I had to re-read the title of theÂ articleÂ myself, a few times. Isnâ€™t hacking generally a bad thing? What do they hope to gain by having such a contest? Do we really want to know how vulnerable the system is? And then I bothered to read the article.Â According to theÂ Inman NewsÂ articleÂ by Paul Hagey, Realogy will be partnering with Retsly Software, Inc,. The goal is to foster creative application development for the real estate industry. How is this bad?
Many of the leaders in real estate marketing and branding have been decrying the slow pace that most major brokerages (I do not include Pacific Union in this) are adapting to changes in how property is being sold. Â The timing of the hackathon is perfect, as it will happen almost concurrently with the National Association of Realtorâ€™s national convention (November 8-11).
This is very big news. Â Anyone who reads the 1000 Watt blog knows that advances in technology are fundamentally changing how real estate is being done (in particular marketed and branded) and that the larger, monolithic brokerages are not changing. Â This is particularly born out by the successes of Trulia & Zillow. These two sites are constantly innovating and pushing the limits of consumer involvement while the NARâ€™s flagship property site (realtor.com) is continuing to react rather than to lead.Â 1000 Wattâ€™s blogÂ today discusses the very problem with being stagnant.
This is not Realogyâ€™s first stab at this type of hackathon, and I hope that it wonâ€™t be the last. Â As more and more prospective buyers and sellers look to the internet to find agents, property and property values, it is vital that the real estate industry set the pace for innovation.