November 2005 - Posts

'Internal MLS' makes individuals the boss of online property listings

System allows selective opt-in, opt-out based on agent, broker preference

Glen Roberts
Inman News

Forget about IDX, VOW, ILD and even MLS for a moment. An online system created by a Canadian real estate technology company allows individual agents and brokers to decide how to share property listings information with other real estate professionals online.

This "Agent Handshake" system, created by Point2 Realty Solutions of Saskatoon, Canada, can function as a sort of "internal MLS" by putting property information online even before the information is available to the entire community of agents and brokers served by a multiple listing service, company officials say. Agent Handshake does not use listing information imported from an MLS database, but rather allows members to add their own listing data and gives them control over the online advertising of this information.

In some jurisdictions, it can take several days for listings to appear in an MLS system, said company spokesman Roger Noujeim. In Canada, it "can take up to a week" for a listing to appear at MLS.ca, Noujeim said. In that time, he added, "the listing could have been sold, disappointing customers who see it posted and are interested in it. This can also be an issue to the property owner, since a more widely marketed listing can bring in more parties to the table.“

Jeff Tomlin, manager of market research at Point2, said, "Whether logistical or systematic, delays can occur between the time a listing is added to the MLS and the time it is displayed on a Realtor's Web site via IDX or other structured feed.

Common delays can be experienced in the transmission of listing data to national listings sites such as MLS.ca and Realtor.com." IDX (Internet Data Exchange), VOW (Virtual Office Web site) and ILD (Internet Listings Display) are standards for the sharing and display of online property listings, and IDX is the most widely adopted system. Meanwhile, pending Justice Department litigation relates to VOW and ILD rules.

In the United States, MLS rules typically set a deadline for brokers to submit property listings information to an MLS after they have secured a listing, and this time period generally ranges from 24 hours to 72 hours. Also, it can take time for individual brokers to download the latest MLS information and post this information online through agreements with other brokers. By quickly getting property listings online, participants in the Agent Handshake system can get a jump on other brokers by seeing listings even before they reach the MLS, company officials say.

While controversy is brewing over the online sharing of property information between brokers – the U.S. Department of Justice's Antitrust Division is suing the National Association of Realtors over the trade group's rules relating to the display and sharing of online property listings – Point2 officials say their system sidesteps this controversy by allowing individual agents and brokers to make individual business decisions. This, they say, should steer users clear of potential antitrust problems.

"They literally have complete control," said Brendan King, chief operating officer at Point2 Realty Solutions. "It is helping agents to maintain control of listings data. An MLS, by its very nature – if you join it, you have to provide the same service to all participants. We have made it an individual business decision, an individual choice.

"We're not trying to displace the MLS as a governing body. All we're trying to do is allow brokers to control data that they already own.“

A RE/MAX office in Saskatoon has established an Agent Handshake system for all of the company's agents, and the company's agents are "double-ending," or working both sides of the same real estate transaction – more often now than they did before implementing the system, King also said.

The Agent Handshake system allows agents to choose which other agents to form agreements with to share property listings, and which agents to block from such sharing. The system requires brokers to grant permission for their agents to establish these relationships, he said.

When blocking handshake agreements with particular agents or for particular listings, agents have the option to select a reason for this decision from a pull-down menu, or they can decline to state a reason. The goal was to make the system as transparent as possible, King added.

According to a Web site description, "Unlike other online listing programs such as the IDX and VOW, you choose which other real estate professionals you would like to create advertising arrangements with through Handshake, allowing you to screen potential advertising partners for the appropriateness or quality of their listings, or any other criteria.“

Ted Young, senior vice president at Rapattoni Corp., a real estate technology company that offers MLS systems and hosting services, said that MLS software typically has the capability to instantly publish property listings information to an MLS, though in some cases MLS bylaws require some delays in order to verify listings information. He also said that MLS bylaws typically require that a listing "be made available to all agents on the official MLS site before it is distributed on the Internet.“

Mary Jo Powell, a spokeswoman for Metropolitan Regional Information Systems, a regional MLS surrounding Washington, D.C., said that there aren't any technical hurdles to placing property listings in the MLS once brokers submit them, and MRIS requires brokers to submit listings to the MLS within 48 hours. She said that some small MLSs may use slower technology, though. And Russ Bergeron, CEO for SoCal MLS in California, said most MLSs have "real-time systems" that immediately publish property information online.

Brokers, he said, can choose to update their display of MLS-based property listings several times a day or less frequently. "We refresh the entire active database for them everyday," he said.

Agents who participate in Point2's Agent Handshake system can see how many "handshake agreements" are pending their approval or others' approval, how many agreements have been completed, how many agreements they have blocked, and how many agreements have been blocked by others.

All approved listings from other agents and brokers will appear on a participant's Web site with the participant's photo and contact information, and no contact information for other listing brokers, advertisers or builders are displayed in this Agent Handshake system. "This means that all traffic and activity occurring on your Web site translates into your own leads," according to the program description. Agents cannot change any listing information that is supplied by another agent.

There are about 33,600 Point2 users' Web sites with active Agent Handshake agreements in place, the company reported, and users have formed a total of about 3.7 million individual relationships using the tool. The system launched in January 2004 and the company has applied for a patent on the peer-to-peer technology that powers the system. Point2 has about 67,500 customers, with more than 50,000 in the United States.

King said MLS data can be somewhat limited compared to the rich multi-media content that is available for property listings these days, and Point2 has plans to expand the features of the listings displayed through Agent Handshake. The MLS will not go away, he added, but "we've already made the MLS less relevant for the brokers who are using our product.“

Point2 Technologies Integrates Home Seller Comments In Point2 Agent Realtor® Websites

Software Upgrade Taps Human Emotions to Reshape Residential Real Estate Marketing and Provide Consumers a New Level of Information on Listed Properties

November 29, 2005

Saskatoon, SK and Vancouver, BC – November 29, 2005 – In an unprecedented move, Point2 Technologies (“Point2”) today launched Point2 Agent 6.0 (“Point2 Agent”), the first real estate broker and agent software platform to bring homeowner comments to prospective buyers researching homes online. The breakthrough reflects increasing consumer demand for more involvement in the real estate buying and selling process.

Seamlessly integrating 15 new features and enhancements, Point2 Agent now allows home sellers for the first time ever to enter information about their property, online, directly onto their Realtor’s® website, under a dedicated Seller’s Comments section.

The revolutionary capability enables Realtors® to work more closely with customers to enhance the presentation of their home and to influence its value, by giving them the option to contribute meaningful insight and emotions to the listing, helping to better differentiate the property and shape buyer decisions. Home seller input is designed to add to a listing a degree of depth never available to home buyers before and that only the home owner can deliver with a high level of credibility.

“We’ve had an extremely positive reaction from customers, buyers and sellers alike,” says Joy Costello, RE/MAX real estate agent in Las Vegas. “In the past, a buyer rarely had an opportunity to pick the owner’s mind and listen to how they felt about the home, the neighbours and the community. We can now offer to home buyers important information they simply could not access before, which is the ability to get a true feel about a property that is of interest to them, directly from the homeowner, in their own words.”

“A home purchase is a highly emotional decision, and consumers clearly want to be more involved in the process,” said Brendan King, chief operating officer at Point2 Technologies. “Point2 Agent taps these two key dynamics to give real estate professionals a major new edge in marketing their services, gives home owners a new opportunity to differentiate their homes, and empowers consumers with a new connection to the home owner, which they never had before.”

“This is the tip of the iceberg when it comes to consumer involvement in the real estate transaction process, but a significant step in the right direction that Realtors® and consumers are likely to embrace very quickly,” said Jeff Tomlin, manager of market research at Point2 Technologies. “Realtors® who adopt revolutionary ideas that support consumer interests, reflect a sense of value and professionalism that can undoubtedly impact their business at the expense of their competitors.”

Point2 Agent New Feature List
In addition to Seller Comments, Point2 Agent 6.0 offers the following new features:

• Google Sitemap – Allows agents to quickly and easily include webpages to the Google search engine, for more effective marketing.

• Google Map Module – Allows agents to easily add a Google map to their website, featuring their listings. The Map offers to site visitors a quick and easy way to browse listing locations visually, by geographic area, and to select listings they want to find out more about, right off the map, for more convenience;

• Open House Module – Allows agents to easily display and promote open house listings on their website;

• Audio Attachment – Enables the attachment of audio recordings to listings, for enhanced listing presentations;

• Photo Album – Enables agents to easily upload images and photos, and create slide shows;

• Marketplace Statistics Integration – Allows agents to determine the source of their leads and frequency of visitor viewings of any particular listing featured on Point2 Homes;

• UltraStats – A powerful web reporting tool that empowers agents with critical website traffic data to facilitate better resource allocation, marketing and decisions;

• RSS (Really Simple Syndication) Listings Feed – Allows consumers to receive new listing information from the agent, and to view them without having to go to the agent’s website or check their email;

• Seller and Contact RSS – A productivity tool that adds new contact information to the agent’s CRM (Customer Relationship Management) tool, as soon as a visitor enters his or her information on the agent’s website; The system also immediately informs the agent of the new addition;

• Mobile Feature Sheet – Downloads listing brochures instantaneously to the agent’s PDA (Personal Digital Assistant) or handheld device, for on-the-go access in the field;

• Domain Name Renewal – Convenient domain name renewal directly through the agent’s website;

• Common Includes – Saves valuable time by automatically replicating content across the agent’s website, as required;

• Graphics Library – Expanded library of images and photos for use in agent website customization; and,

• Background Colours – An expanded colour palette for use in website customization.

Pricing and Availability
New Point2 Agent features will be rolled into the platform systematically, through December 2005, to provide users with access to the new capabilities as soon as they become available.

About Point2 Agent
With nearly 70,000 subscribers in 55 countries, Point2 Agent is the industry’s leading real estate website, online marketing and advertising software solution. More information can be obtained at www.Point2Agent.com.

About Point2 Technologies Inc.
Point2 Technologies is a global leader in online marketing and eBusiness software solutions for the real estate and heavy equipment industries. Leveraging Point2 proprietary and patented technology, Point2 develops and markets software solutions that enable organizations to conduct business over the Internet more easily and more profitably.

Founded in 1996, Point2 Technologies is a privately held, profitable organization. The company employs a staff of 95 at its headquarters in Saskatoon, SK and its Vancouver, BC offices. In recognition for its ground-breaking technology and industry leadership, in the year 2000 Point2 Technologies received the No. 1 eBusiness designation in Canada by global management consultants, Bain & Company and Canada’s national business daily, The Globe and Mail. Point2 was also named one of the Top 200 most promising B2B companies in the world, by Forbes Magazine. More information can be obtained at http://www.point2.com.

Point2® is a trademark of Point2 Technologies Inc. All other company and product names may be trademarks of the respective companies with which they are associated.

Media Relations contact:
Roger Noujeim
Public Relations Director
Toll Free: 1-888-955-7900 ext. 224 (U.S. and Canada)
Tel: 1-604-675-9393
rnoujeim@point2.com


Investor Relations contact:
Robert Gutek
Vice President, Finance
Toll Free: 1-866-955-7900 ext. 213 (U.S. and Canada)
Tel: 1-306-955-9736 ext. 213
rgutek@point2.com

Neighborhood search a boon for real estate

Online services take local search to a new level
November 16, 2005

Glen Roberts Jr.
Inman News

Neighborhoods are taking shape online as Internet companies expand the capabilities of local search.

Neighborhood-specific searches allow users to move beyond the typical geographic parameters of city or ZIP code to find relevant matches, though defining neighborhood names and boundaries can be an imperfect science.

Yahoo! in August announced the launch of a "search by neighborhood" feature for major metropolitan areas, through Yahoo! Local. It is now possible to search for real estate agents in San Francisco's "Lower Haight" or "Marina" areas, for example, or in New York's "Chelsea" or "Soho" neighborhoods.

Yahoo! Local has divided San Francisco into 31 neighborhoods, and New York City into 24 neighborhood areas.

Other online sites, too, provide neighborhood-specific information to users, and experts say real estate is a natural beneficiary of neighborhood-based search.

As some print advertising dollars shift online, the battle has heated up among online search sites to tailor information and advertising opportunities based on the criteria selected by users. Local online search has grown into an important subset of national search – an estimated 15 percent of all searches on the Web are local – and neighborhood search is an emerging subset of local search.

"There are a lot of people who recognize that the way that people look for things is by neighborhood or by colloquial names that exist," said Greg Sterling, program director for The Kelsey Group, a company that provides research and analysis for yellow pages, electronic directories and local media companies. The end result is more flexibility – and less search time – for users.

"What's at stake? Better ad targeting and the ability for advertisers – especially in the real estate context – to buy keywords aligned with neighborhoods, which is the way people really think about their environments in the real world. Accordingly, this will offer a better local-search consumer experience," Sterling said. "This is definitely the way these things are going to move – (companies) are trying to make these tools conform to the way that people really live."

Sterling also said that Yahoo! is a front-runner in neighborhood-specific searches, and the company's announced plans to acquire Whereonearth, a local online search and advertising technology company, should aid the efforts to expand local search.

Point2 Realty Solutions, a real estate technology company based in Saskatoon, in the Canadian province of Saskatchewan, is working to define neighborhood names and boundaries to provide more property-search options. The company's Point2 Homes site allows users to search properties by neighborhood.

"Our goal is to geographically identify every area in North America, and then eventually the world, by its local neighborhood names," said Jeff Tomlin, manager of market research at Point2. The company started the project this summer.

Local municipalities and real estate professionals have been a solid source of information on neighborhood names and boundaries, Tomlin said. "The solution we are building has two benefits: Number one, we want to create a solution for our members that helps them be more easily found; and we are helping our users to create a better connection to consumers."

Point2's real estate customers are accurate in describing the neighborhood location of properties that they list for sale, Tomlin said. "The client knows exactly what neighborhood they're in, even if they're sort of on the edge of two neighborhoods. Our members are the best sources for that – they know the area themselves."

The neighborhood project "is a work in progress – it'll be a work in progress for some time," he said, adding that neighborhoods are continually evolving and forming.

Craigslist, which operates online community sites in major markets across the globe and carries for-sale and rental property listings posted by its users, allows users to self-identify location by neighborhood. A user who wishes to post a property for sale in San Francisco, for example, can choose from a list of 32 neighborhoods, and the neighborhood name appears in the top line of every posting.

The New York Times' real estate site allows users to search for properties by neighborhood areas, and several other property-search sites also offer neighborhood-specific listings.

Keith N. Hampton, assistant professor of the Annenberg School for Communication at the University of Pennsylvania in Philadelphia, said that Internet technologists are struggling with the same questions about neighborhoods that sociologists have been struggling with for decades, adding that it's "fascinating" to see efforts to expand local and neighborhood search capabilities online.

"Defining neighborhoods is certainly difficult and problematic. What are neighborhood boundaries for any given neighborhood? It is almost impossible for outsiders to define boundaries in a way that makes sense (for local residents)." Every person has a mental map of neighborhood areas, Hampton said, so it is typical for people to disagree on neighborhood boundaries.

Hampton is a principal investigator for I-Neighbors.org, an Internet site that allows residents to define neighborhood areas and connect with their neighbors.

It's beneficial for actual neighbors to define neighborhood boundaries, he said, because it is a means to "establish local trust in self and identity – being able to identify what your community really is. The value of the Internet is supposed to be in its ability to cut down the cost of traversing great distances. But it has this localization – the ability to bridge very local distances."

He noted that neighborhood boundaries change, and in some cases some small neighborhoods can potentially be amalgamated or absorbed into a larger neighborhood area, and can lose individual character or identity in the process.

Wikipedia, a free encyclopedia Web site that allows its users to edit entries, features numerous neighborhood descriptions, including rough or specific neighborhood boundaries.

Jimmy Wales, a spokesman for Wikipedia, said he doesn't know how many neighborhoods are defined at the site, though, "Community input would be crucially important to determining where a neighborhood begins and ends, because 'neighborhood' is absolutely a social concept, a social construct, and there's no a priori or algorithmic way to guess at it."

"I think everyone in New York defines neighborhoods in slightly different ways. Some neighborhoods are literally defined by a couple of blocks," said Lockhart Steele, founder and publisher of the Curbed.com blog site.

Curbed.com readers can choose to read postings that are specific to neighborhoods. The site identifies 14 Manhattan neighborhood areas, for example, and also includes information categorized by neighborhood in Brooklyn and Queens.

Earlier this year, Curbed.com hosted a light-hearted neighborhood-naming contest, dubbed "'Hoodwinked." The winner pitched the name "RAMBO (Right After the Manhattan Bridge Overpass)" for a neighborhood stretching between Tillary Street and York Street, north of the Manhattan Bridge.

There is a general trend, Steele said, to provide more focused information online. "You can always get more detailed. There is the question of: 'Do readers want to view everything?'" For editorial purposes, Steele said that he adopted fairly rigid neighborhood boundaries for Curbed.com.

"I think neighborhood-specific search...is going to be a pretty big deal," and real estate companies have already inquired about placing advertisements on neighborhood-specific pages at his blog site, Steele said. "Drill-down search is presumably one of the better ways to find really qualified leads." While neighborhood search is one potential avenue for expanding local search capabilities, Steele said innovation in search technologies is not a one-way street. "I don't believe search is moving in any one direction.

Copyright 2005 Inman News

Software Revolutionizes Real Estate Worldwide

Saskatoon-based firm impresses Microsoft with Internet innovation
Erin Morrison, Saskatchewan News Network
Regina Leader Post/ Re-printed in Saskatoon Star Phoenix
Saskatoon Star Phoenix [PDF]
Regina Leader Post [PDF]

Point2 Technologies Releases Second Phase Of Point2 Homes Real Estate Marketplace

Upgrade Enables Consumers to Search for Properties by Neighborhood Name- Launches Highly Targeted Marketing Program for Real Estate Professionals.

SASKATOON, SK and Vancouver, BC – November 01, 2005 – Point2 Technologies Inc. today announced the release of the second phase of its real estate Internet marketplace, www.Point2Homes.com. The new web portal eliminates unnecessary steps associated with researching properties for sale on the Internet, by simplifying and accelerating the accuracy of the search.

Consumers in nearly 40 countries can now research real estate properties listed on www.Point2Homes.com based on everyday, colloquial neighborhood names, allowing them to get to listings of most significance to them right away, without having to go through long lists of properties featured under larger city categories, nor having to figure out unfamiliar, Multiple Listing Service (MLS)-defined area numbers and zip codes.

“Point2 Homes is where home buyers and sellers get a most intuitive, most informative property research experience on the Internet,” said Jeff Tomlin, manager of market research at Point2 Technologies. “Consumers come to Point2 Homes because the site offers more photos, neighborhood information and details about listed properties. Now they can research listings even more intuitively and accurately, which helps to turn more browsing sessions into serious opportunities for both the consumer and the real estate agent.”

Properties listed on Point2 Homes are also indexed on popular search engines such as Google, Yahoo! and MSN. This enables a more consumer friendly real estate search experience and maximizes traffic flow back to sales agent listings on www.Point2Homes.com.

The release of the second phase of Point2 Homes also marks the introduction of Neighborhood Expert, a sponsorship marketing program designed to maximize visibility and revenue for sales agents, by establishing them as ‘go to’ experts in their respective neighborhoods.

Real estate agents can now become Neighborhood Experts for one or more communities where they operate, by bidding for their areas on www.Point2Homes.com.

Neighborhood Experts (sponsors) are prominently featured on every page of Point2 Homes that displays a listing in their area. Links are provided back to the sponsor’s own website, where consumers can view more properties in the area and find more information about the neighborhood, contributed by the local Expert.

“Mapping and maintaining accurate listings based on neighborhood names is a dilemma avoided by many leading mapping companies,” added Tomlin. “Point2 Neighborhoods is a major undertaking that reflects our relentless commitment to being first to market with innovative, unique opportunities that give our customers a true edge in their markets, and to advancing www.Point2Homes.com's position as the most popular, consumer friendly real estate listing website on the Internet.”

The neighborhood sponsorship program is exclusive to real estate professionals who use Point2 Agent, the industry’s most widely used website and online marketing platform. The next auction is set for December 1st, 2005.

Point2 Homes is the first global real estate marketplace fully controlled by real estate professionals. Listings featured on Point2 Homes are drawn from Point2 Agent customers in nearly 40 countries, and link back to the respective agent websites. Listings on Point2 Homes feature up to 24 easy-to-load photos and offer to consumers more information and details about the property than any other real estate web portal. User friendly tools and information are also available on every Point2 Agent website, including 3D mapping, home valuation tools, mortgage calculators and neighborhood data such as safety statistics, schools and banks.

About Point2 Agent
With a subscriber base of over 65,000 real estate brokers, agents and developers in 55 countries, Point2 Agent is the industry’s leading real estate website, online marketing and advertising software solution. More information can be obtained at http://www.point2agent.com.

About Point2 Technologies Inc.
Point2 Technologies is a global leader in online marketing and eBusiness software solutions for the real estate and heavy equipment industries. Leveraging Point2 proprietary and patented technology, Point2 develops and markets software solutions that enable organizations to conduct business over the Internet more easily and more profitably.

Founded in 1996, Point2 Technologies is a privately held, profitable organization. The company employs a staff of 86 at its headquarters in Saskatoon, SK and its Vancouver, BC offices. In recognition for its ground-breaking technology and industry leadership, in the year 2000 Point2 Technologies received the No. 1 eBusiness designation in Canada by global management consultants, Bain & Company and Canada’s national business daily, The Globe and Mail. Point2 was also named one of the Top 200 most promising B2B companies in the world, by Forbes Magazine. More information can be obtained at http://www.point2.com.

Point2® is a trademark of Point2 Technologies Inc. All other company and product names may be trademarks of the respective companies with which they are associated.

Media Relations contact:
Roger Noujeim
Public Relations Director
Toll Free: 1-888-955-7900 ext. 224 (U.S. and Canada)
Tel: 1-604-675-9393
rnoujeim@point2.com

Investor Relations contact:
Robert Gutek
Vice President, Finance
Toll Free: 1-866-955-7900 ext. 213 (U.S. and Canada)
Tel: 1-306-955-9736 ext. 213
rgutek@point2.com