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NAR REach announces first company accepted into accelerator program, Pro.com

NAR REach has announced that Pro.com is the first brand to be part of their accelerator program, and applications end this week.

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The National Association of Realtors’ (NAR’s) strategic investment arm, Second Century Ventures has announced Pro.com as the first brand that they have selected to be in the third graduating class of their Reach tech accelerator program.

Pro.com helps homeowners to price projects, find quality certified local professionals, and finish their home to-do lists, under the leadership of Matt Williams and his team of former Amazon execs. The home services marketplace enables real estate professionals to help homeowners get accurate pricing on home projects.

Transparency and timing

Just visit Pro.com and see that transparency is the name of the game – we liken the site to the TrueCar.com of home improvement projects wherein a sliding scale of prices is given for each unique project, right up front. The company is already funded to the tune of $17.5 million, and the site was born out of frustration with how much time and effort it takes to find out how much a project will cost (the first question anyone wants to know, and often what holds people back from embarking on any investment, large or small). They saw how fragmented the industry was, and how difficult it is to get quality work done, so they pounced.

The consensus with our team is that the timing is great for REach and Pro.com to be partnered, as transparency is no longer a buzzword, it is a requirement. As the large real estate portals draw their swords against each other, the industry often forgets that transparency can be about so much more than just listing data (just ask the CFPB), because transparency in any data is a top reason people don’t pull the trigger on a purchase (imagine going to Amazon and not seeing any dollar signs – you’d be out of there in a heartbeat).

NAR REach applications are still open

This is the first company to be announced for the 2015 Reach accelerator program, and applications will be open through March 19th. The remaining companies will be announced in April.

The focus of the REach program is to provide a platform from which technology companies can launch into the real estate vertical, most of whom are not real-estate specific. Past participants include Updater, BombBomb, SmartZip, and SendHub. Many other accelerators take ideas and turn them into MVPs (minimum viable products), but REach takes existing brands and skyrockets their potential footprint in the real estate industry.

Why is Pro.com perfect for REach?

In a statement, Williams said, “It’s an honor to be accepted into this year’s REach accelerator program – the knowledge, resources and support will be invaluable to us as we grow.”

“Pro.com is ideally poised to take full advantage of the REach program, as they and all participants will benefit significantly from access to real estate leaders – from education to mentorship to market exposure,” said NAR President Chris Polychron. “While Pro.com is applicable to so many individuals, it hits on a sweet spot in the real estate space, as in this day and age, Realtors® are going well beyond the transaction and often times act as an advisor to homebuyers and sellers, who turn to Realtors® when making improvements to their homes.”

Constance Freedman, Founder, Managing Director at REach(TM) and Managing Director, Second Century Ventures; Vice President of Strategic Investments, NAR tells us that Pro.com is an interesting addition to the REach program, “because of the fact that 54 percent of Realtors’ business is from past clients and referrals, and Pro.com can help Realtors add value, even after the transaction.” Bingo.

How this came to be, and what’s next?

Williams tells us that they heard about the REach program by participating in various real estate events, and considers this an opportunity to serve the industry even more deeply. Because most home improvement projects take place 90 days before or after a transaction, Pro.com believes that their site is an important tools for real estate professionals who are called upon to make these “deeply personal recommendations and referrals” – it’s much easier when the pros being referred are of vetted quality.

So yeah, yeah, buzzwords about transparency and quality, but what does that really mean? It means that no one pays to be featured on Pro.com, that they certify their professionals not only by verifying licenses, insurance, and bonding, but by actually calling their references of past clients. Williams says they’re similar to Uber in that consumers pay money for action, and they are actually helping as a service (whereas we look to home repair sites like Angie’s List that offers the opposite).

Williams encourages others to apply to REach, as it is “the best program for anyone looking to make inroads into the [real estate] industry,” and that it is “truly rare to have access to people with this much knowledge of an industry.” Williams also asserts that the available mentoring, resources, and events will help Pro.com to continue to “revolutionize” the space. In the future, they hope to have a Realtor-specific product.

Freedman says this is a tool that Realtors can leverage, and we suspect that with these two teaming up, this will become even more true.

#NARREach

Lani is the Chief Operating Officer at The Real Daily and sister news outlet, The American Genius, and has been named in the Inman 100 Most Influential Real Estate Leaders several times, 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

Realtors, you should be using AI – here’s how (and how not to)

(TECH NEWS) AI is changing the course of the real estate industry on a seismic scale. What does that mean for real estate pros?

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Man looking at phone, showing advancement of AI technology while searching for housing.

Artificial intelligence is hot everywhere, but it’s more than just hot for real estate – it’s poised to reshape the entire industry. To stay relevant, Realtors, brokerages and agents need to know how to use AI to their advantage and understand how it’s empowering consumers.

So, let’s break it down. What, exactly, can AI do for real estate pros?

“AI can be a complete game changer and give you an edge against your competition,” David Conroy, director of Emerging Technology for the National Association of Realtors, said at November’s 2020 REALTORS Conference & Expo.

That competitive edge can come from using Big Data to work smarter: being more efficient + closing transactions more quickly + cutting costs + marketing more strategically = more happy clients and more money for agents.

The term “Big Data” can be intimidating to non-techies, but don’t worry. No one needs to add “data scientist” to their LinkedIn profile. But even as venture capital is pouring into proptech startups, the real estate industry as a whole still seems to be lagging.

Actual data scientist Julianne Heller of NAR says some companies think it will be too costly and take too much work. They don’t understand or trust it. There’s also a fear that AI could replace people and cut jobs.

“AI does not equate to replacement, but it supports human work and makes our lives easier,” Heller said at the National Association of Realtors’ conference. “AI can improve the buyer and seller experience.”

What AI is

To put it simply, artificial intelligence is what lets Amazon’s Alexa talk to you and cars drive themselves. Its algorithms use data to mimic human intelligence, including learning and reasoning. Then there’s machine learning, where algorithms analyze enormous amounts of data to make predictions and assist with decision making. We’re putting them both under the same AI umbrella.

What AI can do

As AI continues to learn and evolve, the benefits for real estate professionals and consumers are getting easier to see.

Access to data lets consumers feel more in control. Researching properties on sites like Zillow and Trulia lets consumers feel like they can make smarter decisions. Now marketplace sites are using AI to better understand consumer preferences to improve their search experience. On sites like HomeLight, AI lets buyers and sellers find agents with specific experience who are likely to make them or save them the most money.

More nuanced pricing is more accurate. The incredible number of data points lets agents go beyond pulling the usual three comps from MLS. By analyzing past data, AI can put a value on things like proximity to Starbucks, local Yelp reviews and what buyers with similar preferences have paid for similar properties. It’s AI that lets Zillow’s Zestimates “read” listing photos, identify features like granite countertops and adjust pricing based on the value they add.

Buyers get better matches with potential homes. AI can go beyond the usual filters and tap preferences of similar buyers to narrow potential candidates or expand the search area. Zeroing in on the closest-to-perfect properties saves time and money and lowers clients’ stress as transactions close more quickly.

Chatbots offer 24/7 communication between clients and agents. A client who just thought of a quick question before bedtime might be able to get an answer while her agent is sleeping peacefully. Consumers can also get answers to common questions about topics like property tax valuations’ relationship to market values. (Pro tip: Agents can also take advantage of useful communication and other proptech tools.)

Prospecting and connecting with past clients get more efficient. Some examples: Re/Max’s First app analyzes an agent’s contacts to predict who might be ready to sell soon, leading to well-timed “just checking in” calls. Homesnap Pro’s Likelihood to List feature predicts which homeowners might sell in the next year.

Marketing budgets work harder when they’re data driven. AI can show who’s buying, where they “live” online, including their social media, and what digital and offline marketing channels are the best way to reach them with paid ads or organic strategies.

Trends big and small stand out. Not only can AI forecast the future for cities and neighborhoods, it can predict future property values or the best time to sell for a particular house on a particular street.

What it can’t do

For all of the amazing things AI can do in real estate, there are a few things it’s not great at.

Pocket listings don’t pop up. It doesn’t have access to private listings that agents hear about through various grapevines. (Although NAR and local Realtor boards have banned them as unfair, pocket listings seem unlikely to disappear in fiercely competitive markets.)

Chatbots aren’t all that smart – yet. They can answer basic questions or get newsletter sign ups, but “Sorry, I don’t understand” can add frustration.

Bias can be baked-in. When AI output is based on data that reflects systemic housing discrimination – such as redlining and higher mortgage interest rates for minority groups – it can perpetuate those issues. (Pro tip #2: Agents, NAR’s new Fairhaven training simulations are a great way to make sure you aren’t part of the problem.)

What only humans can do

AI’s data powers can put agents in front of the right buyers and sellers at the right time, but it will always be up to humans to close deals.

There’s no substitute for personal relationships. Chatbots can’t negotiate. A C-3PO can’t show houses. Data can’t intuit anything from the look on a client’s face when she first walks into a house. Sellers and buyers want to work with agents they trust to advise them.

Only people know the stories. Agents with hyperlocal expertise know the history of the neighborhood or maybe the story behind the local mom-and-pop grocery store that’s been there for 50 years. Storytelling skills can close deals.

What’s next

As advanced as AI is, it’s still in its infancy. The amount of data will grow. Chatbots will become smarter and answer more complex questions. Projects like the IBM Policy Lab will focus on how public policy should make sure AI helps, not hinders, the common good.

Most importantly, innovation in AI will continue to sprint ahead. If real estate pros want to stay in the game, they need to bring both Big Data and personal expertise to the table.

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Real Estate Technology

Power up your daily checklists and task organization with Macro

(REAL ESTATE TECH NEWS) Got a lot of tasks and lists to organize? Macro lets you streamline your repetitive tasks and checklists with its “powerful checklists”.

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Front web page for Macro, super powered checklists, supercharges your team's processes.

If repetitive tasks and checklists are part of your daily workflows, there’s a new tool, which says it can “supercharge your team’s processes.” Macro is a product that lets you create checklists to document workflows, assign tasks to team members, and automate common actions.

Macro checklists are designed to let you complete various tasks in a single tab. Once you’re signed up, you can view and create all your checklists in the “Library” section. To create a new checklist, you simply select the “Create New” button on the top right.

In the Checklist Editor, you can configure your checklist to fit the process that best works for you. You can build a comprehensive workflow by adding a task-type menu, form, or file upload field.

Macro checklists let you use variables to set up custom fields that will be filled out by anyone who runs your checklist. This helps enable templated actions you can use over and over again. For instance, you can create a variable called “Name”. If you’re sending out a Welcome email for your subscription service, you can add the “Name” variable to it, and the name of the new subscribers will then automatically appear in the email.

After your checklist is ready, you can hit save and start adding automation to your checklist by defining a trigger and its action. For example, you can pre-define which tasks are assigned to a certain team member. So, when a checklist is run, it will automatically be assigned to that person. You can even specify dependencies for each task. If Task A and Task B need to be completed before Task C can begin, they will remain inactive until the dependent tasks are marked as complete.

When your checklist is polished and ready, you can invite people to view or edit it. And, after you start running your first checklist, you can use Macro’s built-in reporting to keep track of your progress and view metrics in the Tracking section. From there, you can see what tasks are completed and which ones are pending. If needed, you can also set deadlines for each checklist and reminders for each task.

Macro also offers templates for common use cases, such as employee and customer onboarding, podcast workflow, and new candidate on-site process. Right now, it is still in public beta so it’s free to use. On the company’s website, it says Macro “will always offer a free version.” However, what features the “free plan” will include aren’t clear, but enterprise plans will be announced soon.

Overall, Macro is easy to use, and it packs a lot of punch in a neat little tool. If you’d like to give it a test drive, you can sign up on the company’s website.

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Real Estate Technology

What you need to know about no-code vs low-code (and what it means)

(REAL ESTATE MARKETING) The no-code movement is putting more power in the hands of folks with zero programming skills. So what makes it different from low-coding, and what choice is right for your business goals?

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An overhead look at a person working on a no-code website on a laptop on a desk.

It is tricky to grasp the distinction between no-code and low-code. The two terms are often lumped together, but considering the disrupting influence these ideas have had in the tech world, the modern marketing professional ought to understand the difference if they want to explore this movement for themselves.

Both styles of programming are about expediting the app creation process, and enable the creation of surprisingly sophisticated code for your business without requiring any coding expertise.

Rather than focus on what these two styles are, they are more clearly distinguished by who they are for.

Jason Bloomberg of Forbes put it succinctly: “In the No-Code corner are the ‘citizen developers’ – business users who can build functional but generally limited apps without having to write a line of code. The Low-Code corner, in contrast, centers on professional developers, streamlining and simplifying their work – delivering enterprise-class applications with little or no hand-coding.”

Low-code refers to more complex tools that rely on the user having some understanding of programming to utilize. Stripe, a payment software, is an example of a low-code program, and seamlessly integrates with third party tools. Excel could even be considered low-code, considering how certain actions can be easily automated with some coding and math knowledge. But getting the most out of these programs is a challenge for programming outsiders and newcomers.

Enter no-code – much like Google Translate can help you communicate in a foreign language, the no-code movement is bridging the gap for innovators who have ideas but little to no coding experience.

As the name suggests, no-coders don’t have to learn a language in order to get started building automated processes. With tools like Zapier, creating a program relies on a simple graphic interface rather than written lines of text (which means no typing!)

That simplicity comes with tradeoffs, though. No-code expedites the process of writing more basic apps, and its offerings are fairly industry-specific.

(And just to add another layer of confusion, there are also “hybrids” like that sit somewhere in the middle between no- and low-code.)

You aren’t going to instantly turn into an expert hacker or anything, but if you want to build simple functions, like automated sequences based on incoming emails, no-code is a perfect choice.

All this to say, there are plentiful options in the codeless world for curious people of all skill levels. Yet ironically professional developers may stand to benefit the most from the no-code movement. Having these tools be widely available means potential clients are also able to explore, on their own, how their ideas translate to the app environment.

Or, as creator of MakerPad, Ben Tossell, puts it: “[No-code means that developers] won’t be wasting their time on projects that don’t work. People should have more conviction around the thing they’re trying to build before they speak to the developer.”

The potential for this technology still has yet to be fully unlocked but as it matures and becomes more well known, it’s sure to keep changing the tech game. If you’ve ever been curious about the power of code but are hesitant to spend months studying a programming language, there has never been a better time to dive in.

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