Everyone has a stock price
The above video is extremely clever and well done and explains very well how Empire Avenue is poised to become the virtual stock market for people and brands online using virtual currency. As a user of the site with a stock price on your head, your social media use and the reactions it garners (or doesn’t) impacts your stock price. Pretty clever concept.
The reason Empire Avenue is relevant to the real estate industry is that any new promise of connecting Realtors with consumers is sure to garner attention and we’ve already received several email invitations from Empire Avenue users that are in real estate and it is going around the early adopter circles which means you’re likely to see an invitation that could confuse you with the subject line “[Insert name of your friend] wants to invest in YOU on Empire Avenue,” which makes you think “oh wow, money,” right? Wrong.
The concept is fantastic and is very much like Farmville in that it is entertaining and sure to get massive numbers of eyeballs on the site and will likely end up valuated in the billions as the virtual stock exchange of people and brands online.
Why Realtors should focus elsewhere
Just like Farmville, there is an opportunity to connect with other people, but the likelihood is slim as the purpose is to farm and do so in your spare time which doesn’t lend much to the social side outside of the spamming of “uh oh, piggy needs water, can you give it to him?” messages between “friends” on Facebook. Most of the novelty of Empire Avenue is looking at and obsessing with how valuable you are and secondarily at how your friends and favorite brands rank and finally, gunning against people and brands you don’t like. When the novelty wears off, you’re left with the Farmville addict types that have the time to play and aren’t looking to connect, rather play around on their phones for a few minutes in between tasks.
Empire Avenue is fun but is really best suited for personal use, not for lead generation- there are much better places to spend your time if you’re looking to make connections with potential buyers and sellers.
Jason Sandquist
June 7, 2011 at 12:05 pm
Way to kill my dream of becoming CEO of the exchange!
Benn Rosales
June 7, 2011 at 1:10 pm
Was that your plan b to a real estate career? :p
Jason Sandquist
June 7, 2011 at 1:12 pm
heck yea 🙂
Mike Mueller
June 7, 2011 at 1:57 pm
I just got started on it and have no idea what I'm doing. Can I just say I'm bearish on EmpireAve right now?
I created my profile – secured my name – bought a bunch of people and now… Now I'm searching for the value in my participation.
I agree that for a RE person – do you really expect to find your next client there?
Me? I'm hoping someone shows me how to find the next small biz owner / potential client. Then I'll see the value.
LesleyLambert
June 9, 2011 at 7:38 pm
What Mike said.
Mike Mueller
June 9, 2011 at 7:41 pm
Working on that right now. Even if it works for me – I don't see it working for the agent and finding their next client.
Mike Mueller
June 9, 2011 at 7:44 pm
BTW: Don't go buy me, but if you want to see a little of what I'm doing I'm empireavenue.com/mikemueller