WannaNetwork.com announced on their blog today that they would be closing the doors on their real estate social network as of September 30, 2009, including their forums, blogs, profiles, and groups. Citing a “plague of vicious spammers,” and a “failure to attain a viable revenue model”, the company explained that they will be transforming the site into a multi-author blog site for the real estate industry.
Unfortunately, our vision to provide a free high traffic real estate social networking solution for industry professionals has attracted the wrong crowd.
Basically, it is a full-time job managing and developing a multi-user blogging platform that is constantly plagued with vicious spammers.
While we have done our absolute best over the past three years to provide our members with a powerful online presence for free, we have ultimately failed at integrating a viable revenue model that will support the evolving demands industry professionals need with online technology.
After weighing the options of either charging for blogs, selling more advertising, or exploring affiliate marketing relationships, we’ve decided to simplify things by moving our few real members to one multi-contributor blogging platform.
Sadly, WannaNetwork isn’t the only site plagued with an overrun of spam. I’m starting to see many of the other major and minor social networks suffer from this as well.