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Why blockchain is urgently critical to the real estate industry

(TECHNOLOGY) We’ve known that blockchain technology will permeate the real estate industry, but this is the case for why it is unavoidable, and we should hurry things up.

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Raise your hand if you remember the housing crash in 2008. Raise your other hand if you remember the following years of fallout, learning about the failures on all levels (regulatory, banks, title companies, and so forth).

As an industry, we look backwards and while vision isn’t quite 20/20 (given the complex nature of the crash and slow recovery), solutions to prevent a similar crash are bubbling up.

One solution is blockchain technologies.

We’ve been writing for years about how blockchain tech will inevitably be used in every part of the real estate transaction process and even in marketing efforts, but today we assert why it must be used in the industry – to prevent another housing market crash.

Take for example MERS (Mortgage Electronic Registration Systems). In 2011, the company was disbanded after endless cases made it clear that the company had destroyed the chain of title.

The entire chain.

We’re talking about the robosignature debacle where people lost their homes without any human review, in many cases through no fault of their own (no late payments, or the system had the wrong address).

This alone reveals a critical need for blockchains in the transaction process – just ask the thousands of people whose homes were illegally and unnecessarily taken from them.

If you’ve ignored the word before, here’s a primer, but it is essentially a public ledger that automatically records and verifies digital transactions. It’s what powers cryptocurrencies like Bitcoin.

Data is stored differently through blockchains, and transparency is improved as all actions are tracked, so it stands to not only speed up all transactions, but add accountability to the chain of title in a way that would have made the entire MERS nightmare impossible.

Real estate transactions are ripe for fraud given the volume of paperwork, and are particularly vulnerable to public record errors (both of which were part of the housing crash’s DNA).

Speeding up transactions is a great benefit (contract efficiency is pretty neat), but the reason blockchain tech is critical for the real estate industry, but minimizing vulnerabilities not only protects transactions, but that risk mitigation reduces transaction costs in the long run.

Because blockchain not only records and tracks titles, deeds, and liens, it makes certain that all documents are verifiable and accurate.

Just some of the burgeoning startups aiming to insert blockchains into real estate include:

  • Ubiquity (SaaS platform for banks, title, and mortgage companies, already in use in Brazil)
  • Factom (blockchain as a service for mortgage companies)
  • backed by famous venture capitalist Tim Draper and others)
  • ShelterZoom (offer management, tapping into Ethereum)
  • Atlant (the ATL coin productizes portions of a housing transaction)
  • REAL (the Real Estate Asset Ledger which uncovers real estate investment opportunities)
  • Propy (investment vehicle, but more importantly, they could become the home of all title records)

If we want to curtail future illegal foreclosures and a broken chain of title, this technology is urgently critical for the real estate industry. It’s not as sexy as marketing tools or negotiation methods, but blockchain technologies will be the focus of innovation for the next decade.

Lani is the Chief Operating Officer at The American Genius - she has co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

Real Estate Technology

New tool translates your phone calls into 29 languages – LIVE

(REAL ESTATE TECHNOLOGY) There’s no need for a language to language dictionary any longer. A lingvanex tool allows for real-time translation on phone calls in different languages.

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lingvanex translates in real time

If you’ve read a few things that I’ve written on here, you know that I often marvel at how far remote work has come. The fact that I write this as my dog sits beside me is no small feat.

What teams can accomplish in a virtual setting is pretty impressive, and tools like Slack and Trello are very helpful in this regard. However, remote workers still utilize the tried and true phone call as it remains a tool of efficiency.

This can be especially helpful if you’re working with team members or clients in other countries when a translator may need to be involved. This concept was the inspiration behind the Lingvanex Phone Call Translator.

The new tool translates voice calls into 29 different languages in real time. Working on both mobile phones and landlines, users can call countries all around the world (150 countries in total are available through the app).

This option is cheaper than roaming calls, starting at 18 cents per minute through use of VoIP. The conversation is then transcribed in real time with the details of the conversation being available only to the user, as Lingvanex does not store conversation data.

“We are happy to represent you the Phone Call Translator – a real-time voice translator, which was created to help in solving questions in travel situations and urgent business problems with foreigners or help in communicating with friends abroad,” says Lingvanex. “You can speak your native language when you call through the app. Your partner and you will hear the translation of both callers during the call, the original speech and translation will also be duplicated on the phone screen.”

The app works in a few simple steps: first, download to your device (works on both Android and iOS). Next, register and create application account – during this, you’ll select your default language. Then, you will select the language of the person you are calling. Make the call by dialing the phone number with the country code. Finally, chat it up walkie-talkie style.

Say what you need to say, then Phone Call Translator takes your words and transcribes them for the person on the other end. This could be very helpful as it gives you an extra moment to think about what to say next!

Do you think this will be helpful for you? Let us know below!

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Real Estate Technology

Should digital assistants have empathy? Big investors say yes

(REAL ESTATE TECHNOLOGY) Bonding with your digital assistant might be more likely than you expect with ElliQ. The rising numbers of AI assistants have created unique interactions.

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ElliQ assistant

It sounds crazy to think that you could form an actual bond with something like Siri or Alexa, but actually, humans are pretty dang good at forming emotional connections to machines. For instance, a Canadian company threw an entire retirement party for five mail delivery bots. People will use Roombas as a substitute for companionship, not unlike a cat or dog. Humans just seem to enjoy connection – even if it’s with a lifeless robot.

Intuition Robotics is taking this desire for emotional connection a step further by working to create digital assistants that can more easily bond with their human companions. At the moment, their biggest product is ElliQ, a robotic digital assistant designed to bond with eldery users. In fact, according to Intuition Robotics, their average demographic falls between ages 78 – 97.

And ElliQ seems to be doing its job. The company reports that customers interact with ElliQ regularly throughout the day, even holding conversations with the machine, and are more likely to listen to ElliQ’s suggestions, which often include proactive behavior like getting outdoors or eating more vegetables.

By working to create a more empathetic and emotional digital AI, Intuition Robotics has started to discover a whole world of new possibilities. And they’re just getting started, having recently raised another $36 million to continue research.

One of their plans? Combining these empathetic digital assistants with the automotive industry.

Imagine an assistant that could suggest you pull over when it senses you’re getting drowsy, or provide something to talk to during longer drives. Plus, unlike ElliQ, which stays put while you move around, you and the assistant will be together in a car, making it easier for the AI to learn your preferences and habits.

Of course, this is just the tip of the iceberg for Intuition Robotics, which has recently majorly expanded its workforce. A digital assistant that can provide a better emotional connection to humans has a world of possible applications, from nursing homes to elementary schools.

Don’t get me wrong, there are plenty of reasons to be worried about a more empathetic AI – the marketing capabilities alone are something I’m side-eyeing. That said, humans have been befriending vacuum cleaners and we’ve turned out alright, so for now, let’s focus on the positive possibilities that could come with tech from companies like Intuition Robotics.

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Real Estate Technology

Moving just got a lot easier with this NAR invested app

(REAL ESTATE TECHNOLOGY) Worried about moving? There’s an app for that, updater, and NAR has taken notice. They want to help their customers from beginning to end.

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updater app

Moving isn’t exactly a walk in the park. There’s coordinating movers, finding boxes, cancelling services, changing your mailing address on, well, everything, and that’s just the tip of the iceberg! With so much to do, it’s easy to get overwhelmed but good news: turns out, there’s an app for that. And it’s promising enough that the National Association of Realtors® (NAR) have invested in it.

The app in question is Updater, which serves as a one-stop shop for everything you’d need for a move. Not only can the app help you craft your moving “to-do” list, but with its connection to all sorts of businesses involved in the moving process (from moving truck companies to cable services) you can keep all your prep in one place. Essentially, Updater is designed to make moving as stress-free as possible.

Updater’s current successes have drawn Second Century Ventures, the venture capital section of NAR, to invest in Updater. Which is cool, but why would a company focused on realtors want to help a company that focuses on what happens after a realtor has done their job?

“Updater’s platform delivers unique value to Realtors®, property managers and consumers alike,” said Mark Birschbach, senior VP of Strategic Business at NAR, “This investment is well aligned with SCV’s mission to support and advance technologies throughout the entire real estate ecosystem.”

Plus, Updater is a great tool for realtors to have in their back pocket. If a client seems nervous about moving or overwhelmed, Updater is a great recommendation. Not only does it help the mover, but it shows that the realtor cares about their client’s well-being, even after the deed is signed.

So, what’s next for Updater? Growth. Recently, Updater acquired Bridgevine, a company that works with home subscription services like cable and internet. This merger will allow Updater to offer more options to users while also increasing their reach. This is the first in what will likely be many growth initiatives for Updater.

David Greenberg, founder and CEO of Updater, is also looking forward to the partnership with NAR. “We’re excited to deepen our great relationship with SCV and NAR by investing heavily in the real estate industry and by enabling Realtors® and property managers to deliver an unrivaled moving experience.”

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