In a move designed to target the increasing power of social media (and obviously to move away from the expense and effort of other forms of online marketing, Roost announced on their blog today that they would focus 100% of their efforts on their social media technologies.
According to this blog post:
“But in talking to hundreds of individual REALTORS®, we came to an powerful realization: The vast majority of agents still get 80%+ of their business via word-of-mouth referrals.
Even after all the technological developments for real estate consumers in the last 10 years, this remains the lifeblood of their business. The referral sphere is where the business is done – not blind Internet leads.”
Will this be a move that other technology companies will follow? Will they abandon efforts to garner internet leads in an effort to focus on providing tools for agents to capture the attention of Friends and Followers in social media? Time will tell.
More to come as details arrive.