Zillow Unveils Smarter, More Accurate Zestimate That ‘Sees’ Unique Home Features, Incorporates Greater Real-Time Data

“The Zestimate revolutionized real estate when it launched in 2006, using facts from public records to estimate a home’s value. With today’s update, it can now, in a sense, “see” in photographs features that humans would instantly understand, such as curb appeal and natural light. The new Zestimate uses neural networks and computer vision to distinguish between high and low-end finishes and to incorporate the value of features like updated bathroom fixtures, fireplaces, and remodeled kitchens. The Zestimate also now uses real-time data from for-sale homes, including list price and how long a home has been on the market.”

Zillow

Very smart. You gotta hand it to Zillow for gaining rights to generate derivative data from MLS photos. I would think that photographers would object to such a use case.

Ever wonder what happened to all the business cards you’ve handed out over the years? Wish there was a better way to engage with prospects beyond simply giving them your contact information and hoping for the best? The SavvyCard platform affords real estate professionals the opportunity to provide immediate value to new leads, sharing information relevant to their initial conversation with the prospect. And most importantly, SavvyCard gives the agent control of the follow-up!

David Etheredge is the cofounder and CEO of SavvyCard, a lead development platform designed to facilitate proactive, tech-enabled follow-up with prospects. David and his team are committed to helping real estate agents, brokers, associations and affiliates build a direct relationship with buyers and sellers through technology and networking tools that put the customer experience first. Prior to SavvyCard, David managed software development teams for Disney Interactive, Microprose and Hasbro Interactive and cofounded a boutique digital marketing agency.

Today, David shares the origin story behind SavvyCard, explaining the platform’s intent to facilitate proactive follow-up by way of a digital business card. He discusses the SellerShare feature, describing how it can be used to engage sellers in promoting their own listing on social media. David also walks us through best practices for following up with prospects, addressing the data around how quickly agents should follow up and offering ideas for how to provide value. Listen in for David’s insight around the role of advertising in growing a business and learn why real estate professionals should take advantage of social platforms to promote new property listings!

What’s Discussed: 

David’s background managing software development teams

How SavvyCard originated as a better way to engage prospects

How progressive web apps will change the way content is distributed

How SavvyCard facilitates tech-enabled, proactive follow-up

Engaging sellers in promoting their listing on social via SellerShare

The data around following up within 10 minutes of meeting a lead

Following up with a relevant article or service recommendation

Why it’s valuable to post new property listings on Facebook

David’s insight around the role of advertising in growing a business

SavvyCard’s intent to become a part of the real estate toolkit

Resources:

SellerShare

Connect with David:

SavvyCard

David on LinkedIn

Director of IT – FMLS

FMLS with over 60 years of doing business in Atlanta is looking for a Director of IT. This is a full time permanent position with competitive benefits and pay. If you are looking for a challenging role with a company that is looking to grow, yet having a work life balance, this may the position for you.

For details on this job posting and more please visit the Vendor Alley Job Board.

Traditional brokerages got 99 problems. They’ve got to compete with iBuyers. They’ve got to compete with 100% commission models. They’ve got to innovate new products and services. They’ve got to figure out a way to make money off those products and services. And they’ve got to worry about potential industry regulations and the insane amount of capital flowing in to would-be disruptors. So, what can brokerages do to address the fundamental flaws in the traditional model—and survive the next five years?

Today, Rob and Greg are discussing the top issues traditional brokerages face and what they can do about it. They address the implications around Compass’ renewed focus on product and Wall Street analyst John Campbell’s comments regarding the tipping point Realogy and other traditional brokerages face.

Rob and Greg weigh in on the fact that brokerages LOSE money on top producers and the challenge of monetizing products and services for agents. Listen in for insight around the future of traditional models like that of Realogy and RE/MAX and learn how agents and brokerages might adapt to the disruptions facing the real estate industry.

What’s Discussed: 

The public interest argument for representing the buyer’s side

The implications around Compass’ renewed focus on product

John Campbell’s comments on the tipping point Realogy faces

The issues around productivity in a traditional brokerage model

Why brokers need to make money through products + services

How brokerage iBuyer initiatives are really listing lead programs

Why Upstream doesn’t address the problems brokers face now

The fundamental flaws in the traditional brokerage model

The future of Realogy, RE/MAX, Redfin, eXp and Home Services

What agents might do in a world with 60% iBuyer market share

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Resources:

Scratch That Podcast

Gradually … Then, Suddenly! Podcast

The Tom Ferry Podcast Experience

Nick Kremydas on Twitter

Glenn Kelman on Scratch That EP010

‘Is a Compass IPO Coming Soon?’ in Inman

John Campbell’s Comments in MarketWatch

Inman Connect

UpstreamRE

The DOJ’s Scrutiny of Cooperating Compensation on IR EP035

Rob’s Future of Brokerage Black Paper

John Whitney recently posted a photo of an airplane passenger sans shoes …relaxing. Like others, I used to think those people wiping down their sitting area on planes were over-reacting. I’m starting to change my thinking.
????

These might do the trick:
SONO Travel Safe Medical Grade Disinfecting Wipes (3 Pack)

I was pleasantly surprised to see 2 podcasts I produce nominated for Inman Innovator Awards. I believe this is the first year of this category (INNOVATIVE VIDEO/PODCAST SHOW).

Rob and I are on our 36th episode of Industry Relations and both of us are having a great time. I think of it as the directors commentary (nod to The Talk Show) for both our blogs.

Listing Bits has also been fun. Getting to have conversations with people I admire and respect has been a great experience and I plan on doing many more. Two of my favorite episodes include my conversations with Marc Davison of 1000watt and Glenn Kelman, CEO of Redfin.

Also nominated in the same category is Emily Chenevert’s excellent podcast, ScratchThat. I’m also a big fan of Russ Cofano’s Gradually Then Suddenly podcast too. And if you are an agent, Tom Ferry’s podcast, The Tom Ferry Podcast Experience is a don’t miss.

There are other categories too, but I’ll write about those for another post. Good luck to everyone nominated!

MLS Director – San Antonio Board of REALTORS

The San Antonio Board of REALTORS® (SABOR) is currently seeking a dynamic candidate to serve as the MLS Director. SABOR represents 11,000 REALTOR members and through its Board of Directors works to provide tools and services to be successful in the real estate industry. The ideal candidate will demonstrate a strong track record of innovation, project management, and possess a customer-centric mindset.

Look at this gig and more at the Vendor Alley job Board!

Industry Relations has been nominated by Inman News Innovator award for INNOVATIVE VIDEO/PODCAST SHOW. Thanks for everyone’s support!

And now, on with the show…

When Moehrl v. NAR was introduced in March, the industry response was largely… meh. Then in April, the Department of Justice reached out to the top MLS platform vendor, requiring documents and testimony about MLS data—with a specific focus on cooperating compensation. What is the DOJ likely to find? How might this information impact the class action suit? And what does it all mean for the real estate industry as a whole?

Today, Rob and Greg are discussing the Civil Investigative Demand (CID) CoreLogic recently received from the DOJ. They address the possibility of getting compensation data in the absence of a search feature on the MLS and predict whether the DOJ will find buyer-steering to be a widespread phenomenon. 

Rob offers his take on why a directive requiring the disclosure of sold information would be more likely than new regulations, and Greg speculates that the industry is unlikely to stand by while the government eliminates cooperating compensation. Listen in to understand how the plaintiff attorneys in Moehrl v. NAR might use the DOJ’s findings and learn why organized real estate needs to take the lawsuit seriously.

What’s Discussed: 

The Civil Investigative Demand CoreLogic received from the DOJ

Getting compensation data without a feature search on the MLS

What a DOJ study demonstrating buyer steering might achieve

Why disclosure of sold info is more likely than new regulations

How many brokers + agents script for the commission question

How DOJ findings might be used by attorneys in Moehrl v. NAR

How the Canadian Competition Bureau handled this issue

The potential impact of eliminating cooperating compensation

How it could take up to 10 years to resolve the class action case

Connect with Rob and Greg:

Rob’s Website 

Greg’s Website 

Resources:

Rob’s Post on CoreLogic & the DOJ

Rob’s 2015 Post on the NBER Study

Randy Ora’s Live Listing Presentation 

Rob’s Post on the Brookings Institute Panel

Competition Bureau of Canada Resolution

Inman Coast to Coast Facebook Group

“A phone call is worth a thousand emails, and a Slack channel is worth a million conversations.”

I’ve been saving this episode until W+R Studios formally made the announcement about not accepting RETS feed on new MLS implementations. Its a great conversation with Jon about the road to getting Cloud Agent Suite working with the Web API.

RESO’s push for an industry shift from RETS to Web API makes a lot of developers nervous. You can spin your wheels for days trying to figure out how to make the new way to consume MLS data work with your application. But here’s the thing: Somebody else has probably already solved that problem. So, how do we create a platform where developers can team up to move adoption forward? How much does accessibility to the experts serve as a game-changer in the switch to Web API?

Jon Druse is a Senior Developer at W+R Studios, a software company dedicated to building tools for the real estate industry. Prior to W+R, he served as a Software Engineer and Interaction Designer with Socialcast, Sleepy Giant, and Central Desktop and cut his teeth as a Senior Developer at PhishMe, Inc. Jon has 11-plus years of experience in the industry, and he was recently responsible for leading Cloud Agent Suite’s shift away from RETS, making W+R the first vendor to put Web API into production.

Today, Jon explains why direct access to ‘people with answers’ was critical to his success on the project. He describes how Web API is less error-prone and requires fewer requests than RETS yet displays in the same format. Jon also discusses the minimal differences among Bridge, Trestle and Spark when it comes to replication of a data set. Listen in to understand why collaboration among developers is key in moving Web API adoption forward and learn how Jon was able to make the transition happen at W+R in just 6 months!

What’s Discussed: 

How John set up the Web API feed in W+R’s Cloud Agent Suite

Why accessibility to ‘people with answers’ was crucial to Jon’s success

RESO’s push for an industry shift from RETS to Web API

The intention behind RESO’s Replication Workgroup

How Web API outperforms RETS in terms of time and accuracy

How a common schema will solve for maintenance in Web API

The 3 vendor-MLS partnerships delivering data through Web API

The minimal differences among Bridge, Trestle and Spark for replication

Jon’s insight around how to move Web API adoption forward

How Jon taught himself to program working tech support at a high school

Resources:

RESO Conference

Mike Wurzer & Andy Woolley on Listing Bits EP035

Al at CoreLogic on LinkedIn

The Bridge API

Trestle

Spark API

Connect with Jon:

W+R Studios

Jon on LinkedIn

Jon on Twitter

A line in the sand: W+R Studios won’t accept old listing data standard
The real estate software vendor has fully embraced RESO Web API and will not accept new customer data sent using the Real Estate Transaction Standard (RETS)

Robertson said to his knowledge, his company is the first vendor to no longer accept new RETS feeds.
W+R Studios has spent a lot of money developing its platform to ingest RETS feeds and all 320 of its MLS customers use RETS, but the company wanted to show the change could be done, according to Robertson.
“We’ve always wanted to try to help move the industry forward. We wanted to set an example for everybody else,” he said in a phone interview.
“This is hopefully going to make making products easier. Hopefully [developers will] make more products and [that would] mean more choices for agents going forward,” he added.

Inman News

I think Andrea did a good job of capturing our intent. I’m sure this is going to be a challenge as many of MLS are part of the “long tail”.

Who’s with us?