Real Estate Virtualization Technologies: Part 2

In the short time that Google has been on the scene it - perhaps more than any other company - has revolutionized data access. Their success can largely be attributed to an incredible ability to quickly become indispensible to those who use it.

Among many of the amazing technologies developed (or acquired) by Google has been Google Maps and Google Earth.

Recent History

Although it seems like a truly perfect fit, many practical hurdles had to be (and still do) need to be overcome. Google’s first challenge in entering the real estate business was in getting the data. In Late 2006, after months of trying to entice realtors to submit their data, a deal was struck between the Houston Association of Realtors (HAR) and Google. HAR would submit their listings data to Google Base (quietly set up earlier in the year) and allow it to be indexed by Google.

At the time, that could have been considered a small miracle. The real estate industry, in general, has been notoriously protective of their data, after all. Perhaps a little too protective. In 2005, the Department of Justice filed an anti-trust suit against the NAR (pdf). The NAR was able to have the charges dropped by making changes to their bylaws.

Embrace It!

Frankly, it is just down-right stupid to not embrace Google. You are getting free traffic and leads. When your listing shows up on Google Maps – it links to your site. If you have a MLS-integrated site (which you should), then it links back to your listing on your site. If the people are interested – you’ve got a lead. For free.

Many have shown an understandable reluctance to just “give away” their data. But it is almost a fiduciary responsibility on the part of the broker to get that listing out there. I still do not understand the “data hog” mentality, but I assure you, it exists. But lots of other’s out there are pretty like-minded about the prospects.

Room for Growth & Emerging Trends

Google is exceptional at the integration of their technologies. After acquiring Keyhole in 2004, they opened it up to the public for free (formerly, the software was pretty expensive) and were determined to allow it to serve as another platform for organizing and presenting information – just cartographically this time.

Some people have taken advantage of this by using the Google Maps API and have begun integrating their listings within Google Earth. That technology isn’t quite ready for prime time yet, however. Right now, the browser-based interface is the main consumer portal for people looking for real estate listings using Google. Their ambitious project, StreetView, is yet another piece in the virtualization puzzle that could create a much more immersive experience for our customers.

Combine that data with a GPS phone and MLS data and you get a technology called Layar (developed by the Dutch firm Layar B.V.). It currently runs on the Google Android and iPhone platforms and has been embraced by Trulia, among others. (check it out below)