EDI­TOR’S LET­TER

Elite Agent - - CONTENTS -

IT’S ABOUT TIME. Since ev­ery­one's time is lim­ited to the same 24 hours in a day, the equa­tion comes down to how much you can fit into those 24 hours, whether it's real es­tate, other work, play or fam­ily. What is hap­pen­ing to­day is our cus­tomers, our em­ploy­ees, our loved ones are all at­tempt­ing to fit more and more into their days to max out time avail­able.

This was a theme that I re­ally picked up on this year at In­man in New York – a real es­tate con­fer­ence, but one that hap­pens to be rea­son­ably ‘tech-heavy'. What has changed in real es­tate in the last 20 years? Not much in the sense of the fun­da­men­tals, but def­i­nitely a lot in tech­nol­ogy and per­haps the num­ber of ac­tiv­i­ties that you can com­plete in a day, a week, or a month with the as­sis­tance of tech­nol­ogy.

When I walked up and down what they call ‘Startup Al­ley' in the expo, the one big ben­e­fit to ev­ery­one of ev­ery sin­gle piece of tech on dis­play, the one thing that could cause real dis­rup­tion, it's all about time – and I guess about ex­pe­ri­ence, but I'll come to that later. First let me give you some ex­am­ples of what we saw. 1. Home Log­books. In the same way that you keep records on your car, there are now busi­nesses that pro­vide the ca­pa­bil­ity to keep a home log­book on­line. Yes, this may 2. 3. in­crease the value of the home if it's well kept, but re­ally it's a time-saver. No more du­pli­cat­ing or re-writ­ing ad­ver­tis­ing copy ev­ery time the home might be rented or sold; it's all there in the log­book. Neigh­bour­hood Anal­y­sis. I kind of liked this one; it's a bit like RateMyA­gent but for build­ings. Is the prop­erty in a good area? Are the strata rules any good? How noisy is it? Again, it might sound like an­other bunch of fea­tures that are just nice to have on hand, but what is it re­ally do­ing? Sav­ing the buyer or the renter time in mak­ing a de­ci­sion about where they want to live; pos­si­bly weed­ing out the non-se­ri­ous cus­tomers. Propen­sity-to-list ser­vices. These ser­vices at­tempt to pre­dict which house in a street will sell next. Saves you time be­cause you're not prospect­ing to ev­ery­one, just the peo­ple that ‘the ma­chine' con­sid­ers are most likely to 4. 5. 7. put their prop­erty up for sale. Data anal­y­sis. This was a re­ally in­ter­est­ing one. I dropped some of my Gmail con­tact list into one of these ser­vices and boom – five min­utes later this ser­vice is es­ti­mat­ing peo­ple's salary, among other things. Could that per­son af­ford a three­bed­der in Surry Hills? Hmmm.. maybe not; maybe you should be fo­cus­ing your time on a dif­fer­ent group of buy­ers or ten­ants. Col­lab­o­ra­tion ser­vices. Imag­ine hav­ing a closed, Face­book-like se­cure pri­vate group for ev­ery trans­ac­tion, where you add all the in­ter­ested par­ties, mort­gage bro­kers, buyer's agents and get no­ti­fied ev­ery time it's their turn to do some­thing. Imag­ine the speed and ef­fi­ciency with which you could get things done if ev­ery­one could sign doc­u­ments elec­tron­i­cally while they are on the bus on the way to work! Bots and AI. If you want some fam­ily time and can't af­ford to be sit­ting on your mo­bile phone or your web­site 24/7, let a bot han­dle the ini­tial en­quiry. There's some clever tech­nol­ogy avail­able now that can an­swer ba­sic queries and re­spond pretty smartly to con­sumers who visit your web­site, de­ter­min­ing au­to­mat­i­cally whether they are look­ing to buy, sell, rent or some­thing else. Vir­tual re­al­ity. Don't have time for an open? Save time and petrol by giv­ing your

If you can save peo­ple time and pro­vide value in what­ever your in­ter­ac­tion hap­pens to be, they will re­mem­ber you for it, and they will thank you for it.

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