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ICNY17Virtual RealityVR

#ICNY17 Video: Realtor.com CEO on VR3695

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Video: Move, Inc. (Realtor.com) CEO Ryan O'Hara interviewed about the company's initiatives with Virtual Reality (VR) by Inman Founder and Owner Brad Inman at Inman Connect New York 2017.

"Them" = Ryan begins by discussing using the Matterport VR SDK Beta integration by sister company REA Group (RealEstate.com.au) in Australia with Realtor.com implementation ...

(His colleague on stage is REA Group Innovation Team Member Luke Chadwick whom gave me a demo of their implementation of Matterport on Google Daydream View VR Viewer paired with a Google Pixel smartphone.)

News Corp. (Realtor.com) is an investor in Matterport.

Realtor.com has not announced when it will launch this service commercially.

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Take-Aways

✓ Using Virtual Reality (VR) to differentiate Realtor.com
✓ Selling listings via VR
✓ Be first: lean into it
✓ It's always good to lead in the new; this stuff is coming
✓ High-end Brokers sending Gear VR to potential buyers
✓ VR is coming quickly: it's like the early days of the internet

How will Matterport VR initiatives by Realtor.com – and www.realestate.com.au - affect Matterport Service Providers?

What was your take-way from this session at Inman Connect New York 2017?

Best,

Dan

#ICNY17
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Some Key Quotes from Move, Inc. (Realtor.com) CEO Ryan O'Hara speaking with Inman Founder and Owner Brad Inman

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We’re making sure that through our global platform, we’re developing products that are really differentiating and special.

There are a number of homes that sell where the buyer hasn’t even been in the location. There’s been listings in New York in particular where brokers and realtors have sold properties without people visiting the location either through 3D videos or through virtual reality.

What we’re doing at realtor.com is to be at cutting edge and the first to market with the best new products. As I said, our big goal this year is … rather than being a lagger, is to be new and be first.

... it’s always good to lean in the new in life. This stuff [VR] is coming and it’s going to be good for us all.

... lean into it.

So, Matterport, which we are an investor In, and I work with quite a bit, they’re already selling cameras to brokerages that are actually new ones.

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Below is a transcript of the video.

Dan

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Ryan O’Hara: We were able to partnered with [REA Group] as part of our News Corp. footprint to take advantage of some of the stuff they have done. We took that, brought it back and then we used our unique data and our interface our API to create this application.
Brad Inman: Can I get a couple of volunteers because you’re going to show us something?
Ryan O’Hara: Yes. We’ll get some volunteers.
Brad Inman: Am I messing up the order here?
Ryan O’Hara: No, go ahead.
Brad Inman: Daniel, Nicky, come on up.
Ryan O’Hara: Okay.
Brad Inman: Let’s consider them. They’ve already been messing up…
Ryan O’Hara: That’s alright.
Brad Inman: The speakers always tell what we’re doing and I tell them here what I am doing.
Ryan O’Hara: “Brad, keep showing your toes, the whole thing. I like that.”
What we’ll do is ask my colleague come and help me do this. I’ll run a second video because it’s hard for the crowd to see what these folks are going to see. He will tee this up for them to see it. And can we run this 25-second video so the crowd can get a feel what they’ll see?
Brad Inman: Let’s run that video real quick while they’re getting their stuff together.
Video Plays (no audio)
Ryan O’Hara: It’s not actually – what they’re seeing inside is we have all the listings and you go to a code and enable it and you can go to that actual listing.
Speaker 3: I’m like amazed right now. Can you even see this?
Ryan O’Hara: We can see it, actually.
Brad Inman: We’re hearing what you’re saying.
Ryan O’Hara: What we’re trying to do on this, so you’ll understand, is we’re trying to make sure that we’re really seeing where trends are headed and giving consumers and agents, realtor partners views into where things are headed.
We’re making sure that through our global platform, we’re developing products that are really differentiating and special.
Brad Inman: WOW! Is the common word here.
Speaker 4: It feels like I’m actually in the room looking at the ceiling and really look at the floor.
Brad Inman: What I say about this you’d say where are the applications for this in the in the near term?
Ryan O’Hara: There are a number of homes that sell where the buyer hasn’t even been in the location. There’s been listings in New York in particular where brokers and realtors have sold properties without people visiting the location either through 3D videos or through virtual reality.
What we’re doing at realtor.com is to be at cutting edge and the first to market with the best new products. As I said, our big goal this year is … rather than being a lagger, is to be new and be first.
Brad Inman: Tell me this. … Thank you for bringing this.
Ryan O’Hara: Yeah.
Brad Inman: Congrats on this work.
Ryan O’Hara: Thank you.
Brad Inman: It’s definitely one of the things that’s happening in real estate really quickly obviously. We heard yesterday from the Google team and New York Times, some of the cool stuff … The question for me is when can realtors start buying cameras and get into this as they did with video? They started doing videos themselves and the tools were made available and the cost came down. We discussed this with Times. When should they anticipate or when should they start investing, this year, next year, so they can start delivering just as they do pictures in their listings and 3D to their pictures and video to the listings. When will this happen?
Consumers will expect. Tell people when they should make that investment.
Ryan O’Hara: I actually have a couple of ways. One thought I had was it’s always good to lean in the new in life. This stuff is coming and it’s going to be good for us all. You want to start screaming and just get smarter about how this stuff works. Whether it’s reading articles in Inman or playing with these products out in places like today or listening to me talk about it, I think it’s interesting just understanding, like, lean into it.
As far as when it’s going to come, some of this is out there. So, Matterport, which we are an investor In, and I work with quite a bit, they’re already selling cameras to brokerages that are actually new ones.
Brad Inman: 3D or VR?
Ryan O’Hara: Both.
Brad Inman: So, VR.
Ryan O’Hara: Yeah, VR. In fact, part of this technology is REA developing it but we use it attached to that.
Brad Inman: So we got these cool products, like any entrepreneur who launched a cool product but they don’t have an audience, they don’t have customers. This is like cool but if no one’s got those [VR masks] and using them every day, then why invest in it?
Ryan O’Hara: We haven’t announced yet when we’re going to enable this on our site.
Brad Inman: Are you going to send out [Google Cardboard] or something like the Times?
Ryan O’Hara: We could tie with them. There’s been some innovative brokers that actually sent high-end Google glasses to customers in the market. It’s a really good token. If you see someone with a Google product and they see the listing in New York, they’ll potentially buy it. There have been examples of people doing that. That’s not for the mass market.
I think we are going to enable some of these products soon. We haven’t announced dates but if people are shooting 3D and shooting VR-enabled listing, you’re going to start to see it on our site.
Brad Inman: I’m just wondering, I’m just thinking about all the technology out here. We have all these cool mapping services where you can zoom in on the farm area you want to focus, to exactly your profile. There are people working on interpreting when someone’s going to sell.
You can imagine, I can leave here, get all these stuff and I can know the 15 people they are likely to sell. Heck, I might give them one of these things, one of these masks to try it and penetrate this market with this new technology. The reality is most people don’t have this. You got to get them to scale for your product to work.
Ryan O’Hara: That’s true but I’m telling you it’s coming quickly. If you look at the amount of capital going into this area whether it’s AI or AR or advanced technology, there’s an enormous amount of money going there. It’s like the internet. The internet was originally an idea and just became part of this life. You’re going to see that in this some of these technologies.
Brad Inman: Let me ask you another question. You’re a smart guy, I’m trying to tie some of the threads all week. We’re also seeing a lot of voice recognition bots, Alexa being an example. We got some people building to the Alexa in real estate, lots of people actually. You’ve got here a lot of cool engineers that are doing these conversations to deal with leads and prospects and slim them down to artificial intelligence conversational stuff. That looks to me like that’s happening really, really fast. Kind of the robot application, bot application to real estate. Are you looking at some of that stuff?
Ryan O’Hara: Yes, we are. Things that I noticed with CES was the smart homes are coming quickly. The smart homes, if you think about the appliances in your home whether it’s the microwave, the washer and dryer or sink or anything, the technology hasn’t hit that earlier very much but pretty much everyone’s saying as they were before, just with a better processor.
Soon you’re to see much more technology in the home that allows you climate control. Beyond that, logic control of climate allows you to think about – water is getting more expensive at home. It allows you to contract with your building before the bill comes.
What I notice and what I really think about a lot is smart home technologies and where that’s heading for the home owners. I think it will impact even when you’re selling a home, the cost of the utilities, how it uses solar power, whether or not it’s environmental friendly, that’s where it will start to matter more and more. I think technology will impact that in a big way.
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