WAV Group, Inc.
Request for Comments "Real Estate Workshop"
I respectfully submit the attached report on the Current State of Real Estate Data. It provides a comprehensive educational overview of all of the types of real estate data available for consumers today. The report outlines the multiple methods for technology companies of all sizes, brokerages, both well-established and brand new, portals and real estate applications gain access to real estate data.. The diversity of rich, comprehensive, timely and accurate information available to consumers today helps them make well-informed real estate decisions. Never before have consumers had more choice in the real estate information available to them, nor have they ever had as many choices of brokerage and business models to choose from. Today WAV Group estimates that there are nearly 100,000 websites that provide consumers with real estate information. Hitwise, one of the most well-respected analysts of online search regularly monitors real estate traffic reports real Estate traffic accounts for nearly 1% of all traffic on the Internet, indicating its popularity and ubiquity. Our firm is the leading provider of consumer insights in the real estate industry today, fielding surveys on a variety of topics. In the consumer research we have conducted over the past 18 years, we have NEVER heard a consumer complain or exhibit frustration about a lack of real estate data available. The industry prides itself on sharing information with its clients, prospects and past clients interesting in renting, buying, and selling. In the attached report I reference a host of methods that start-ups and well-established firms can ingest comprehensive, timely and accurate real estate data into their applications. WAV Group estimates that there are well over 1000 staff dedicated to ensure that data is accurate, timely and compliant with local, state and federal regulations like HUD. The industry takes it job of providing consumers with actionable data VERY seriously. The entrepreneurial spirit is alive and well today in real estate as well. Entrepreneurs from well-established companies as well as those brand new to real estate are finding exciting new ways to provide consumers with more choice with innovative business models. The concept of traditional vs non-traditional brokers is an outmoded concept. We experience innovation and breakthrough thinking in well-established companies like eXp Realty, Realogy, and RE/MAX as much as we see in new brokers entering the space. In the attached report we outline a plethora of new brokerages and franchises like United Real Estate, Homesmart International, Purple Bricks and independent brands like Pacific Union, Lake Homes that are experiencing explosive growth due to the strength of their leadership, technology and business approach. We also discuss the emergence of well-funded flipping services called iBrokers. Interesting, charge more for their services than other brokerages. The maturing the of the data standards built by the dedicated volunteers of Real Estate Standards Organization(RESO) has made it much easier for new technology companies to leverage real estate data in their businesses. RESO recently published a case study demonstrating MyTheo, a start-up,was able to move more quickly and save 40% in development time by using the RESO Web API. Homes.com, a well-established portal, also demonstrated a savings that can equate more than $1 billion in savings, making it easier than ever for new competition to enter the space. The industry now also offers two sources of FREE Reference Servers to help start-ups access sample MLS data to test their new ideas. Over 500 companies have signed up to access free MLS test data to date. I respectfully request that all interested parties in the topic of Open Data, Competition and Inclusiveness in real estate today read the attached WAV Group report. For questions you can email me at email@example.com. Respectfully, Marilyn Wilson-Lund