Streamlining the Home-Buying Process By Stephanie Andre
In April, Real Living launched an enhanced beta version of its consumer portal—MyRealLiving version 2.0. The platform, an industry-first, interactive consumer-agent interface, replicates an in-person experience with a real estate agent online. In this interview, we get the scoop from Real Living CEO and Managing Partner Harley E. Rouda Jr. on what this new platform is all about and how it could revolutionize the real estate industry.
Real Estate magazine: Tell us about MyRealLiving version 2.0.
Harley E. Rouda Jr.: It is an intuitive and interactive Web portal for both agents and consumers. The platform allows agents and consumers to communicate seamlessly. In essence, it acts as a fully integrated prospect and client relationship manager for our agents based on Flash 8 technology.
RE: What are some of the new features in this platform?
HER: For buyers, one of the key components is a property card, which looks somewhat like a Monopoly card. The card, which stores homes picked by the user, contains the property’s basic information. As buyers add homes to their profile, they can sort them as they see fit—whether that’s by features, cost or any other criteria. They can also flip the card over to write notes just by clicking on it. In addition, they can also e-mail the property cards to friends or family just by dragging the card to an e-mail icon, which creates the attachment.
If a property’s status changes—whether it’s a price reduction, an open house scheduled, in contract, expired, sold or withdrawn—the user gets a notification e-mail that links them back to their personal homepage for viewing.
Also through the portal, our agents can share pertinent articles with their clients, CMAs (comparative market analysis) on interested properties, all documents on the home sale or mandated forms.
For sellers, the platform offers the same types of attributes—for instance, they can track properties that are in competition with their own, view articles that could help with the sale of their home and also look at all related documents. What’s even more interesting is that they are able to view all activity on the property—from the advertising to the number of Web visits on their home.
RE: From the agent’s perspective, what are the benefits to using this platform?
HER: Everything that is available on this site is automated. The agents don’t have to input the information—it comes automatically from our proprietary technologies and MLS data feeds—yet it is great because it provides their clients with detailed information. What’s more, although it is automated, everything presented is sent on behalf of the agent and in the name of the agent.
RE: Why is this portal such an important tool for consumers to use?
HER: The key thing for consumers is that they’ll have all the pertinent information they need at their fingertips, and they’ll be able to share it with others and personalize it as well.
RE: How do you hope this platform will be used?
HER: We foresee it being used in two ways—for prospecting as well as communicating with existing clients. Consumers can use the application as they begin looking for a home. As we all know, more than 80 percent of buyers are now researching online before ever contacting a Realtor. So, if buyers are likely to do that, they are going to use less of the agent’s time. Buyers often already know what they want. This streamlines the process. Once they connect with an agent, the Realtor can bring their negotiation skills and analysis to a higher level because they already have information on what the consumer wants.
With existing clients, agents that have already-established relationships can set up a profile for the client and provide seamless, real-time information. This allows them to stay in constant communication with one another.
RE: What are Real Living’s goals for version 2.0?
HER: We have two primary goals—to improve the consumer experience in buying or selling a home by eliminating the mystery of information available and to ensure that Real Living’s agents are the benefactors of this success by offering them this technology that allows them to keep up with today’s e-commerce empowered world.
RE: With technology moving so quickly, how do you see portals such as MyRealLiving version 2.0 evolving toward the future?
HER: As technology forges ahead, I believe we will see home purchasing online—to some degree, we’re already seeing it now. The amount of buyers who find a property and their agent online is a clear sign that in some ways the process is already there.
I believe that as we create richer media experiences, you’re going to see more consumers entering into contracts without even physically seeing the home. Although, I don’t believe we’ll see actual closings without physical inspections. I would imagine that the contract would state that the deal is subject to actual inspection.
With local moves, buyers will still see the home before writing a contract. But for anyone relocating, the more information we can show in rich media, the more they’re going to move toward buying sight unseen.
RE: It seems as though this technology could push the real estate industry toward more of an online marketplace, possibly eliminating the need for in-person interaction. Do you agree?
HER: No. Even with this portal, I still believe that face-to-face interaction is very important in our business. It’s what differentiates us from the pack. The number-one reason that real estate is so different from other businesses is because every product is unique. You don’t get that when you’re selling shares of stock or cars that come off of an assembly line. Each property is personalized, and the skills of professionals coupled with their negotiation expertise will always require some sort of in-person interaction.
For more information, visit www.realliving.com. |
