Blockchain Experts Converge on Real Estate

blockchain wave real estate

In late July, the National Association of REALTORS® hosted blockchain experts, software developers, and industry partners with the intent of combining efforts to launch effective blockchain applications in real estate. In addition to distributed ledger experts, the meeting was also attended by technology executives from large MLS’s and REALTOR® Associations, real estate attorneys, home inspectors, and representatives from local governments.

NAR’s Research and Development Lab, CRT Labs, has been leading the organization’s innovations in this space and organized the full day meeting. The day was kicked off by a presentation from a leading figure in the open-source software movement, Brian Behlendorf, who is also the project lead for the Hyperledger Project.

The group spent the day discussing the merits, value, governance, and access control of a multitude of different potential blockchain applications. The purpose of these applications ranged from improving access to public licensure information to enhancing the way REALTOR® associations exchange member information. Perhaps the most impactful application discussed was the development of a blockchain-based system that generates and tracks unique identifiers for properties in a similar way that VIN numbers identify automobiles.

The potential for impact of these applications was so great that the group has decided to move forward and dedicate development resources to multiple applications. Following the event, Behlendorf, on behalf the Hyperledger Project expressed interest in making the Property Unique Identifier application a featured case study for their organization.

Presentations

Brian Behlendorf, HyperLedger Project

Behlendorf shared the exact moment of when he realized the potential for blockchain technology. His “Ah-Ha” moment came after hearing of a land title project in Honduras that was being started to protect land ownership through decentralization of records. In recent history, the digitization of systems has led to the centralization of systems. He explained how permissioned ledgers can begin to re-decentralizing how these systems work.

Behlendorf then went on to describe the opportunity and benefits that will come from the transformation of the traditional “hub and spoke” models to ledgers, and specifically how the roles of intermediaries in those models will shift over time.

John Mirkovic, Cook County Recorders of Deeds

John Mirkovic currently serves as Deputy Recorder (Communications/IT) for the Cook County Recorder of Deeds. In that role, he serves as office spokesman and is responsible for internal and external communications, legislative advocacy, the CCRD Property Fraud Unit, and has implemented numerous technology advancements at CCRD.

Mirkovic shared his experience launching a pilot program to use blockchain to track and transfer real-estate property titles and other public records, becoming the first land recorder’s office in the country to do so.

Andrew Page, Business Analyist, Connamara Systems

Andrew Page presented on Design Patterns for Public Registries. Prior to this meeting,Page created an open source title registry application that could be integrated with local, state, or federal governments to track ownership of assets. He spoke about the advantages and disadvantages of different application architectures for the title registry.

David Conroy, CRT Labs, NAR

Dave Conroy demonstrated an application that would allow for more efficient sharing of engagement levels of REALTORS® among the three levels (National, State, and Local) of REALTOR® associations on a private and permissioned ledger.

About CRT Labs

CRT Labs is a research group operated by the National Association of REALTORS’® Center for REALTOR® Technology. The primary goal for CRT is to track emerging technologies that will affect real estate, educate its members, advocate for the proper use of technology, and innovate when there is a gap between what is needed and what is available.
In 2015, CRT established the R&D lab to investigate smart home/internet of things devices, renewable energy, urban agriculture and building materials, as well as any other emerging technologies as they become evident. CRT is working with NGOs, vendors, national laboratories, universities and government agencies to help promote NAR as an agent for technology research and innovation.

The Versatile Raspberry Pi

This week’s guest post is republished with permission from our friends in Information Services at the National Association of REALTORS®. The librarians are some of our closest collaborators here at NAR, and recently Abby Creitz came to us with a series of projects that would help them rethink how members interact with our Library and Archives at NAR HQ. One of these projects, described here, includes a Raspberry Pi as a dedicated media/slideshow device. CRT Labs has featured the Raspberry Pi before, using them for projects like running servers and small computer projects, as well as as the base for an indoor air quality sensor. Other projects in the Library’s future include a customized iPad kiosk, a rethinking of the library’s lobby space, and more, which we will update you on as they happen! 

Ever heard of Raspberry Pi? No, I’m not referring to a baked good or an obscure geometric theorem; I’m talking about a small, inexpensive computer perfect for learning to code, and for DIY experimentation. I first heard of Raspberry Pi when I came across a Tooth Fairy Transport system created by one of the greatest dads in the world. What peaked my interest in the video was the use of a pneumatic tube system (#HomeAmenityGoals), but the real takeaway was how a Raspberry Pi made the project possible. Raspberry Pi has been used in many other innovative ways, some of which are great ways to implement smart home and home improvement projects for those unafraid of learning a new skill! At NAR Library & Archives, we decided to use it to improve how we interact with visitors.

NAR Library & Archives decided to partner with NAR’s CRT Labs to create and run a looping slideshow full of information about how REALTORS® and NAR staff use the library and its services (inspired by the Chicago Association of REALTORS®’ new office space in the REALTOR® Building). We decided that a Raspberry Pi would be the best way to run the slideshow continuously, dedicating the unit to the sole purpose of running the slideshow.

Raspberry Pi 2

Raspberry Pi

Out of the box, the Raspberry Pi was fairly simple to set up. It is a single board computer, containing all the components of a regular computer, just on a smaller surface. There are a few different Raspberry Pi kits available for purchase, but the kit we chose comes with an SD card, power cord, and an HDMI cable. You have to provide your own input devices (mouse, keyboard, microphones, etc.) and output devices (screen, speakers, etc.). We connected a Raspberry Pi to a large wall-mounted TV using an HDMI cable, plugged in a keyboard and mouse to the Raspberry Pi unit, connected the Raspberry Pi to WiFi, opened up a browser, and lastly, ran the slideshow using Google Slides.

Why do this instead of using a desktop computer? There were a number of reasons, but just to name a few: a Raspberry Pi cost $35, whereas a desktop computer costs hundreds; a Raspberry Pi has a footprint the size of a deck of cards, while the desktop takes up much more space; and using a Raspberry Pi leaves the desktop computer free for other demonstrations, or for use by our visitors while still exposing them to the information about our department that we wish to convey.

This sort of informational slideshow set-up could be used at open houses using the owner’s TV, or in reception areas of real estate offices. What other kind of projects could you see yourself undertaking with this technology?

Abby Creitz is the Web Content & Information Specialist for NAR Library & Archives. This post was originally published by Information Services Blog on June 21, 2017.

These Three Commercial Real Estate Tech Companies Are All About Connections

This week on the CRT Labs blog, Jacob Knabb from NAR’s Commercial division writes about some much-needed advancements in commercial real estate technology.

For years the commercial real estate sector has been allergic to technological advances. Data-sharing and easy access to listing information made no sense in a business where proprietary information, in-house data, and brokers who are hush-hush about who might be in their rolodex were the norm. This reputation for lagging behind the field is fast becoming obsolete, however, as commercial real estate has proven ripe for disruption. Over the past few years tech startups have been breaking into this market, changing the status quo and capitalizing on weaknesses in protocol and needlessly opaque communications between investors, brokers, and client reps. It’s suddenly fun to follow the commercial real estate tech market.

Floating Through Space by Ryan Tang

Today I want to look at three of the more exciting, noteworthy commercial real estate tech companies that have come onto my radar recently: VTS, WeWork, and CommissionTrac. The common theme for each of these products is a dynamic ability to leverage technology to speed up traditionally time-consuming, costly processes and to facilitate connections.

Let’s start with VTS, a platform Forbes touted for its ability to enable “real estate professionals [to] track deals and manage space in real-time, and collaboratively.” VTS is made for property managers, brokers, and tenant reps. This is what makes it revolutionary: VTS centralizes property portfolios, making them accessible to all of the key players in real time. “High quality, visual, actionable data gold,” as Duke Long called it in NAR’s magazine Commercial Connections earlier this year. Leasing data is delivered in an intuitive, visually pleasing display. Even for massive portfolios or team members spread around the globe.

WeWork excels because it can “[b]uild, acquire, and manage assets with technology” by streamlining construction, acquisition, and asset management. I attended a panel discussion on technologies serving the built environment at DisruptCRE in Chicago this May that featured Megan Dodds, WeWork’s Midwest director of community. Dodds was able to convey WeWork’s focus on maximizing square footage by creating shared office scenarios that are proving to be quite appealing to millennials eager for community and companies hungry for space to house their untethered workforce. In other words: they create killer office environments that hum along at maximum occupancy, generating strong ROI for investors. WeWork will be exhibiting in the Commercial Marketplace at NAR’s REALTORS® Conference & Expo in Chicago and I can’t wait to learn more about them in November.

I’m going to end this with a bang by taking a quick jaunt into bookkeeping technology. Almost lost you there, didn’t I? Most commercial practitioners detest this part of the job for a reason. It’s complicated to do and expansive to pay to have done. Atlanta-based ComissionTrac is disrupting accounting by providing a platform able to handle invoicing, deposits, commission distributions, and general ledger reports. You send them copies of all the paperwork, or your Quickbooks files, and they do all the heavy-lifting. You can run reports on any device from any location with a signal. CommissionTrac is customizable for agents, ‘back office,’ and principals and the full-service package is $9.99 a head (aka: affordable).

Commercial real estate pros love monitoring trends and here the lines are fairly straightforward: technology will only continue to blossom and grow. Baby Boomers are aging out of the workforce and notions of proprietary data and technology are becoming increasingly obsolete. With IoT establishing a firm foothold in commercial real estate, the next round of breakthroughs are likely to address security solutions. But for the time being connectivity is the word of the hour, and just like with other industries, the commercial real estate industry will thrive as it keeps that connectivity at the forefront of its technological advances.

Jacob S. Knabb is Commercial Communications & Member Services Associate for the National Association of REALTORS®. He works frequently with CRT Labs, keeping us informed of the latest and greatest in commercial real estate technology trends.

Debuting at the Midyear Meetings!

This year, we’re excited to have four members of the team heading down the the Midyear Meetings in Washington, DC, to show off some of the projects we’re deeply invested in and to talk one-on-one with members about smart home, smart community, and smart city initiatives. These meetings are a great way for REALTORS® to check out the legislative arm of the National Association of REALTORS®, network about important issues facing REALTORS®, and to check out some of the things various groups at NAR – including CRT Labs – are working on. We’re focusing on three major projects currently with education, advocacy, and innovation in mind.

Midyear Meetings Registration

A view from the Midyear Meetings

We’ve talked about all three of these projects before, but we’ll be on hand to update members on the progress of our Indoor Air Quality Sensors/Home Automation suite, our Smart Home Simplified series, and our first Pocket Guide to Cleaner Air. We have materials about each project for you to take home, as well as a variety of CRT Labs swag including stickers and buttons! To find out more and talk to the team, stop by the NAR Booth, #1707, on Wednesday 5/17 from 10am-3pm or Thursday 5/18 from 1pm-6pm. We’ll also be attending a variety of meetings, including presenting at Data Strategies, eBITS, and more. For a full schedule, check out our Office Hours, where Chad breaks down all the great forums available for members to attend.

We hope to see you at one of the many events scheduled this week in DC!

Facebook Live Office Hours: Midyear 2017

Some of the CRT Labs team is heading to DC this week for the NAR Midyear Meetings; find out where you can find us, as well as great information about the meetings themselves, in last week’s Facebook Live Office Hours! As always, join us on Fridays at 3PM Eastern on our Facebook Page when we go live. And come back tomorrow to the blog, where we’ll cover some of the materials we are bringing to Midyear!