How To Create a Technology Strategy for Your Real Estate Practice

This week, we’re joined again by Lee Adkins, who has some great tips for your firm when looking to adopt new technology into your day-to-day business.

Technology is a necessary evil in Real Estate. Love it or hate it, you have to use it and you will have to deal with continuously changing technology and platforms and apps. There are really only two choices here; Embrace the ever-changing world we live in or be left behind. This doesn’t mean you have to jump on every new app or program that comes out – but you do need to have a strategy to help you decide every time you hear about the latest and greatest, shiny new thing.

We’ve found that most successful agents, teams and brokerages have a basic  “policy” on adopting new software. Tips for this are to set parameters like; budget (overall marketing or tech budget), annual goals, ease of use for clients/staff/agents, does it work with existing tools (or does that matter?), etc. More and more, certain apps integrate with others too – so explore if the best CRM connects to the best email distribution program for you. Many of these products have free trials or freemium models (where a certain number of users or contacts are free, but become paid as you use them or add users.)

How to decide what to explore and what not to explore:
There are many sites that provide user reviews and “apples to apples” comparisons of software – sites like Capterra and Agent Armory to name a few. Spending more time upfront figuring what you need and what specific tools you’re looking at do, can save you tons of time each week moving forward. A best practice we recommend is setting a future time (3-6 months) to evaluate the tech you’re using.

How to develop a business strategy that helps you make high-level decisions on where to spend your time:
Don’t believe what everyone else says on social – and decide on a time frame for an evaluation of what you’re doing. If you have a clear plan for where your business is headed, you’ll know what components you need to get there. If a certain lead source or software does not contribute to that goal, don’t try it. It’s always funny when people make blanket statements like “software xyz doubled my business last year.” Don’t fall into that trap – your business model is probably completely different from theirs – just because someone (whose affiliation with the company may be unknown to you) says “you” need it doesn’t mean that you do. Stick to your plan. Shiny objects, beware!

Pick one thing that is the “brain” of your business (typically a CRM) and USE IT:
In a people-centric business, often a CRM (Contact Relationship Manager) is the key software piece that you need. Learn to evaluate how the tools you use work together, using the key software piece as the measure. It is not generally a good plan to have 20 logins that don’t “talk” to each other. We’ve had success with our clients on using a specific CRM as the main tool. If lead sources or software won’t work alongside that, we don’t even talk to them. Often it’s a function of learning what NOT to do over exploring all the things you COULD do.

Consider the other Players:
If you have a team or a brokerage, be sure it’s something you can easily train (or that offers support that trains) your agents to use it properly. Many of our clients will test new ideas or platforms with their more seasoned agents before rolling out company-wide. Or maybe test with the newer, more tech savvy agents and see if they like it. People will be honored to be asked for their feedback in the decision process – it’s great team building and you’ll get buy-in from part of the group before rolling it out. You might even be able to have one of those younger agents pair up with the seasoned agents on implementation.

Bottom line is, explore, test, adopt but don’t leap from tool to tool letting it define your business. Embrace the change, but have a simple plan to follow to help you decide which tools make sense for you.

Lee and his team are proud to present the Best Conference Ever on August 22 – an event in Atlanta focused on technology and real estate – but also making it attainable and accessible to all in the business and helping our industry run a better, more efficient and effective business. Come see Managing Director for CRT Chad Curry’s session: “Under All is The Land: Emerging Technologies & Their Impact on Real Estate.” The Best Conference Ever is brought to you by the following individuals, and takes place at the Atlanta Tech Village.
David Lightburn – co-founder of Atlanta Tech Village, Clickscape, Village Realty www.vratl.com
Maura Neill – Team Owner, National Speaker, NAR course writer, www.buysellliveatlanta.com
Lee Adkins – Consultant for teams and brokerages, www.PoweringRealEstate.com

Lee Adkins is the Founder of Amplified Solutions – a consulting company focused on operational excellence for real estate teams and brokerages. He has served in many leadership and committee roles at the State and Local Associations and is currently a Vice President at the Atlanta REALTORS® Association. He frequently teaches and speaks at various conferences around the country. Visit www.PoweringRealEstate.com to learn more or find free resources, tools and suggested reading list.

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.

Three Key Takeaways from Chicago Panel on Commercial Real Estate Technology

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.

Four industry leaders met recently in Chicago to discuss the state of commercial real estate technology, exploring what disruption might mean for the future of commercial real estate.

Emily Line, Vice President of Commercial Services, Realtors Property Resource® (RPR), Constance Freedman, Founder and Managing Partner, Moderne Ventures and the Moderne Accelerator, and Karin Kraai, Senior Managing Director, Newmark Grubb Knight Frank, joined moderator Ginger Downs, Chief Executive Officer, Chicago Association of REALTORS®, for an informative discussion of commercial real estate technology to a packed room of Chicago-area real estate practitioners.

(L-R) Kraai, Line, & Freedman. (photo by Jacob S. Knabb)

Ready or Not Here Comes Commercial Real Estate Technology

 The first major takeaway is complexity inhibits technology adoption, as does fear of change.

Line pointed to a 2016 Forbes survey, which found only 11% of respondents consider themselves on the leading edge of technology. Yet the same executives also believe that technology is “revolutionizing the industry.” A similar survey by KPMG revealed that over 94 percent of commercial real estate executives identified complexity as their greatest challenge, Line noted, with 84% identifying ‘information management’ as one key solution. “Despite the fact that 84% recognize the solution, 89% are still not willing to step out of what’s comfortable,” Line said.

It is impossible to ignore the fact that new technology companies are entering the industry at a rapid pace, creating cost-efficient products designed to simply workflow. Most of these companies offer supportive data in a more digestible fashion. One great way for REALTORS® to establish yourself in the tech sector is to sign up to test new products “At Moderne, most of the companies we fund asked to create pilot programs where users can try a new company’s product for free in exchange for user feedback,” said Freedman. “Get involved and you may build a real relationship with a company.”

Commercial Real Estate Technology Isn’t Exactly Disruptive

The second key takeaway is that commercial real estate hasn’t had a true disruption yet. “We’ve had embellishers and enhancers [in commercial real estate technology] but not a disruptor,” said Kraai. Commercial real estate still hinges on human expertise at its core and as a result “brokers don’t want to be disrupted,” Kraai argued. Freedman agreed, noting the importance of human relationships. “Deals can take five or more years to complete [and] clients want an advisor or a consultant,” Freedman argued.

“Disruption is separate from the individual,” echoed Downs. “And the products need to make the broker more efficient.”

Technologies created for other markets will penetrate commercial real estate, enhancing how the industry functions. There movement towards smart buildings in smart cities is undeniably changing the way brokers and investors think about properties. “Buildings are becoming greener and offer far more smart tech options for tenants,” said Kraai. “Here in Chicago’s riverfront we are seeing a definite desire on the part of tenants and firms to have a smaller footprint.”

Intentionally Cultivating a Growing Workforce

 The final takeaway is three-fold: Diversity creates better companies, the key to building diversity is through mentorship, and this matters to the incoming millennial workforce. Line argued the “Work, Live, Play” movement is unavoidable.

“Shifting lifestyle preferences are prompting major changes in the real estate landscape, forcing developers, investors, and REALTORS® to dive deeper into research and think about the full picture for a community,” Line referenced a study commissioned by NAR and conducted by Swanepoel T3 Group called the Commercial Real Estate ALERT. According to the report, Millennials will make up 75 percent of the workforce by 2030. “One of the most pressing challenges for commercial real estate is to plan for where this important segment of society will live, work, and play,” Line reasoned.

This incoming workforce brings a different set of expectations about diversity. Freedman noted a particular lack of diversity when it comes to the investor space. “The managing partners in firms across equity is roughly 7%,” she said. “In real estate, it’s closer to 3%.” Freedman bemoaned the fact that hardly any women have their own fund despite the fact that almost all want to.”

That said, Downs noted a marked shift in company culture to attract younger employees and improve the happiness of current ones. “Millennials will soon be the largest demographic in the work force, so it’s important to consider what they are looking for in a work place and find spaces to make those dreams a reality,” said Downs. “Because so many of us live tech-heavy, fast-paced lives, we need our work places to be innovative and efficient.” The entire panel strongly believed that practitioners should commit to the old-school method of mentorship to support millennials, particularly women and minorities, entering the commercial real estate and technology space. A diversified industry creates much stronger returns. As Kraai succinctly put it: “All of the Top-20 Tech firms have women in at least 20% of their key positions. It makes better thinking and increases profitability.”

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.

The Building of Functioning Cities: Navigating the Smart City

Time-lapse photo of cars driving in Atlanta, GA at night. Shoes trailing tail lights and headlights with Atlanta in the background.

Photo by Joey Kyber on Unsplash

As cities become more densely populated, getting around them takes on a new sense of urgency. One of the big reasons cities are interested in smart city technology is to help solve transportation problems. In this article, we’ll look at three technologies that help residents navigate their cities and identify what the value is to them and to the real estate practitioner.

Smart street lights help the city save money, energy and reduce light pollution

Cities like Chicago, LA, Barcelona, and Amsterdam are employing new lighting strategies to cut down on light pollution, reduce energy usage, and better serve their citizens. One company working on this problem, Tvilight, has developed a solution that will brighten when there are people around at night and dim when there aren’t. Tvilight has several deployments in large and small communities throughout Europe. Their lighting allows for city administrators to remotely set levels for lights, understand evening traffic patterns, and save energy. In some cases, these lights have helped reduce maintenance costs by up to 60% as well. For the real estate practitioner, communities using these lights could become a selling point. Reduced light pollution, yet retaining a safely lit environment is something that anyone would love.

Intelligent stop lights can help clear congestion and reduce accidents

In Sioux Falls, South Dakota, adaptive signal control technology is helping improve traffic flows and reduce accidents in the city. The smart stop lights have dropped traffic congestion by 5-11%. This means fewer idling cars, saving fuel and money for drivers. Another benefit is the technology has reduced the number of accidents. Because the technology can adapt, it means less of drivers trying to outrun a light change. Sioux Falls has seen a reduction in accidents from 1 accident every three days average to 1 accident every four days average. Over time, that adds up due to all the emergency services required during these times. This data can also help inform commute times and give you a real time sense of congestion, or if there are any accidents in the area, so you can adapt your route wherever you’re going.

 

Smart parking systems can let you know if there’s a space available anywhere

One of the biggest challenges to living in a large metropolitan area is finding parking. I live in a neighborhood that used to have plentiful street parking, but now, we can drive around for 15-30 minutes trying to find a space. Libelium is a company helping cities connect with citizens by providing real time parking space data. Using magnets, sensors and cameras, Libelium relays real time information about parking spaces in a community and can reduce the amount of time you are spending looking for a space. They could also provide historical information that can help city planners think about the parking issues in their city. This data will be extremely valuable in real estate for some time to come.

As you can see from the article, cities large and small are employing these techniques. Smart city technology is not an all or nothing proposition. You don’t need to have a myriad of smart solutions added right away. Communities are employing solutions to help them solve immediate problems, then adding to those solutions. Are you seeing solutions like these in your communities? Let us know in the comments below.

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.