Is Real Estate Ready for New Technology? Episode #207
Hello! Welcome to Todd Miller TV. I wanted to do an update today on technology, I wanna talk about web, talk about mobile, some of the exciting things that are starting to happen in Real Estate. I wrote down 5 things, we’re gonna go through ’em one at a time, we’re gonna kinda see where we’re going and what’s some of the new things are coming down line. And maybe why it’s taking us a while to get to where we probably need to be with technology in Real Estate. Okay. So, 1st thing I wrote down is “Real Estate is an offline business” So you’re probably saying “Well, if it’s an offline business, how do we use technology?” Well, you know, taking the offline role of Real Estate and fitting it into an online world is sort of a challenge, which is one of the reasons why we have seen slow growth, we’ve sort of seen things like Realtor.com, Zillow, Trulia, come out with mobile apps and that’s about it. Couple of things that are out there in the Real Estate space, Transitioning Real Estate form offline to online and using the technology to make this whole process a little easier, more comfortable, take out some of the complexity of it is sort of interesting. 2nd thing I wrote down “Real Estate is really a relationship business” The people I talk to are saying “I wanna avoid the pushy agent” that’s a relationship issue. They say “I wanna talk to people I trust, my friends, my family, get their opinions, and then ultimately when I find that person who I really trust, is then I’ll have all the people that make information”. You can’t replace that with technology, but you can use technology to help you find those people. So using/taking the offline part of Real Estate, taking that relationship part of Real Estate, and sort of taking that and do an online box is been sort of the thing that people are trying to figure out. 3rd thing I wrote down “cost of entry.” Now there’s a cost to this developing, the websites, the tech, the mobile, the engineering, the server calls, all the things that it takes to do that are not cheap. And Real Estate is a business where it’s very cheap to get in. Real Estate companies, Real Estate Agents to can start them for nothing. So people, they’re at mind set, don’t always wanna invest the money in technology and do things. Usually, had to have big companies and then they missed the mark on the local. So that’s sort of like you got a bunch of people in the industry who aren’t used to making the commitment financially and then trying to get then to do stuff, sometimes difficult. The other reason that we’ve sort of seen it lacking is Real Estate is not lively adaptable. It’s not like instagram where you can take a picture of a person and then post it on the Facebook immediately, and everyone can do that. That’s something people would use 3 or 4, 10 times a day, Real Estate yo would/you maybe do it when you’re ready to buy a house, once you buy the house you probably forget about it. So, if the application is not widely identifiable, the website or whatever, and it’s not usable to everybody, it’s not gonna be adapted a lot. And a lot of people don’t want to spend their time on it. They’d rather come up with something everybody can use. So what are some cool things that are out there right now? Home Snap, I think it’s gimmicky. People like it though because they take the picture of the house, it tells them all about it. But it’s really not doing that. Just finding that house nearest to them. You know Zillow and Trulia are doing some interesting things I think with, they’re staring to maneuver out of the space that they’ve been in, which is, don’t let them, you know, make you think they’re doing otherwise, they make their money selling leads to Real Estate agents. So when you’re on their website and you’re thinking “I just avoided the agent, I’m on Trulia, I’m on Zillow, I’m going through these websites” They take your information, they sell it to agents, Okay? Ask any agent. They’ve all been called by Zillow, Trulia, and Realtor.com we have buyer leads for you, pay us a certain amount. That’s what they do. Okay? But they do some other cool stuff in technology. Hey, so what are we doing here in Nevada Realty Solutions in regards to this technologies? So, we’re doing 2 things, our web nationwide service for finding agent and getting relocation expenses back, that’s will be launching probably within a month. It’s called “ReloRabbit” It’s actually on the web, it’s not fully functional yet but it’s “ReloRabbit.” Another thing that we’re doing here, techwise, is mobile. It’s gonna be very fun, it’s gonna be something you do with a mobile device in front of a house. It’s going to be very cool, I’ll talk about that more in a few months. It’s actually/the people I’ve talk to in the industry are blown away when I told them what my idea was. We’re following a patent on it to protect ourselves. It’s very cool. I think it’ll be really good. So you’re probably asking “Why is somebody like a small Real Estate company doing this? Not a big company?” Part of that is, Big companies have to have money right now. They have to have something they could take and you know, immediately start generating revenue from. The proven business model is to get eyeballs and then advertise to them or sell them leads, sell leads to agents and neither one of those is anything that we’re doing. This is not anything we have to make a penny off of at any time in the future, atleast within the first few years or anything. It’s just something very cool. Something that we’re gonna be using in here. It’s actually something our agents in this company are gonna be using and then agents at other companies, and people can use it, any body can use it. That’s a kinda cool thing is, we’re actually creating something for everybody on the mobile side and not just for consumers, not just for Real Estate agents. So, like I said, details will be coming out is that gets it all. Anyway, I thought I would talk about technology, talk about Real Estate, i think it’s sort of great space to be in and there’s very few players in it and we’re one of them now. So anyway, that is my update for today and hope to see you on another video. Thanks!