Sales Efficiency 2.0

One of the key concerns that every real estate developer is battling in today’s market reality is optimizing the effectiveness of their sales teams. Although the current climate is challenging and everyone looks forward to better days ahead, the fact is that a focus on better tools and process should be a factor in any selling environment.

When Deven and I started BrightDoor in 2005, we believed that an integrated approach to real estate sales and marketing was a natural evolution from the analog, fragmented communications that ruled the day. In the early days, developers categorized us as “nice to have” technology that provided a “wow” factor in sales centers. Today, customers view us as an essential solution, enabling lead generation and daily business management. Developers all over the globe are now digesting the reality that CRM is important but only if it’s integrated with all key sales and marketing efforts.

Burg Al Arab in DubaiAs I write this, I am on the final leg of a return trip from Dubai. I’ve just spent a week with developers of some of the most grand scale commercial and residential projects in the world. Guess what? They are dealing with many of the same challenges as our U.S. customers. At the heart of it all is providing sales efficiency at all levels - from moving web leads into the sale process more quickly to giving agents better tools for matching buyers with ideal products to improving the ability to track and measure sales progress.

Regardless of where I’ve traveled recently, one theme has been clear - the adoption of a fully integrated CRM solution is the most urgent need in optimizing sales efficiency and improving sales velocity.

At BrightDoor, we look forward to servicing the industry during this important transition.

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Real Estate Connect ‘08 - San Francisco

I just ended three days at this year’s Real Estate Connect show in San Francisco.

This is my third year at Connect and it’s impressive how much the event has grown and how the audience is evolving. The Inman News crowd is mainly rooted in general brokerage real estate but they continue to tap into high tech solutions applicable for any type of property seller.

These folks aren’t the technology laggards most high tech main streamers assume - at least not today. The leaders have moved beyond open houses and direct mailings and are leveraging technologies in new, innovative ways.

With a backdrop of 1.4M foreclosures YTD and 11 months of inventory in the US, here’s my top eight (8) list from SF Connect ‘08:

  1. Mobility is becoming mainstream - iPhones and smart phones are adding numerous “network based features” that empower buyers and seller alike. Get one.
  2. Privacy is gone forever - Profiling the prospect , real time website monitoring, tracking every online action is the new norm. How is your marketing Personalized?
  3. Social Web is The Web - For millions of web users (and Realtors) Blogging, Facebook and Twitter are must have tools to be considered a legitimate player. I personally have a hard time reading it all, not to mention contributing!
  4. Visual Media Rules - The importance of reading text is on the decline. Most Gen Xers and Millennials digest content through visual media (pictures and video)
  5. Buy now! - Several thought leaders believe now is the time to buy real estate. Prices will be heading  up after the election.
  6. Financial challenges still ahead- quote from Carter Murdoch (SVP from Bank of America) “there are capital market gyrations not seen since the great depression”. The Connect panel of Bears agreed.
  7. Compare and Contrast - Buyers are becoming experts; 20% of real estate shoppers visit seven (7) different sites on average.
  8. Not leads - Conversion! - There is a shift happening. Many sellers are looking for less leads and more assistance with Conversion into serious prospects.

Lots of interesting things to follow. The next Real Estate Connect conference will be in New York City early 2009. See you there!

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Bandwidth - the New Amenity

More and more of today’s consumers are demanding higher speed bandwidth in their daily lives and hoteliers are tapping into the trend. In fact, a growing number of business travelers base their hotel decisions on bandwidth speed and price.

Recently, I spent a few nights at the InterContinental in San Francisco (great architecture, superior service and affordable price!). When I connected to the hotel Wi-Fi, I noticed it was faster than usual. It turns out this hotel delivers more than 12Mbps of actual Internet bandwidth to each user. Michael (BrightDoor co-founder) found even more speed from his recent stay at the Wynn Las Vegas - 56Mbps!

InterContinental Speed Test

I can clearly remember only nine years ago, when that the fastest Internet access in my upscale Cary neighborhood was ISDN. All my neighbors settled for a 56K Modem and I had 128K of digital connectivity! I was on the bleeding edge:)

For any non-tech packet geeks, your probably saying big deal – who cares. I guess it may seem trivial when you’re just checking email or craigslist postings …. but the future of the web is video. Someday really soon your favorite portal will have more HiDef content than pictures and you’ll appreciate the speed. Trust me.

For real estate developers this is also a big deal. Today there are about 3M homes with FTTH (Fiber to the Home) in the US and the projected growth is impressive. High speeds are just part of the FTTH offering. BrightDoor even partners with one of the leaders in this space - Connexion Technologies.

So if you’re planning the “must have” amenities of you new community, don’t stop with a signature golf course, spa and fitness center or equestrian complex – make sure the buyers who are partial to high bandwidth hotels aren’t forgotten. They will beat a (digital) path to your door!

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Viva La Touchscreen!

Navigating through the sea of audio visual delights on display at this year’s Infocomm 2008 trade show in Las Vegas, a few undeniable trends are emerging. The first is that the transition from analog signage to digital displays is well under way, driven by solutions ranging from corporate communications to retail and every possible application in between. This trend has even given birth to a new organization called the Digital Signage Association. The other major trend (which was our primary reason for attending this show) is the revolution surrounding touch technology as a primary method of PC interaction. A technology once relegated to point of sale devices and public kiosks, touch displays are now taking root as the preferred method of interacting with applications and content. Suppliers are delivering touch enabled displays for education, design collaboration and a variety of solutions targeting digital presentation.

I’ll jump right into the good stuff. By now, many of you may have heard about the Microsoft Surface technology - an interactive multi-touch table designed for retail and hospitality applications. We were able to demo the technology that inspired Microsoft - the GestureTek Multi-touch Illuminate Table. This engaging touch table allows for multiple points of simultaneous interaction with iPhone-like gesturing such as finger pinch to zoom and swiping to organize content elements on the screen. The GestureTek representative we spoke to acknowledged that they are still trying to determine the best applications for this intriguing device. Imagine your BrightShow presentation software running on this!

Another very high-touch display option was discovered at the Stewart Filmscreens booth. There, we witnessed a large scale StarGlas touch wall that provided a huge wow factor. Imagine interacting with media on a screen as large as a traditional video wall! Based on IR (infrared) beam technology, I found it to have better precision than many other displays based on the same touch technology. In the past, Deven and I have developed concepts for experiential spaces that included a large touch wall component, but the AV technology wasn’t mature enough to match the vision. Based on the overwhelming number of suppliers addressing large scale touch displays, I’d say the technology is no longer a limitation.

Within the touch technology realm, another trend of note is how suppliers are responding to the way people want to interact. The Steven Spielberg film “Minority Report” provided a vision of how we might one day interact with and control digital media. That vision is being carried forward by both user interface designers and AV suppliers. At the Kortek booth, we were able to intuitively interact with a large touch display to navigate a cityscape in real time, zoom into a building and watch live webcams from inside the structure. As BrightDoor develops Z-axis support required for multi-tenant and commercial clients, technology such as Kortek’s Interactive Digital Board will provide an impressive way to display our solution.

Finally, I couldn’t resist including our very own David Johnston providing scale to the world’s largest plasma display - Panasonic’s 103″ TH-103PF9UK. At $69,990 per unit, I’d say the list of potential buyers for this beast is fairly limited. In all, our journey through the technology wonderland that was Infocomm 08 has been meaningful on multiple levels - providing both inspiration for new BrightDoor product features and helping us gain a deeper knowledge of new AV products that could give our clients a competitive advantage.

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BrightBase Web Services API May Update

Greetings BrightBase Web Service API Users:

This update includes a description of the BrightBase Web Services API changes that we plan in our upcoming release, planned for Wednesday, May 7, 2008, at 11:59pm ET pending certification by our Quality Assurance group. This update summarizes enhancements to that release only. If you are not the implementer of the BrightBase Web Services API, please forward this to the appropriate person.

FindObjects Update
We have enhanced the FindObjects (and, as a result, the FindObject) Web method to return partial objects. Many of you commented on how you often just need bits of data and not the entire object, which can be a heavy payload. Full object retrieval is still fully supported and no code changes are needed. But now, the BrightDoor Query Language supports a syntax that looks like the following:

select p.Id, p.Name, p.UpdateDate,p.ListPrice, p.ListDate,p.ProductStatus.Id, p.Description from Product p

Please note, that in the above example a entity object is still returned. So for values that you do not explicitly select they are defaulted to their natural state. This may mean you have an object with seemingly invalid data, especially with dates and Booleans. So keep this in mind. However, the advantage is a much smaller XML payload and this should be a big benefit to those who just needs slices of data for your other business needs.

Notification Technology
Our last update mentioned the concept of notifications when objects are created and/or updated. We have selected the Amazon Simple Queue Service (SQS) which will allow developers to subscribe to messages based on a set of business rules defined within BrightBase. This enhancement will roll out later this year and we welcome your input on how to best make use of this technology and this concept. If you are unfamiliar with SQS, please check out http://www.amazon.com/Simple-Queue-Service-home-page/b?ie=UTF8&node=13584001.

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