TechCrunch reports on a whole new level of fun to be had in the real estate industry. My-Currency is a social network masquerading as a game to value real estate (with other markets to come).
Basically, anyone can value any property for what they think it is worth. The wisdom of the crowds put towards valuing real estate. It’s an interesting game that I think will get better as there is more data available. I couldn’t find anything in our zip codes in Orlando, but there are some already entered in the San Francisco area.
It seems that it would have been better to launch with a full database of properties – for at least the major metro areas of the US. Asking the user base to enter in all this information and to get people to rate/value that property might be difficult.
Their model for business, besides offering advertising of some sort I’m assuming, is based on lead generation. From the TechCrunch Article:
The hope is that experts and real estate agents will be drawn to the site and its users as a lead generation tool. Quality lead generation has been a problem for online realtors.
The lead generation model is something that I’d like to see executed. We all know first hand how hard it is to build a good lead generation platform for the real estate industry. Much of the problem is just getting to the scale necessary to generate enough leads for real estate professionals to become interested and take part.
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