If you haven't heard by now, there's another social media app in town: Clubhouse. The new social media platform is invite-only and allows users to connect via audio. Clubhouse has become a place where deals get done, so real estate investors should take note.
Intro to Clubhouse
Clubhouse is a fresh social networking app that caters to those wanting to meet others with shared interests through a series of audio-only chat rooms. The app functions as any other sort of online webinar you've been on but is much less formal and far more interactive. There's a group of panelists or moderators, while participants can raise their hand to be let in to ask a question or chime in. It's akin to a modern radio talk show where listeners can "call in."
Right now, Clubhouse is only available on Apple's (NASDAQ: AAPL) iPhone, and if you want to join, another user has to invite you. Many took notice of Clubhouse when the company raised $100 million at a $1 billion valuation from Andreessen Horowitz a few months back.
How it's being used in real estate
Real estate professionals have previously used LinkedIn, Twitter (NYSE: TWTR), and other social media platforms, and many are finding that they prefer Clubhouse because they're able to have more meaningful discussions through the audio format.
Natalie Wainwright, a Las Vegas-based tenant broker, likes it because, as she told Bisnow, "You can't fake it on Clubhouse. You either know your craft, you know your market or whatever the topic is, or you don't."
This feature gives local market experts the chance to really show what they know and stand out. It's right on trend with the recent funding round from Side, a proptech firm that provides a white-label back-office support system for real estate agents with a strong brand. While the parallel may not be obvious at first, consider it from the influencer marketing trend. Clubhouse gives experts a chance to demonstrate their expertise while Side helps them capitalize on their brand.
There is even a Clubhouse room called "Space Tank," modeled after the TV show Shark Tank to allow retail businesses to pitch their concepts to an audience of landlords. Apparently around 50 deals have happened through the group since its launch in December.
Another exciting feature of Clubhouse is that it's opening up access and bringing diversity to the real estate industry. For example, there’s a 5,000-member group called "Women in Real Estate." As an audio-only channel, Clubhouse allows people to be judged based on their thoughts, opinions, and the value they bring to the conversation as opposed to what they look like.
The Millionacres bottom line
Deals are happening and relationships are being built on the Clubhouse platform. While it might seem daunting to have to engage with yet another social media platform, early signs point to Clubhouse being worth it.