Where Real Estate Gets Its Dirt

Delight

This is an example of what it means when your product “delights” your customers. h/t: Pomp

Why CoStar bought Matterport

With Matterport buy, CoStar makes it a ground game

“For example, I believe CoStar can move quickly to democratize the digital twin by allocating future blocks of Homes.com’s $1 billion ad campaign to influence consumers to think a fully immersive 3D tour is the only way to get the most value for a home. It can then advance Matterport’s mobile capabilities to make it easier than ever to publish its experience to the homebuying public.”

Craig Rowe, Inman News

The above quote is just a tidbit of Craig’s great insight and analysis on the Matterport deal. One small quibble I would ended the article with a different quote;

“Begun, the Clone Wars Have!” – Yoda

Trackxi chosen for NAR REACH program

Second Century Ventures Announces 8 Companies for 2024 REACH Scale-Up Program

“Companies accepted to the 2024 REACH program are as follows:

  • Chirpyest(link is external): a social commerce marketplace that empowers real estate professionals to earn cash back when they shop and share their curated finds.    
  • Final Offer(link is external): a consumer-facing, agent-driven negotiation platform for residential real estate, delivering clear, real-time offer alerts to all interested parties.
  • Kukun(link is external): a real estate data, analytics and applications platform for homeowners and the industries that serve them.
  • Notable(link is external): simple pay-at-close financing for everything a client needs to prep their home for sale and get the most out of it.
  • Purlin(link is external): AI tools that convert client conversations into transactions by simplifying business dealings among real estate agents and settlement service providers.
  • Scout(link is external): helping agents find and engage homeowners with AI-driven automated personalized email outreach. 
  • Trackxi(link is external): a collaborative deal and task tracker for real estate agents, teams, clients and consumers.
  • Unlock(link is external): helping consumers unlock the power of home equity without interest charges or monthly payments.”
NAR REACH

No small feat. Out of 1000+ companies considered, 100+ applications, Trackxi is among the final 8 companies chosen for this great opportunity. Congrats to Vijay and his team! Good things ahead!

T3 Technology Summit dates announced

T3 Technology Summit Unveils the Future of Real Estate Technology and Marketing

“The T3 Tech Summit is where innovation converges with opportunity, creating a dynamic ecosystem for marketing and technology leaders. Our commitment to fostering meaningful connections and providing valuable insights ensures that attendees leave equipped to shape the future of our industry,” said Michael Phelan, senior vice president of technology consulting at T3 Sixty.”

T3 Sixty

Dates are Sept. 29 to Oct. 1, 2024, at the Sheraton New Orleans Hotel in New Orleans. Early bird pricing is super reasonable. This event seems to get better and better every year.

Can you modify/add compensation info to an IDX feed, on your own listings?

NEW REW BUYER-COMMISSION WEBSITE FEATURE LIKELY A GAME CHANGER

“We already have a feature that allows them to enhance their listings, add other photos, and do other stuff. So really, I thought to make an extension of that would be pretty easy and add another field that allows them for their own listings only to display the compensation.”

Morgan Carey in an interview with Michael Catarevas of RISMedia

Is this kosher under the new settlement rules? From my understanding if you are receiving a feed from the MLS you can’t have compensation information, even on your own listings. Although, I think this would be hard to enforce.

I believe if you manually entered a listing and added your own compensation that would be cool. But the fact you are receiving a feed from the MLS limits you. Maybe a VOW/BBO feed would be okay? Love to hear from anyone who has a good take on this.

Lone Wolf gets Better

Lone Wolf invites mortgage lenders onto its broker-agent tech platform

“More than 30 technology companies are already integrated with Transactions, offering services including rental screening, earnest money deposit, commission advances, disclosures, home warranty, home insurance and moving services through the Lone Wolf Marketplace.

Better will be the first mortgage lender to have the same opportunity, with Loan Wolf planning to onboard additional mortgage partners over the next several months.

“Adding this integration to Transactions will bring our customers even more value in their trusted transaction management solution,” Lone Wolf CEO Jimmy Kelly said, in a statement. “When agents and brokers have everything they need for their client experience in one place, they can quickly capitalize on opportunities, cross every T, and dot every I along the way.”

Matt Carter, Inman News

Great to see all the pieces falling in to place. Lone Wolf is way ahead with their marketplace and has the product adoption to show their partners real value.

Whaaaaat?

Google’s demo of their Gemini AI is next level.

Ready to ditch your iPhone?

Pretty cool. A different approach from apps and screens. I know some people that have ditched their iPhones to flip phones just to get away from so many distractions. When I first saw a demo I was wondering what real estate use cases could be implemented and I made the mock up below.

Trackxi

One thing I’ve discovered about myself is that I really enjoy the beginning phase of starting a company.  Building a team, fleshing out the idea of a product, branding, positioning, pricing, billing, go to market, etc.  Once that part is done is more of a matter of managing and optimizing (which I kind of like too).  That’s why I always enjoy talking to new vendors, hearing their ideas, and if I like the idea/founder seeing if I can match them with the right people.

That’s exactly why I’m started working as an advisor with Trackxi.  Trackxi is a deal tracker software solution for agents, teams and transaction coordinators, it also so has light CRM.  It’s more a project management solution than a “transaction manager”, it doesn’t have any MLS integration or does it incorporate forms natively.  In that way it’s a very opinionated piece of software.  Trackxi is pre-loaded with deal workflows (tracks?) that agents can share with their clients and other people involved in the deal. It has a kind of “pizza tracker” data viz element that clients can view to see what tasks have currently been completed, what tasks are in progress, and tasks that haven’t been started. Which I think will be great for buyer’s agents showing their value.

You can use Trackxi to track pretty much anything.  One client used it to plan her wedding.  I think beyond tracking deals you can make templates like “First 90 days as a real estate agent”, “Kick start your real estate business.” , etc.

Another reason I’m working with Trackxi is their co-founder Vijay Gopalswamy.  Vijay lives in Portland, Oregon and  is bootstrapping the company.  Vijay started as an agent and later a broker team leader and Trackxi was born from some of the lessons he learned with starting that team.  Vijay is a pretty humble guy and has an interesting background. I interviewed him on Listing Bits that I will share later today.

I’m actually not sure what being an “advisor” really means.  But I am having super fun working with Vijay; brainstorming messaging, positioning and company strategy.  Our hope is that these discussions and work translate to getting Trackxi available to more agents.  To find out more about Trackxi please visit their website here.

Less software?

Next week Lone Wolf Technologies will reveal its new platform at the T3 Technology Summit, and I’m super excited about it. Why? Let me tell you a story.

At W+R Studios we were bootstrapped, so we needed to grow organically. Our product strategy centered around making core features of an MLS system better.

CMAs on MLS systems suck? Let’s make a better one. Enter Cloud CMA.

MLS system’s client portals and listing alert emails are ugly. Let’s make them pretty (and easier to use). Voilà , Cloud Streams.

Searching on MLS systems too complicated? Let’s make something simple. Boom, Cloud MLX!

The problem was two fold. In order to grow we needed to add new products (more software) and at the end of the day is that we had 3 different software apps, each of them great in their own right, but they didn’t really work together. Also if you wanted all three you had to buy each one separately, and have 3 separate logins, and 3 separate onboarding scenarios, 3 different times you entered a credit card number, and 3 separate…you get the point.

We solved most of this by creating the “Cloud Agent Suite“, but really only scratched the surface of what was possible, then we were acquired in December 2020.

So this problem of “simplifying real estate” has been on the minds of our (W+R) design team for a very long time. How do we bring all of this together to create an end to end solution that makes sense, and still grow? Can “less software” be the answer?

Turns that the problem was about to get bigger. Starting in 2020 Lone Wolf acquired 5 companies in 9 months (including W+R); HomeSpotter, LionDesk, Terradatum and Propertybase. Now you had 9 (at least) separate logins, 9 separate… you get the point.

Sean Wheeler, CTO Lone Wolf
Sean Wheeler, CTO Lone Wolf

When I left Lone Wolf I was starting to see the green shoots of this work. Most of it on the backend led by Sean Wheeler, Lone Wolf’s CTO. One login, one credit card, one database of contacts for all products, etc. Jimmy Kelly, Lone Wolf’s CEO, talked about their effort and the concept of “less software” on a post on Inman News titled “Real Estate Doesn’t Need More Software“. I was also privy to see some of the earlier mock ups from the design group, which were super impressive.

Jimmy Kelly, CEO Lone Wolf
Jimmy Kelly, CEO Lone Wolf

But, like any good meal it all comes down to ingredients. Lone Wolf from my estimation has the best ingredients in the market. The products they acquired (and the teams behind them) are not only best of class but have high adoption rates and great partnerships. Now it comes down to presentation and taste. And I have full confidence in the design chops of the team behind this. I had a chance to interview, Damien Huze, who was W+R’s Chief Design Officer and now a principal designer at Lone Wolf on my Listing Bits podcast which should drop this week.

Damien Huze, Principal Designer Lone Wolf
Damien Huze, Principal Designer Lone Wolf

Am I biased? Absolutely. Am I still a fan of simple focused software applications? You betcha. But I’m a bigger fan of people. So I look forward to seeing how this particular group of talented people proves less software is better.

Sponsored By Giant Steps Advisors