Five Days, Five Takeaways, Five Companies to Watch

Each year, Inman News holds a major east coast real estate and technology event, Inman Connect NYC.  During five days of sessions, breakouts, and panels, I observed a focus on how data and technology empowers consumers to take control of their shopping experience, and how Realtors® should adapt to connect with these tech-savvy consumers. Here are my five top takeaways.

1) The Internet of Things movement lets Realtors® provide more value to consumers through knowledge. The Internet of Things (IoT) is the linking of household and other devices to the internet, to send and receive data. In practical terms, IoT allows your devices to learn your habits, and tailors your technology to your activities. Examples are smart home devices that monitor and control temperature, locks, lighting and even the contents of your fridge. However, there is a potential dark side to this data and customization. Do you keep your medicine in your refrigerator? Does your smart fridge manufacturer adhere to HIPAA guidelines to protect your privacy? What about the server farm holding all that data? At what point do you sacrifice privacy to embrace the convenience and enhanced experiences that smart technology offers? This is where Realtors® can provide value. Understanding and explaining the benefits and vulnerabilities of IoT to prospective clients, and guiding them through safe adoption of these technologies could be invaluable.

2) The new on-demand economy is affecting how the business of real estate is conducted. The days of agents being the gatekeepers of knowledge are gone. With the wealth of available data, consumers are empowered to do their own research. According to Google, consumers execute an average of 19.2 points of research before contacting an agent. Consumers gather information from multiple sources based on what they hear or see at a given time, referred to as a “micro moments.” Consumers contact, on average, 1.7 agents before choosing an agent. Understanding how to reach consumers during their research phase is critical to being one of their first contacts. If the first agent doesn’t pick up the phone or return the call in a timely manner, consumers will move on to the second. Your web presence must reach the consumer’s micro moments by offering neighborhood info, market statistics, local upcoming events, mortgage facts, and more.

3) Consumers are demanding more transparency in the transaction process. With so much readily available information, consumers are increasingly expecting the on-demand economy to support their closing process. Modern consumers want to know in real-time how their transactions are progressing. They want to collaborate and understand their costs. Agents who find ways to keep the transaction transparent, informative, and easy to access, 24-7, will be poised for success in this changing environment.

4) Big Data and Predictive Analytics options are increasing. This segment of the industry is becoming exciting. There is a rise in the availability of Big Data providers and ways to leverage the information. SmartZip is still available to target zip codes for potential leads based on consumer behavior. Revalute approaches big data by utilizing your contact list from your CRM, email, social media, etc. to determine if any of them are about to buy or sell a home. Remine is a new data company started by former agents who wanted a better way to utilize data. Remine has partnered with Bright MLS (formerly MRIS) to bring big data and predictive analytics to all subscribers. Remine plans to go live in the DC-metro area sometime this spring.

5) Virtual Reality (VR) is changing the world. 3D house tours are becoming more common, and more vendors are entering the marketplace. VR transports viewers to another place without leaving their current location. It offers an excellent alternative for out-of-town clients to view and experience properties. The availability of inexpensive VR goggle options like Google Cardboard is making VR easily accessible for clients. With more providers offering 3D and VR, those technologies are also more affordable. The New York Times has invested heavily in VR and is creating “Daily 360” videos to enhance its news delivery. Check it out at: https://www.nytimes.com/video/the-daily-360.

Five Companies to Watch:

Visiting vendors and learning about the latest technology offerings is part of the Inman Connect experience. Here are five that stood out (in no particular order).

1) Preclose
Preclose is a Contract-to-Closing automation software that enables collaboration and instant access for all parties. Preclose, which promises to “Take the Chaos out of Closings,” allows agents to assign closing tasks that clients, the other agent, and other service professionals can view in real time to determine the transaction status.
Learn more at: http://www.preclose.com/

2) Studeo
Studeo takes online brochure listing presentations one step further to create a storytelling experience. The easy-to-use interface helps agents create an interactive website that acts as a storybook for the listing. You can use images and embed videos to provide information about the property and neighborhood. Everything is created and hosted within Studeo’s platform for easy access.
Learn more at: http://studeohq.com/

3) Revaluate
Revalute is a Big Data provider with a different approach highlighting the “gold in your data.” Revaluate runs analytics on your own contact lists to let you know who is ready to buy or sell a property. The best part is that these are your own contacts, not a list of strangers.
Learn more at: https://revaluate.com/

4) Parkbench
 Parkbench uses the concepts “hyper local” and “neighborhood expert” for a new approach to websites. Parkbench works with you to create a website with articles, photos and videos for a specific neighborhood, not a specific Realtor®. The website serves as a visitor’s guide featuring local items, with you appearing as the sole sponsor of the site. With a Parkbench site, Realtors® have the potential to reach consumers during “micro moments” of their home search process.
Learn more at: http://parkbench.com/

5) Immoviewer
Matterport’s virtual 3D home tours continue to offer incredible experiences for showing off listings. However, the high purchase cost and the time commitment to scan a property have created a barrier for single agents or small teams. Using qualified service providers to create tours with the Matterport camera remains a viable option, but for those savvy agents who like to be more hands-on there are new and accessible choices. One such alternative is Immoviewer. This product creates similar 3D tours, but uses an inexpensive Ricoh Theta S panorama camera that agents can buy either directly from Immoviewer or from Amazon. Immoviewer maintains that you can create a 3D tour in 15 minutes, but that likely depends on the expertise and experience of the user. There are noticeable differences in the 3D tours generated by  Immoviewer and Matterport, but it is a lower-cost and time option. These new advances increase access to virtual technology for agents and their clients.
Learn more at: https://www.immoviewer.com/