distance” story, the concept that location doesn’t matter as much in an electronically connected world. That idea is, in a word, debunked. Entrepreneurship studies, venture capital placement, biotech patents, and real estate values themselves have all now produced impressive evidence that place still matters.
Within those places, though, the ability to communicate swiftly and effectively does not come automatically. Some will invest in the tools and invest in those who know how to use them. Others will be halfhearted in such investment, to their regret. One interesting sign emerging from our interviews: CEOs who are promoting “reverse mentoring,” using millennial savvy to educate top managers on just how to get the message out to the millennials. Youth, as they say, must be served." ... See MoreSee Less