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NAR suggests blockchains could become more relevant for the real estate industry

(TECH NEWS) Blockchains are commonly used in terms of Bitcoins and currency, but a new study by the NAR suggests they have the potential to be even more relevant to the real estate industry.

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Blockchain tech has gotten a bad rap

Blockchains have gotten a bit of a bad reputation, given the term is often used interchangeably with the term “Bitcoin.” Bitcoins have a tendency to cause a bit of angst, and most people feel strongly about them, whether for or against the digital curency.

That said, blockchains are quite relevant to many industries and not just in terms of currency. The term “blockchain” was coined as a way to differentiate itself from the currency connotation of the “Bitcoin.”

Super brief blockchain primer

If you aren’t familiar with blockchain technology, we have discussed it quite a bit. There is a great summary of what this technology is and how it functions by The Real Daily’s PJ Brunet, here.

If you take a look at his article, you’ll understand a bit more about what this technology is and how it could help many other industries. While we have primarily focused on how blockchains pertain to Bitcoins, there are so many other ways this technology can be employed elsewhere including the real estate industry, but don’t take our word for it.

A look at the NAR’s reports

NAR is looking at how blockchain technology can be leveraged in the real estate industry. In a two-part series, the NAR examines the usefulness and relevance of blockchain technology.

The first part describes the technical difference between blockchains and traditional data management, while the second part discusses relevant application and how this technology can be used effectively.

Why blockchains make a difference

In part one of the series, the NAR states, “Bitcoin uses blockchains, but they can support more than just digital currency.”

This is easily the most important statement to make here.

Most people think of them as one and the same, but blockchains can do more than handle digital currency. Part one is an overview of the technical aspects of blockchains.

Some of it is a bit overwhelming if technical facts and figures don’t thrill and delight you, but it’s worth digesting to enrich your technological understanding.

Near the end of the report, however, there is a great statement on why blockchains make a difference: “…blocks can contain one or more transactions. High transaction rate systems should try to include as many transactions into a block as possible to reduce the time it takes for each node to reach consensus that the work is accepted.”

In essence, each chain could speed up the workflow towards a goal, making it ideal for asset tracking or supply chain management.

How real estate professionals can benefit

In part two of the series of the NAR’s report, they address the potential uses for blockchains.

Since blockchains store information differently than traditional databases, they offer some additional benefits.

For example, they could be used to improve (speed up) listing systems by “providing an accurate, fast status of the listing and collect events in the lifecycle of the listing.”

They could also be used to track title changes and county records, as blockchains are excellent at “looking back” at past actions and changes.

Blockchains also hold the potential to simplify home tours, lockboxes, and showing scheduling simply because of the way in which they store data.Click To Tweet

Balancing risk and reward

While there are some pitfalls of using blockchains, some of which are simply because they have yet to be tested extensively, there are also a full range of potential benefits.

It will be interesting to see if more agencies and app developers look towards blockchain technology for innovation.

#REblockchains

Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Real Estate Technology

Do you give out your phone number? You may want to rethink…

(TECHNOLOGY) As a real estate agent, its tempting to give out your number to whoever asks for it. But be cautious of what exactly you’re giving out.

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Man giving out phone number using his phone representing addiction.

Friendly reminder: You do not need to share your cell phone number with everyone.

This sounds like a simple statement, but with the abundance of accounts and reliance on technology for pure convenience, most people freely give away their personal numbers without considering the consequences.

An extension of yourself

As the dependency on smartphones has increased, privacy standards have decreased.

Using a phone number to unlock an account or shop online is so common that many people don’t think twice before typing it in.

Even if this nonchalant attitude has never led to anything detrimental, there is always the possibility of your account being hacked. Having your phone number attached to this account will only make everything worse. For example, if a hacker finds their way into a Macy’s database, they can use the phone numbers tied to member accounts to access other information.

By simply knowing your cell phone number, all the accounts associated with it are jeopardized.

Think of how many times you have been asked for your cell phone number. Of course, disregard the interested strangers, family and friends and you’ll find that this sharing still occurs multiple times throughout the week. Email and social media pages may ask for it to verify your account. Retailers may ask for it for marketing purposes.

Bank accounts, rewards programs, and even ordering a pizza requires you to share your number.

Keep it secret, keep it safe

Luckily, there are a few things you can do to prevent hackers from stealing your information.

The first thing is simple, don’t share your phone number with everyone. Just because a customer service representative or online form asks for your number does not mean that it is required. You can deny their request if it is not mandatory. Second, don’t open links sent via text from numbers you do not recognize. Sending these links is a common way hackers use phone numbers to access other information.

You can also have a separate phone number for personal use to limit contact from spammers and unknown callers.

Never be afraid to ask questions when it comes to your privacy. Though freely sharing personal information is the norm these days, it does not mean that you have to participate.

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Real Estate Technology

Rating the quality of your meetings could create more efficient work teams

(TECHNOLOGY) SurveySparrow has a plugin that allows you to rate meetings. It could help you and your team evaluate and improve future meetings.

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We love data. We are in a data-driven world. We like giving our feedback via customer reviews, social media comments, surveys, and Twitter (yes, Bob, everyone knows your flight was delayed). Tell us what the data says. Well, it might be a great time to finally get some data on all those meetings you’ve been having.

Many people are sick of meetings; we sit in a lot of them that then need follow-ups because either we didn’t have an agenda, or we didn’t get through the agenda. There also may be additional meetings because no one really knows what is going on, or people are unable to have a solid plan in place (thanks to the global pandemic) and require more frequent check-ins/status updates.

Perhaps we’d all dread meetings less if they could be improved and justified as a much better use of time. G suite just made available a free plugin, by SurveySparrow, that could possibly help your company improve your meetings:

RateTheMeeting helps you improve meetings by collecting feedback to understand what works and what doesn’t for your teams, divisions, or company. With this data (feedback), it might be possible to stick to agendas and the purpose of the meeting, prevent topics that require a separate discussion and make sure that everyone’s time is well spent. It syncs to your calendar and automatically follows up with attendees to collect feedback after each meeting. You can see how it works on YouTube here.

While this seems like a helpful tool, the biggest hurdle may come from management first. They may not want feedback on meetings if they feel that meetings are necessary and the most valuable way to communicate for their teams. It also might be one more data set that they have to sort and mine.

Next, employees may not want to rate each meeting on top of their already busy schedules. They likely would only want to do this if it would make real change within the meeting culture of the organization. Either way, it might be nice to just offer a thumbs up or thumbs down for each meeting (for funsies?).

It’s always hard to please everyone, so you’ll just have to decide if adding this function is more trouble than it’s worth.

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Real Estate Technology

20 free professional marketing tools to kickstart growth for your business

(TECHNOLOGY) Running a small business is a ton of work and you need all the help you can get. Here are 20 free tools that help make it a little easier.

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When running your business, big or small, you’re only as good as what’s in your arsenal. This applies to your ability to be creative and think on your feet, as well as to have tangible tools at your disposal.

Below, we’ve outlined 20 of the top free tools that are designed to help grow your business – let us know in the comments what you love or what you’d add!

  1. Google Analytics – this is a definite need. With the world continuing to grow more and more digital, it’s necessary to know how your business is operating in the online realm. Google Analytics provides data about your small business, including traffic to your site and clicks on links. It gives you an idea of who is visiting and when, allows you to track your goals, and generate audience reports. Google also offers virtual classes that teach you how to master the platform.
  2. Hotjar – want to understand exactly how visitors are using your site without getting lost in the shuffle of numbers and data? Hotjar is where it’s at. You can see a user’s behavior and their exact process of perusing the site. There are also tools like feedback polls that allow your audience to interact with you when using your site.
  3. Canva – this is one of the best visual tools to create graphics for your company, both to print for physical display and to use on social media. The platform is easy-to-use and allows for a myriad of sizing options, backgrounds, and stock images.
  4. ProProfs Help Desk – this is a ticketing system that allows your visitors to contact customer service and start a thread of communication; all while keeping everything ticketed and organized. This also allows for shared inboxes, ticket resolution via chat, and ticket reduction up to 80% with knowledge base.
  5. JungleScout – this is your best friend when it comes to learning to sell on Amazon. Regardless of where you are in your seller journey, this tool will help you maximize your skillset.
  6. Kickstarter – crowdsourcing for your business without giving away the equity. This lets you recruit micro-investors and donors for your new business venture.
  7. MailChimp – This is an all-in-one tool that is necessary for all small business users. According to their website, “Bring your audience data, marketing channels, and insights together so you can reach your goals faster. With Mailchimp, you can promote your business across email, social, landing pages, shoppable landing pages, postcards, and more — all from a single platform.”
  8. Shopify – this platform has helped over one million businesses around the world and is continuing to help small businesses thrive. Shopify allows users to create and design an eCommerce website that is backed by helpful tools that help discover new customers, drive sales, and manage your business’s day-to-day operations.
  9. Buffer – provides simple social media tools that receive authentic engagement. Tell the story of your brand while growing your audience. The platform includes publishing, analytics, and engagement.
  10. Qualaroo – this is a customer and user feedback software that states its value as ten times higher than email surveys. It comes with what you need for useful feedback, including AI-powered analytics and reports.
  11. Zapier – a platform to connect your apps and automate workflow. Zapier moves information automatically between your web applications, allowing for more focus on the most important work.
  12. Doodle – a scheduling platform that allows meetings to be booked faster and smarter. No more need for an hour of back-and-forth emailing in order to nail down a meeting time.
  13. Docracy – a home for contracts and other legal documents, created by the community that uses them. The idea is to make these common documents easily available for everyone.
  14. Slack – the ideal way to communicate with your team and keep everyone on the same page at all times. This is a central communication hub where you and your team will stay in the loop, ask questions, and share updates.
  15. GoDaddy Website Builder – this is an extremely user-friendly tool that allows you to build websites that looks as though you paid someone hundreds to build it for you. There are many options for customization, and they have the tools that help your site look great on both desktop and mobile.
  16. ToDoIst – For many, it’s impossible to stay organized without the use of a to-do list. With this tool, you (and your team!) can stay organized with the most important tasks and priorities.
  17. Grammarly – When writing copy for your business’s brand, it is important to have as many eyes read through it as possible for any errors. Grammarly is a tool where you can plug your copy in and it will automatically find and highlight any grammar errors or typos. You can never be too careful!
  18. AdobeSign – Formerly known as EchoSign, this tool allows for paperless signatures that help make signing contracts and agreements as easy as the swipe of a finger.
  19. Sumo – a platform filled with tools to help you grow your website. It’s a free email capturing tool that takes only seconds to sign up.
  20. Pixabay – We don’t always have the time or the money to take photos to go along with our website copy and social media posts. Pixabay helps alleviate that need with free stock images that will help your message pop.

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