Is Conventional Wisdom Always Right ? Contemplating Freakonomics
During a much needed mini-vacation in Rehobeth Beach DE, I had the opportunity to read Freakonomics by Stephen D Levitt and Stephen J Dubner. I must say that this was a very interesting and entertaining 
book that really can instigate thinking and contemplation. Some of the questions that were explored were:
- What do schoolteachers and sumowrestlers have in common ?
- How is the Ku-Klux-Klan like a group of real estate agents ?
- Why do most drug dealers live with their moms ?
I think the main thesis of the book is to really get one to explore their mind and ask questions. And to ultimately not accept "conventional wisdom" as gospel, but to create your own wisdom by asking questions and being aware.
As I finished the book, I began to think about the real estate industry for both agents and consumers. To challenge conventional thinking provides for innovation and growth, as that is how businesses thrive, especially in niche markets. Which is exactly one of the main reasons I started to blog one year ago even though "everyone is doing it" and began social media marketing and Internet Marketing embracing the change. Still, one year later, there are very few real estate bloggers in Philadelphia and only a handful on Active Rain. Yes, I see many agents on Facebook which is great. But if one wants to grow their Internet business, it really covers a wide scope of presence including your personal website, your blog, and all of your other social media presence.
For those that are just entering the blogosphere and utilizing Internet marketing in your business, congratulations ! I can guarantee you that it will be beneficial to you within 1 or 2 quarters for you. For us, it was the best decision we have made. I am glad we did not listen to conventional wisdom... nor negative thinking.
And moving forward, what are the leading-edge questions for Realtors and Consumers in the future ?
- What will happen to the traditional based brokerage model ?
- Will discount brokers gain significant market share ?
- Is print media 100 percent dead ?
- Is blogging and social media saturated ?
- Who do I hire as my Realtor ? The 20-year veteran or the Marketing Guru ?
- Why do Realtors have a negative reputation ?
- Who should I really listen to regarding the value of my property ? Zillow or the agent ?
- Will real estate commissions rise or fall ?
What other questions do you have ? What is your vision of the future ?
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Wow great comments and points to think on!
Christopher & Stephanie:
Those are great questions. I certainly hope people have the good sense to listen to real estate agents regarding property value over Zillow, but I can imagine some people are actually relying on them. I do think print media is just about dead. Even major newspapers are feeling this.
Joe - I think having the ability to look at things differently to gain awareness certainly is a great attribute one can have.
Claudette- Yes, I wrote this as a reminder that it is important to question conventional wisdom, not just follow along. Anytime you accept something as a gospel, whether it be a Zestimate or a number that a real estate agent is quoting, as a consumer, one needs to question it whether it makes sense and how is it being communicated. I agree (and pretty much everyone does) that print media is almost dead, but the fact that there is almost no one doing it, one can stand out somewhat. I do know that we still get calls from elderly folks who see our print ad in the local newspapers. So it is interesting all the way around. Thanks for your comment ! ~ Chris
Hi Christopher & Stephanie ~ I'll give a resounding "no" vote re the death of print media. Absolutely not. And if it does die we're all in trouble.
Sometimes when I think of that book the saying " a little knowledge is a dangerous thing" - at least that's what came to mind after I read an interview with the author[s] and what they said about real estate.
Re your thought about the saturation of blogging and social media. My coworker and I were talking about this the other day. After I exclaimed about the results it was bringing he pointed out that "everybody can't do it or it wouldn't work anymore". Knock on wood, in my area very few are - so far.
Food for thought for sure.
Liz
Liz - Thank you for sharing your insight and experience. That is a great quote "a little knowledge is a dangerous thing" as many people can misinterpret or come to a faulty conclusion regarding that knowledge. And I tend to agree with you regarding print media, in that perhaps it is "almost dead" but may recover. In my prior comment, we have had a number of calls recently on some of our print ads. I am thinking perhaps that no one else is doing it right now ? I am not sure, perhaps it is just a coincidence.
And another great quote "everybody can't do it or it woudln't work anymore" . It seems like many are doing it, but in reality it is still a small percentage. That percentage is growing but at what pace I am not sure. And of course there are others who start blogging and do social media and then fade away...
Christopher & Stephanie, I enjoyed your thought provoking questions. They inspire a creative response in me and help me to review our business and life history where we've been able to innovate and grow.
Hello Chris and Stephanie, thanks for sharing your findings from this thought provoking book. With the depth of change in the real estate market the last few years including: lower prices, lower volume, mortgage mayhem, etc., we all must adapt the best we can and find the niches that are ripe today, and by ready for new niches to ripen tomorrow. Thanks! John (PS - Kat was alerted to another new book on this theme titled: "Ignore Everybody" -- should be another fun read!)
Chain Real Estate - That is awesome as that was the purpose of the blog post !!!
Hi Chris and Stephanie, I've read, actually skimmed through, the book and find it terrible.
This book is back in the mix here on ActiveRain with the post Has Anyone read Freakonomics?...Well you should. I only share this because I quote you in my response to this author.
John
Thanks for the quick update ! Everyone is entitled to their own opinion. One of the reasons for our success is being open and aware, thinking outside the box per se. I enjoyed this book in terms of the studies that were done and the different way of looking at things. A bit controversial but with a lot of substance. I think it is great to look into "conventional wisdom" in a different light.