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Disrupt or be disrupted

Technology: Disrupt or Be Disrupted (and a special Bright MLS Announcement)

Special Announcement! – Bright MLS Meeting –

We’ll be holding an Bright MLS meeting here at SCAOR on November 9th at 1:30 PM for members and brokers to hear from the CEO of TREND MLS.  Feel free to catch up on all the info regarding Bright MLS here.

Blog Post – Technology: Disrupt or Be Disrupted

 
The implications of big data, drones, and augmented reality for real estate agents and brokers cannot be ignored. In fact, real estate can even profit from these potentially disruptive innovations if they have the right tools.
 
drone flying over house
 

In the wake of rapidly evolving technologies, many industries are at risk. Carl Frey and Michael Osborn, two researchers from the University of Oxford, have published a paper about the future of employment that states with 97 percent certainty that real estate brokers will vanish during the next decades.

As a researcher and founder of the Future Real Estate Institute, I think this is pretty unlikely, since the real estate transaction process is very emotional and buyers and sellers still crave human interaction. However, I do believe the industry will be cleansed of many competitors that don’t believe in technological innovation. Based on the fact that you are reading this article, I’m willing to guess you don’t belong to this group.

Historically, real estate brokers and creative entrepreneurs in related fields have been at the forefront of real estate innovation, while many large corporate players in the commercial sphere have lagged behind. In fact, the combined impact of social media, mobile applications, and digitalization on the industry is nothing compared to the potential disruptions of today.

Disruptive Technologies of Our Age

Artificial intelligence, sensors, synthetic biology, and robotics are all major sources of disruption in our age. These innovations are bringing us technologies like the Internet of Things, smart applications, blockchain databases that make digital economies and “cryptocurrencies” such as Bitcoin possible, and much more that will impact how we research, work, and live.

Adaptive and creative real estate brokerages don’t have to invent a new disruption in order to remain relevant; they just need to make use of them. Apple didn’t invent the smartphone and Amazon didn’t invent the internet; they just created a disruptive business case on top of those existing innovations.

In the first article of this series, I wanted to show you how you can profit from the more basic innovations, such as big data, drones, and augmented and virtual reality.

Real Estate Open Data

According to IBM, we produce 2.5 quintillion bytes of data every day, which means 90 percent of the entire global stock of data has been produced during the last two years. Perhaps more exciting than the quantity is the fact that much of this data is open source and available to anyone.

To capitalize on this, agents and brokers should form data alliances, preferably under the supervision of the National Association of REALTORS® and other trusted industry partners. Though it’s not an NAR initiative, Project Upstream is a great early example of a platform that could one day automatically sync a wealth of data beyond the listing (among them: macroeconomic, social, and environmental, along with tracking consumer and business sentiment). And MLS platforms with enhanced data aggregation and usability could fulfill the same purpose on a regional or state level.

The challenge is to aggregate adequate data points, store them in a distributed and resilient network, construct user-friendly interfaces, and create precoded analytical models to draw reasonable inferences from the data using standard queries.

Another way the industry can profit from the data is by reducing market research and marketing costs, increasing the efficiency of personalized targeting and making trend forecasts on a regional as well as national level. We might see new real estate data brokerages, specializing in marketing and big data in a software-as-a-service (SaaS) package, as well as new jobs opening up for real estate data scientists.

In order to stay on top of this trend, solo entrepreneurs and small brokerages should be especially focused on forming strategic alliances to share the costs for big data workshops and seminars. Larger players should hire CTOs and data scientists to help foster open innovation with cross-functional teams.

As a local example, Ed Smith from the Sussex Today & Tomorrow conference shared a wealth of statistical job data in Delaware that can help you make better workplace decisions.  Take a look at the accompanying video! 

Video Marketing & Image Database

In June, the Federal Aviation Administration finally announced its legal stance on small unmanned aircraft systems. This means that from August 29 on, real estate brokers can use small drones that weigh less than 55 pounds for aerial photo shoots, if they hold the necessary certificate and comply with the operational and safety requirements of the Small Unmanned Aircraft Rule.

Drones, actually belonging to the innovation category of robotics, are a great tool for video marketing, providing high-resolution images of properties and their surroundings.

On the individual level, this is a rather simple example of technological innovation that can be used without a very steep investment. But an exciting new business case could be the creation of a free stock aerial image and video platform, accessible to members of the National Association of REALTORS®, which could have greater use cases as artificial intelligence programs learn to label and analyze imagery and video data.

 

Next-Level Marketing

Augmented reality is one of those buzzwords that didn’t mean much to most, yet with the success of the mobile app Pokémon Go, we have seen how the combination of offline and online worlds can transform everything. Agents can profit from this technology by providing augmented reality services during open houses.

Learn More

CRT White Paper – The Holy Trinity: Big Data, Analytics & Real Estate (Part 1 of 2)
6 Ways Tech Will Change How You List Homes
Apps for Designing a Home Virtually

By creating an app that can be downloaded during or before an open house, brokers can include digital maps of the listing’s surroundings. Data could consist of detailed geo-information regarding schools, doctors’ offices, hospitals, supermarkets, and restaurants, along with weather information, macroeconomic data for the region, and much more. In-depth information about the house itself could also be displayed, such as floor plans, building materials, and HVAC systems.

Potential buyers could obtain the information via their smartphone, tablet, or other device linked to natural language processing software. Potential buyers could then walk through a property and use the system to get more detailed descriptions. This could make open houses more private and intimate. The data dissemination could be triggered by beacons, near-field communication, Bluetooth, or Wi-Fi.

Virtual Reality — One Step Further

Real estate professionals who want to take it beyond augmentation can do so by using virtual reality. It can be used for virtual staging or to add value for buyers if they can design the interior as well as exterior of the property. This technology could be integrated with the 3D Home Designer package for AutoDesk’s Homestyler or other alternatives, or associations might consider creating a SaaS tool for members.

One further advantage would be the offering of remote open houses, which could accelerate transactions and enhance services for those who cannot visit listings in person. The agent could accompany the VR tour through the property within the VR session or via the internet or phone. Potential buyers from other states or countries could thus assess a property before they come or even buy it based on a VR tour.

If you really want to get your head around these and other technologies, I suggest taking advantage of free courses on CourseraEdX, or Future Learn.  Text from this article reprinted from REALTOR® Magazine.  Article written by  VIKTOR FRANZ PAUL WEBER

 

Bright MLS - Get More Information Here

Bright MLS Summary to Members

Date:               October 26, 2016

To:                   Participants and Members

From:               SCAOR CEO, Merritt Burke IV

Re:                   Bright MLS: Information and Timeline

Over the past year, SCOAR leadership has been attending Bright MLS Vision Team meetings to consider joining a more expansive MLS.  The new MLS is a merger between MRIS and TREND combining 36 combined REALTOR® Association shareholders in six states plus the District of Columbia (not-for-profits and for-profits). 

A copy of the August 30 Bright MLS presentation is enclosed as a PDF.  Lastly, attached to this letter are a technology summary of what SCAOR members will receive if the Board votes to join Bright MLS. 

The timeline to consider joining the new MLS is as follows:

August 8 – October 26            Bright MLS was referenced in several emails (At-A-Glance, Blogpost/SCAORCast and SCAORcard) to members and discussed at two MLS Committee meetings

August 30                               Participant meeting (this meeting was scheduled before the deadline was changed to execute an Agreement from October to December 31)

September 27                          Board meeting to discuss Bright MLS

October 3                                General Membership meeting where Bright MLS was discussed

November 9 (1:30 pm)             Information meeting with Bright MLS rep. and SCOAR CEO

November 17 (9:00 am)           Board meeting (tentative vote to join Bright MLS)

The deadline to execute a Service Agreement is December 31, 2016.

As CEO, I anticipate that the Board will discuss and/or vote to join Bright MLS at the November 17 Board meeting.  The goal up to that point is to inform the Participants and Members of the benefits and challenges of joining within the next two months.  President Frank Serio and I, including Bruce Plummer who has attended all Bright MLS Vision Team meetings, are available to answer questions at any time.

Financial Impact 

Yes, there will be a nominal financial impact to SCAOR.  MLS fees are anticipated to increase and revenue is anticipated to decrease.  There are options to mitigate the loss of revenue.

Summary

To summarize, the Board is interested in hearing Participants and Members opinions of joining a more expansive MLS.  Within MLSEvolved.com you will find everything you need to review the new MLS including a map of the new service area and informational videos from the leadership team.

Click These Thumbnails to see more:

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Proposed Map Image of Bright MLS (Formerly MLS Evolved) Coverage

 

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Bright MLS (Formerly MLS Evolved) Technology Comparison Sheet

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Bright MLS (Formerly MLS Evolved) Presentation PDF

 

“At A Glance” for October 24th

 


“At A Glance” for October 24th – Volunteer to Join a 2017 Committee!

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Committee Recruitment

Interested in helping to shape the voice of real estate in Sussex County?  Sign up to join a team of people as interested in making a difference as you are!  (Professional Standards, Public Policy, Marketing, and more available for the 2017 year!)

Sign up here!
 

Bright MLS

As a reminder, we are interested in hearing your opinions from regarding the idea of joining a more expansive MLS.  Within MLSEvolved.com you will find everything you need to review the new MLS including a map of the new service area and informational videos from the leadership team.  If you have any more questions, please call CEO Merritt Burke here at 302-855-2300.


Screen to Screen with Doug Devitre – November 18


Upcoming Classes:

MLS & Realist Training:
MLS & REALIST Training – November 22
MLS & REALIST Training – December 7


Module 2:
NAR Ethics – October 27



Module 4:
Office Management – October 27

 


Module 6:

Introduction to Commercial Real Estate – November 1
 

Module 1:

Agency & Fair Housing – November 22
 



Module 3:

Real Estate Documents – November 22

 

Module 5:
Legislative Issues – November 1

Upcoming Events:


November 18 – “Screen to Screen” with National Speaker, Doug Devitre (Sign up Here!)
December 7 – Affiliates Present NYC Bus Trip (Sign up Here!)

This Week’s At A Glance is Sponsored by Scott Dostal Mortgage Team




 







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Sussex County Association of REALTORS® · 23407 Park Avenue · Georgetown, DE 19947 · USA

 

At A Glance for October 17th

 


“At A Glance” for October 17th – Road Rally Cancelled & SussexPlan

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RPAC Fundraiser: Road Rally Cancelled

We just wanted to let you know that the RPAC Road Rally scheduled for this Thursday has been cancelled. Stay tuned for a new event coming this spring!

 

Make your voice heard in Sussex County

The SussexPlan.com site has a member survey regarding the future of Sussex County. Click here to make your voice count!
 


Screen to Screen with Doug Devitre – November 18


 


RAMCO Screenshot Previews

A new user portal is launching for billing and education – you will be receiving an email with instructions on how to access it.


Public Policy Update with Patricia Anderson

I can report that after a very long Council Session with some added drama, lots of texts, and emails the sign ordinance is finally settled, after approx. 14 months of back and forth and moratoriums! REALTORS® were given a victory! We forged on with our position that large lots and commercial real estate should be given the ability to have at least a 32sq foot per side size and allow corner lots to have a “v” shaped sign.

There was a differentiation set in for residential signs that would be located in a subdivision (meaning they can have nothing larger than the standard 10 x 10 sq. feet). I will work on getting you the full layout for the electronic messaging centers changes, however, that too was a victory in part because animation has been allowed for on premise signs (with exceptions such as scrolling, flashing, live feed and/or video).


Upcoming Classes:

MLS & Realist Training:
MLS & REALIST Training –  October 19
MLS & REALIST Training – November 22
MLS & REALIST Training – December 7


Module 2:
NAR Ethics – October 27



Module 4:
Office Management – October 27

 


Module 6:

Introduction to Commercial Real Estate – November 1
 

Module 1:

Agency & Fair Housing – November 22
 




Module 3:

Real Estate Documents – November 22

 

Module 5:
Legislative Issues – November 1

Upcoming Events:


October 27 – PCA Wallops Island Tour (Sign Up Here!)
November 18 – “Screen to Screen” with National Speaker, Doug Devitre
December 7 – Affiliates Present NYC Bus Trip (Sign up Here!)

This At-A-Glance Sponsored by Storage Solutions




 







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Sussex County Association of REALTORS® · 23407 Park Avenue · Georgetown, DE 19947 · USA

 

“At A Glance” for October 10th

 


“At A Glance” for October 10th – Affiliate Mixer & Road Rally!

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Affiliate Mixer – This Thursday at 4:30 PM

Join us this Thursday at 4:30 PM for a FREE Mixer at the Crooked Hammock.  Sign up here.

RPAC Fundraiser: Road Rally – October 20

Start your engines – Click here to sign up for this great event happening on October 20th from 3-6PM.


Screen to Screen with Doug Devitre – November 18


Upcoming Classes:

MLS & Realist Training:
MLS & REALIST Training –  October 19
MLS & REALIST Training – November 22
MLS & REALIST Training – December 7


Module 2:
NAR Ethics – October 27



Module 4:
Office Management – October 27

 


Module 6:

Introduction to Commercial Real Estate – November 1
 

Module 1:

Agency & Fair Housing – November 22
 




Module 3:

Real Estate Documents – November 22

 

Module 5:
Legislative Issues – November 1

Upcoming Events:


October 13 – Affiliate Mixer at Crooked Hammock (Sign up here!)
October 20 – RPAC Fundraiser Road Rally (Sign Up Here!)
November 18 – “Screen to Screen” with National Speaker, Doug Devitre
December 7 – Affiliates Present NYC Bus Trip (Sign up Here!)

This At-A-Glance Sponsored by Embrace Home Loans




 







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Sussex County Association of REALTORS® · 23407 Park Avenue · Georgetown, DE 19947 · USA

 

Tech Tip Tuesday - #065 - Map Searching with RPR®

Tech Tip Tuesday – #065 – Map Searching in RPR®

 

Welcome back to Tech Tip Tuesday!

This is your ultra-fast, easy dose of the latest tech that can help your life as a REALTOR®.  Whether it’s using the MLS, Mobile Apps, or surfing around, we’ll give you the tools you need each Tuesday.

Tech Tip Tuesday – #065 – Map Searching in RPR®

Today’s Tip:

Today, we learn to utilize all of the amazing features in RPR’s Map search.

The code of ethics cycle

The Code of Ethics Cycle

As members of the National Association of REALTORS®, we all understand and commit to a strict code of ethics. It’s one of the foundations of NAR membership, as it has been for more than a century now.

We know, of course, that a strict adherence to this code is required in order to retain membership in good standing. It’s not debatable or negotiable – it’s one of the long-time tenets of NAR membership.

But it’s also time for a gentle reminder, as the current Code of Ethics Training Cycle is about to come to a close.

The current four-year cycle ends on Dec. 31 this year, so if you haven’t yet completed your training, now is certainly the time to do so.

NAR recently reminded all of its members that failure to complete training ON TIME will lead to suspension of your membership for January and February of next year, with termination of your membership beginning on March 1.

Please don’t cut this too close to the deadline, should something come up at the last minute. Continued membership and good standing in NAR is an essential element of your business, so please take this very seriously.

National bylaws require that all REALTORS® complete ethics training of not less than two-and-a-half hours of instructional time within four-year cycles. The training must meet specific learning objectives and criteria established by the National Association of REALTORS®.

Training may be completed through SCAOR or through other methods, such as home study, correspondence, classroom courses or online courses.

We must all abide by these requirements and commit to these time-honored principles, a few of which include:

  • Be honest with all parties in the transaction. This is not just with the client, but also with the other REALTOR® and his or her clients.
  • Put the client’s interests ahead of your own, at all times. This service is provided regardless of the compensation available.
  • Disclose all pertinent facts regarding the property and the transaction to both buyer and seller. If a REALTOR® believes information provided by a seller is questionable, he or she is obligated to investigate. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® is not permitted to comply.
  • Be truthful in all communications with the public. This ensures that members of the public understand the REALTOR’S® experience and can make an informed decision when choosing real estate representation.

To learn more about the NAR’s Code of Ethics, visit www.realtor.org/codeofethics.

Sussex County Association of Realtors

Phone: 302-855-2300 | Fax: 302-855-2319

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