Real estate professionals who don’t take advantage of recent technologies are likely spending too much time, money and effort on listing homes. The multiple listing services (MLS) remained unchanged for many years, but under heavy pressure from buyers, sellers, agents and brokers, the MLS is slowly beginning to welcome the benefits of modern technology.
What follows is a list of new technologies people are using to list homes now, or will likely begin using in the near future.
Property Unique Identifier (PUID)
The Real Estate Standards Organization (RESO) is currently working on a project that would impact just about every property in the United States. The idea is to assign a Property Unique Identifier (PUID) to every structure in the country, in order to identify each property and find out if it’s currently listed for sale. The real estate industry in particular would benefit immensely from such a move.
Miniature weather stations costing as little as $100 can now be fitted to individual properties, in order to measure factors like the carbon dioxide level, noise pollution, outside air temperature, humidity and other data. The idea is to give prospective buyers more insight about a neighborhood or home that’s interesting them. It’s important because micro-climate data can change significantly from block to block, so the data should help agents better match properties to specific buyers.
A company called PositivEnergy Practice has been measuring and publishing data for years in order to build trust and decrease inefficiencies. What with the Internet of Things (IoT) already well-established, it’s possible for residents to gather data, cross-reference and publish information that real estate agents can use to better describe local neighborhoods. The NAR’s Center for Realtor Technology is now hoping to tap into that platform in order to make Big Data available to all consumers.
Smart MLS Fields
The Department of Energy’s Home Energy Information Accelerator could be used to auto-populate the MLS with more data. The information would help inform listing agents who might be unaware of a property’s eco-friendly improvements, meaning they could highlight any home with LEED certification, for example.
Although new technologies are making it easier for agents to list homes, technologists who focus on the real estate market feel crunched as innovation in other industries has skyrocketed. People get excited when companies promise new efficiencies, but this also creates a greater demand for the same in real estate. Because of that, you can expect to see a slew of new technologies that will make it easier to list homes and accomplish much more.