How tech can help the real estate profession succeed
Members of the REINZ tech team recently attended the M2 Success Summit, where a diverse line up of speakers focused on ‘technology’ ‘innovation’ and ‘success’ in a world that is rapidly changing.
Data is power, and the foundation of our digital economy. Until now, global corporations have collected and held data in centralised platforms, giving them a disproportionate amount of power. Consumers are now waking up and wanting to own, share and capitalise on their own data. Emerging technologies using blockchain are facilitating a shift in data storage and accessibility, giving ownership of data back to the consumer. Not only does this enable greater data security, but it also encourages smaller enterprises to build and grow on a more even playing field. Centrality, New Zealand based ‘venture studio’ and global leader in leveraging blockchain technology, is helping the world transition to a decentralised future through a more democratic data sharing eco system.
Artificial Intelligence (AI) is here to stay, and it’s imperative that businesses start to incorporate forms of AI into their strategy in order to remain relevant and ahead of the competition. We heard from Greg Cross of Soul Machine, who is behind the ‘digital humans’ starting to appear in customer service roles both globally and in New Zealand with Air New Zealand’s ‘Sophie’ and ANZ’s ‘Jamie’.
Whilst we don’t think ‘robots’ will be replacing real estate agents anytime soon, empowering our data capability through AI is one way that we can be progressive and forward thinking in the industry. REINZ has been working hard with some industry leading partners to develop an AI driven Automated Valuation Model (AVM) that are looking forward to launching very soon.
Teams and Talents
An essential element of a high performing team according to Rush Digital’s Danu Abeysuriya is trust. Trust allows individuals to really own their area of expertise within the team, and to contribute to organisational goals more efficiently and effectively. Additionally, diversity in teams is important for well-rounded decision making. Having an open mind will ensure that businesses will continue to evolve.
In a world where product launches and new developments are occurring at a faster pace, many of the speakers emphasised that in order to learn and develop the very best products we need to fail along the way by taking calculated risks.
Lime Scooters is a classic example of a start-up that operates on a lean model in New Zealand. The company uses a decision-making framework also favoured by the likes of Richard Branson from Virgin and Jeff Bezos from Amazon, which empowers employees and also increases efficiency:
“Decisions are either a one-way door or a two-way door. Two-way doors are decisions that can easily be reversed with little repercussion, so individuals are encouraged to make these decisions autonomously and quickly. One-way doors are decisions that cannot be reversed without severe consequence and so require allocation of more time and resource”.
Another important theme of the day was looking after yourself in an incredibly fast-moving world. It’s important to harness the ability to be vulnerable, by not pretending that you are superhuman and being able to admit when you need a break, help, or further training. It’s ok to make mistakes; in fact, it’s essential to make mistakes in order to learn and to be able to make better decisions.
Some quick tips from a couple of the speakers included:
Build your habits and stick to them, when implementing a health habit, you need to ask yourself ‘can I sustain this for the rest of my life?’ –
Dave Letele, BBM
Meditation can help us focus on the task at hand, whilst reducing stress and increasing productivity. Benefits of health practices like meditation can only be felt if they are consistent, so practice, practice, practice. – Claire Robbie, Meditation & Yoga
Key take away
Technology will continue to change and disrupt almost all industries. Blockchain and AI are undeniable forces of limitless opportunity. Amongst all this change, teams need to adapt and think of ways to add value to ALL customers, whilst working efficiently and in a way that doesn’t affect our health and overall wellbeing.