Network Jack
Comparison of Social Networking Sites
Social Networking sites have taken the internet by storm. No longer just for keeping track of high school and college classmates, social networking has gone mainstream. I knew when I signed up for Facebook and saw that not only my younger cousins, but also my Aunts and Uncles in their 60’s had profiles, that social networking had grown up.
If you define a social networking site as a web site with public profiles, a friend or contact list, and the ability for contacts to view and follow the contact list of their buddies, then the first social networking site was Six Degrees in 1997. Social sites hit the big time in 2002, and 2003 with Friendster and MySpace. Friendster became very popular and is seen as one of the biggest success stories, and failures of internet marketing, as its user share diminished with the popularity of MySpace and Facebook.
Starting as a professional network in 2003, LinkedIn is a job related social networking site. I call it MySpace for grownups. Plaxo, which started as a contact management application, has added more commenting and other features that make it into a full fledged social networking site. There are even social networking sites for your dogs and cats – Dogster and Catster allow pet owners to create profiles for their animals. With the rapid growth of web, more and more networking sites are opened with innovative concepts, like Acobay in late 2008, which allows you to connect with people who have purchased the same products you own or are considering buying.
Sites such as Facebook have extended the traditional three elements of social networking (profiles, networks, and messages) to include features such as access from mobile devices, and applications that enhance the user experience on the site. Until legal problems pulled the application, Scrabulous had fantastic success on Facebook, and was responsible for some of Facebook’s success in reaching a wider audience. Facebook’s iPhone application is one of the most popular applications for download in the Apple App Store. The ability to take a picture on your iPhone and instantly and simply upload it to your Facebook profile is one of the most gee-whiz features of Facebook.
LinkedIn has become an integral part of maintaining a professional network. Since the economic downturn, it is more important than ever to keep in touch with people who work in the same industry and have similar backgrounds. LinkedIn, with its emphasis on current and previous co-workers and college contacts is a great way to develop and keep up with your network. LinkedIn gives people the ability to make professional recommendations for their coworkers, managers, and subordinates. LinkedIn lets you list your job skills and prospective employers and recruiters will use the site to search for job candidates.
Each social networking site has its own culture. MySpace has a strong youth feel to it, and many bands and artists have fan pages there. The ability to customize your profile with music and flashy graphics makes MySpace a favorite for younger set. Facebook seems to be growing in popularity and I am personally astounded at the number of my friends, relatives, and co-workers on there. I am jealous of iPhone owners ability to run the mobile application. LinkedIn is my favorite site as a job searcher. I have collected quite a few professional recommendations from my prior co-workers, and at least one recruiter has contacted me based on searching my LinkedIn profile.
Which social networking site or sites an individual signs up for will depend on a few factors. The biggest is probably who of your “real life” friends and relatives are on which site and who is trying to convince you to sign up. If your best friends keeps showing you cool stuff from their MySpace profile you may sign up and be their friend. If you find out all your cousins are on Facebook, you might be tempted to sign up for that. Whichever sites you sign up for, resist the temptation to release your inner child. Treat information listed on social sites as if it were accessible publicly so you will not regret posting anything later.
About the Author
Author is the market analyst for the Web 2.0 Acobay Networking service. More info on Stuff Reviews, please visit Acobay.
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Networking- a Skill That Every Investor Needs
Real estate investment is a people business?everyone knows that. But, more importantly, it's a networking business.
By that I mean you have to build a network of individuals who can help you build a secure investment future. By the same token, you must be prepared to help members of your network in turn, so they can build their own investment futures and businesses.
In plain words, it's absolutely necessary to build mutually beneficial relationships with the people around you in order to succeed in the investment business.
The purpose of this article is to show you the three levels of real estate networking and how to build and maintain relationships within those levels.
Level 1: The Strategists To build an investment career, you should gather a group of people immediately around you that make up your "inner circle." These are people whom you trust completely to offer you sound advice on investments and other aspects of your life. Members of Level 1 depend upon your type of investment, but can include:
Mentors Partners Fellow entrepreneurs Real Estate Agents Contractors, etc.
These are people who think strategically; i.e., they're always looking ahead to future opportunities while keeping an eye on the present. If you like to think in military terms, these are the generals of your investment army.
They're also people willing to help you develop personally as well as in a business sense. Of course, you should do the same for them. They'll give you advice and support when you need it and will expect the same from you. Look to these individuals to guide you toward the right people and the right projects. In effect, you want them to open doors for you into good investments, and you, in turn, will open doors for them.
Level 2: The Financial People The next level is the one with all your financial people; e.g., accountants, bankers, brokers, lenders, tax attorneys, other private investors, etc. Think of this level as being more tactical than strategic.
By that, I mean they're involved in every transaction and give you specific advice on terms of contracts, details of construction/remodeling, and the like. Again, thinking in military terms, these are your mid-level officers (colonels, majors, captains, etc.) who execute your orders.
Level 3: Service People The individuals in this level are the specialists in your network; i.e., they perform very specific functions for particular properties. They include independent contractors like painters, electricians, inspectors, appraisers, etc.
They're the infantry soldiers of your investment army. They're on the front lines getting the actual physical work done. Remember, no investment deal is ever won without "grunts." So, you want the best and most cost-effective service people you can find. Treat them well and fairly and work to develop long-term relationships with them. Such relationships will pay off in greater profits and fewer problems. Recommendations for Maintenance of the Three Levels Keep in regular touch with members of all three levels to keep communications open. Don't limit communications to just business matters. Show that you care about them as individuals by asking about their families, latest successes, golf scores, etc. even when they're not involved in one of your deals.
In short, build relationships on a personal as well as a business level and then maintain those relationships through regular contact. Share your expertise and knowledge. This can be something as simple as sending them an article on their area of business. Or, you can recommend people or projects you think will fit their particular business interests, etc.
Treat everyone well and honestly. It's imperative to build trust on all three levels. Never, ever treat anyone in the three levels poorly. Believe me, if you mistreat someone, word will get around faster than the speed of light, and your business will suffer.
I can't stress enough the importance of building a network. It's the absolute key to a great investment career! Without contacts and great relationships, your future in real estate deals will not be successful or less successful than you'd like it to be. So, work hard to gather the three levels of people about you. And, always, always, give back to the individuals who help you succeed. It's not only the right thing to do; it's the smartest business decision you'll ever make.
Key Point: You'll go nowhere in the real estate business without building a network, so make it a priority to grow the best one possible.
About the Author
Jack Sternberg is a nationally recognized expert on real estate investment who's been in the business for more than 30 years. Sternberg is the creator of the renowned "Buyers First" Program. His deals have totaled over $750 million and he's been to the closing table more than 1,500 times. For more, visit http://www.askjacksternberg.com