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Startups are making real estate more efficient (or are they?)

As technology advances, so does the opportunity to accomplish more things, faster, but does one more startup move the chains?

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As technology advances, so does the opportunity to accomplish more things, faster. Technological advances have allowed for growth and productivity in nearly every industry, except perhaps real estate.

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A recent TechCrunch article proposed that startups are making real estate businesses more efficient, and while I believe this can be true, I also believe startups are making business more difficult. Allow me to explain; while there are certainly a wide range of apps and businesses seeking to assist real estate professionals in particular, they also come with a several caveats.

First, to successfully integrate a new technology into the office, or your own business, you need to decide from the thousands of available apps and startups, which one will be most effective for your sales style and environment. This alone can take up a great deal of time and effort.

Choosing the right technology

Brokerages with the best data ultimately make the most money, but how do you decide which data is “the best?” Your business can absolutely benefit from faster and more reliable data, but it is imperative you find an option that fits your budget, as well as your data needs. Which brings us to the second caveat: there will be the added expense of whichever program you choose to use.

Herein lays the problem, as TechCrunch so aptly worded it, “The average residential real estate agent spends very little time at his or her desk. Every minute spent sending marketing collateral or pulling listings information is time that could have been spent with sellers and buyers closing homes, which is ultimately how realtors get paid.”

Engaging productivity apps, such as appointment reminders, time management apps, and automated email responses for when you just do not have time to pen an individual response can save you time and money, but deciding which app to use for things like contracts, data analytics, and work collaboration can be time consuming and actual take away from your workflow productivity.

How to successfully integrate new tech

Suggestion: if what you’re doing is working, keep doing it.

If you feel like there are some areas that could benefit from mobile technology, or other startups, pencil in time to take a look at what’s available, as well as, asking friends and colleagues for their recommendations. To successfully integrate new technology, it should enhance what you’re already doing. Given the sheer number of startups, selecting an effective program can be overwhelming. This isn’t to say there aren’t a number of startups that are absolutely useful.

Not a replacement

I fervently believe in the benefit of technology in the real estate profession, however, I also believe that no single program is going to give you the magical fairy dust to sell a home without first building those critical personal relationships.

Technology can help you keep in touch and remain productive, but it is not a replacement for personal, working relationships and embracing what’s already working for you.

#RETech

Senior Staff Writer at The Real Daily, Jennifer Walpole holds a Master of English from the University of Oklahoma. She has long been a dedicated business and technology writer, and she holds real estate close to her heart, as she comes from a family of brokers.

Real Estate Technology

National accelerator for brands seeking to tap into real estate

(REAL ESTATE TECH) Whether your company is real estate tech or looking to spin into real estate or get a gajillion Realtors on board, this program is for you.

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If you own a technology startup or product that would work wonders for Realtors and the real estate market, applying for the 2018 NAR REach program could be your ticket to the fast track of success.

Second Century Ventures, the investment arm of the National Association of Realtors (NAR), is now accepting applications for its 2018 NAR REach accelerator program. This program is designed to accelerate the growth of early-to-mid-stage companies by giving them access to NAR’s industry experts, educational resources and relationship building blocks that can help companies achieve success in the real estate market and beyond.

Think of it as an intensive, real estate market crash-course with countless opportunities to grow your business and investor network. The more you know, the more you can grow.

Companies selected for the NAR REach program will be connected with more than 350 real estate and technology leaders from major brokerages, brands, companies, and venture capitalists. You’ll be able to really connect with these individuals, too. On average, REach participants will meet with more than 50 advisors for one-on-one mentor sessions over the course of the program.

REach companies will learn how to navigate the massive real estate industry all while being supported by the NAR, which is a $4.5 billion brand. And, if your company is selected for this program, you’ll have access to the NAR’s Insight Panel, a large network of industry professionals who can give you feedback on different aspects of your business, such as user experience and product pricing. If your company is just starting out, such constructive feedback can be crucial for significant growth.

Sounds pretty sweet, right? There’s evidence the accelerator program works, too.

Overall, REach companies have experienced revenue, customer, and/or user growth rates from 50 percent to more than 5,000 percent. They were also able to form important partnerships with major companies such as Coldwell Banker, Century 21, and Google. Need another example? In April, Guard Llama, a 2015 REach program safety company, received a $100,000 real estate investment from industry tycoon Barbara Corcoran and license to use her image on their product.

For its 2018 REach class, they are seeking seven companies with stable business models, actionable business plans, and the potential to make waves of positive change in the real estate space. Applications will be accepted through January 31, 2018 via the NAR REach website. The companies that make the cut will be announced in February 2018, and the nine-month program will begin at the end of March.

Here’s a bit more about who should apply.

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Real Estate Technology

Amazon Alexa app for real estate could fill your lead pipeline

(REAL ESTATE TECH) A new app has been developed for Amazon Alexa to connect home buyers and real estate professionals, check it out.

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Voice interaction is truly the wave of the future. Amazon Alexa leads the way. It’s reported that Amazon will be announcing Alexa for Business Platform, which takes voice into the workplace.

Enterprises can use Alexa to manage temperature and lights and to get information, but other skills and apps will be available to help with calendar management, ordering supplies and much, much more. Alexa has the capability to integrate with business to be a voice-activated virtual assistant.

And artificial intelligence via voice interaction with Alexa is now entering the real estate market.

Agent NEO is an Alexa app designed for the real estate industry. This app helps users look for homes to buy, check real estate information and find a real estate agent.

Agents who are registered with the app can easily connect with buyers and sellers and stay in touch with current and past clients through the app. Users can also get information about their home’s value through the app.

How it works:

  • Users ask Alexa to help them find houses to buy. Alexa narrows down the search by locality, budget, size of house and other preferences. Users can even access pre-approval for loans.
  • Alexa matches users to a real estate agent in the area where the user is looking to buy or sell.
  • Alexa sends the information to the agent about the potential client, including their search details. The user gets an email with your contact information, a bio and an intro from you.
  • The app can book showings for users, based on their individual preferences.

Agents can join by going to the Agent NEO website. Although the technology is still fairly new, as more people invest in voice-activated interfaces, it could be a great way to generate leads for your company.

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Real Estate Technology

Silly Chrome extension blocks tweets over 140 characters

(SOCIAL MEDIA) When Twitter began testing out longer tweets, many people lost their minds. A new extension stops the madness, stat!

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Back in September, Twitter, known for forcing users to be succinct, made a controversial move when the social media platform decided to double its character limit from 140 to 280.

Twitter is testing out the concept on a handful of seemingly randomly selected accounts. According to product manager Aliza Rosen, Twitter “will be collecting data and gathering feedback,” and may eventually expand the character limit for all users.

Rosen and other execs at Twitter seemed to anticipate a backlash. Said Rosen in a blog post, “We understand since many of you have been Tweeting for years, there may be an emotional attachment to 140 characters – we felt it, too. But we tried this, saw the power of what it will do, and fell in love with the new, still brief, constraint.”

Unfortunately for Twitter, users aren’t feeling the love.

The change has inspired much sarcasm and wrath, and some have even accused Twitter of using the character limit expansion as a distraction from more pressing issues, such as curbing online harassment and hate speech, or combating bot networks. Heather Kelly tweeted, “Women on Twitter excited death threats can now be twice as long.”

While some have used the 280 character limit in positive ways, others have proved just how pointless and annoying an extra-long tweet can be. MGM tweeted a 280 character roar, while Checkers & Rally’s tweeted 280 cheeseburger emojis.

Some developers at Slate Magazine think the much-hated 280 character expansion “is a real mess,” and have decided to be proactive about it.

They’ve created an extension for Chrome that limits your tweets back to the original 140 characters, while also cutting off tweets longer than 140 characters in your feed. The extension is simply called “140.”

They admit that they “whipped it up in one night,” that Twitter may find a workaround for their extension, and that there are some problems with URLs and pasting text.

However, they hope that, at least for now, the extension will create “a much chiller experience” on Twitter. So if you really can’t stand to read more than 140 characters, this may be your best option to “make Twitter great again.”

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