First, please watch this YouTube video by Epipheo Studio explaining why Google Wave will revolutionize email communication. Then see how it will change online real estate transactions and sales cycles for the better, by making it integrated, manageable and streamlined.
Most of what I write below is based on my expectation of the exact features of Google Wave without actually having access to it and to the API sandbox (Google - please send us an invite already, will you?)
As you can see from the video above, Google Wave improves email communication by solving the mess, that the back-and-forth, multi-participant email communication creates. Any process (business or other) that has a relatively long timespan and involves many participants are a pain to conduct via email. That applies to the management of a web design project as described in the video above, planning a wedding or a corporate event, and true for real estate transactions as well. Since real estate transactions and the real estate business cycles are 1) lengthy by nature and 2) they involve many stakeholders besides you and your client (inspectors, assistants, insurance folks, lawyers, interior designers, vendors etc.), it is very well suited for improvements by the Google Wave platform.
What is Google Wave?
At its basic level it is:
A communication platform, that combines different features and benefits of
- threaded discussions
- media-independent sharing (any digital object - text, video, PDF etc. can be attached to the Wave)
- real-time chats
- open, standard extendability
If we dig deeper into its capabilities, it will clearly show that the sum of all these things is bigger than what the individual features by themselves can deliver:
The real estate business cycle consists of 4 major components:
- Self marketing and prospecting
- Servicing active clients
Listing marketing (etc) for sellers and home finding (search, showing etc.) for buyers - The closing process
- Customer retention (CRM, farming, newsletters, market updates etc.)
Even though, during the last decade or two, most of these processes became computer aided and many of them went online, integration of individual business processes are still cumbersome if at all doable.
Google Wave has the potential to change this. You will be able to set up a Wave, invite all participants to communicate in one communication channel, attach all information to one thread and you and your clients will be able to track progress, communicate decision points all within one environment.
Let's talk about Extendability:
I believe, that Google Wave will become an overnight success for many reasons, but the emphasize on extendability can not be stressed enough. Theoretically, you could imagine that one software vendor could create a service for you that supports the whole real estate business cycle via their proprietary system, but in practice a system like this can be prohibitively expensive and always lacking and slow to adopt to new requirements. Alternatively, you could ask the many vendors supporting your individual business processes to pick up the phone and start talking to each other and integrate their systems (IDX and eDoc and marketing tools and lead management and CRM etc.) but quite frankly, the chance of this happening is close to zero. The cost and risk is too high for the vendors and their interests overlap and collide. This is where Google Wave extendability comes to the picture. Wave is designed from the ground up to be a platform that provides the infrastructure for 3rd party vendors to add their own custom functionality to it. It is a centralized standard that vendors will adapt and you will be able to replace an under performing vendor by simply signing up with a competing one WITHOUT jeopardizing your overall service.
Via the Google Wave's robots and gadgets specification, software vendors like us at RealBird and Zillow, Cyberhomes, Altos Research, Trulia and many others will be able to create extensions that interact with your Waves and enhance them with added functionality and information.
The easiest way to imagine how a Google Wave application will look like is to take all the scenarios where you or your visitors or your clients initiate an email conversation. Replace the email communication with Wave and imagine how much better the whole process will be when other stakeholders and 3rd party information can be attached to the conversation thread.
For example, take a RealBird single property website. Some prospective buyer finds it through syndication or search engine marketing and is interested enough to share it with his or her spouse. Currently they send an email using the built-in email tool. We will provide an option for them to not only send an email but create a Google Wave - which eventually invites the spouse to join the conversation via email. They start their discussion about the property within the Wave. Let's say they decide that they want to see this property, Currently, they would send you another email, a step which starts breaking down the communication process to unconnected channels. With Google Wave, they will invite you to join the existing Wave as a participant. With the built-in permission system, they will be able to add you to the conversation without disclosing what they talked about before. Once you joined the Wave, you will be able to add calender events and todos to the conversation (maybe using a 3rd party Wave extension gadget) and attach more information such a disclosures, floorplans and any other info that you think will enhance the process. Let's say, your prospective buyers like the property and for the sake of argument, let's say they have their own buyer's agent already. At this point - or maybe earlier - they invite her to join the Wave. Again, with appropriate permission control. Eventually, they make up their mind and make an offer. Let's say the offer is accepted. From this point the Wave will turn from a prospecting channel into managing the closing process. You will be able to add new 3rd party "robots", maybe one from DocuSign or other eDoc providers, and you will invite title and escrow people etc. You get the point: the Wave - with it's core platform and with its 3rd party applications - will help you cross the current boundaries and disintegration points of the business process, melting them into one, easy to manage integrated environment.
This is just an example process, simplified for the sake of the example, but I think it's good enough to show the power of Google Wave to manage business processes. This particular one shows an example from the buyer's perspective, how they can add stakeholders to the process, but you can take other processes and apply the same exercise with you being the "chairman" of the thread. Or imagine a Wave for a home search, with RealBird Property Search "robots" participating and posting matching listings into the Wave. Or conducting office collaborations. Or open house marketing. Only the imagination is the limit.
Google, if you are reading this post, please send us an invite already, we can't wait to start developing Wave robots and integration points for RealBird. Will you? Thanks.
-- Zoltan
RealBird.com
Zoltan, this sounds like Facebook for Business! Settlement Room and Transaction Desk have attempted to follow a transaction, and there are features in Contact Management systems like Top Producer and Wise Agent that incorporate Sellers following the marketing of a property, but this could wrap everything up into one place. What a great idea - I love it! Although I personally have ZERO chance of participating in this, I do hope you, Zoltan are invited. You are a trendsetter for sure!
Frank and Sharon - Thanks ! You are right on the target ! The IMPORTANT component is that all the companies you mentioned will develop their Google Wave extension so you will be able to use many vendors who does the job the best for a particular requirement. Google will provide the platform and us, the vendors will provide the value-add
Zoltan, it makes my head spin. I hope to explore it more, but am really counting on other people to break it down for me as you have. I can see the benefits. Anything to streamline what I am doing because sometimes it becomes enough to make your head blow up. And I really don't want that to happen. Thank you for this, it is great information.
Hi Zoltan. I loved the 2 minute video. I watched the entire 80 minute long video from Google and am blown away and excited too about the possibilities - though I see it from the mortgage loan process side of it - I can't wait for the future ;-)
Thanks for making me aware of this. I'll check it out.
Patricia
Zoltan - I'm looking forward to when the release Google wave to the public. I signed up for an invite. Maybe I might just get one when they send some more out.
Looks like you're on it Zoltan. I just watched a video from the Google team about the "New Wave" but it was an hour long, then I found the condensed 10 minute version. Looks like the "wave" of the future for sure. Can't wait till it comes out. Looks like many of us yahoo email fans will have to switch eh? :-))
Andrea - Careful with that :)
Rick - Kudos to Epipheo Studio
Patricia - You are welcome !
Robert - Us too... Waiting and waiting... Google must have learned a lot from Apple on how to create demand before the product is even ready.
Brad - Unless Yahoo will integrate with it somehow :)
Zoltan,
Very-very interesting. I checked my e-mail, no, I do not have an invitation from Google to join. Or, better say I have an invitation to join Google Voice.
Jon - Yep, we have GVoice but no Wave either
Mike - I agree. It's also important to note that Google Wave is also an open platform, so others (Facebook, Yahoo, Microsoft) will not only be able to create their extension to Google's implementation but also create their own Wave service (Facebook Wave, Yahoo Wave) It will be even more interesting to see how and if any of these will happen. Mashable has a good post and discussion about whether Facebook should jump o this wagon.
Zoltan - Your reply to the first comment is right on the mark... The RE programs will develop extensions for Wave and that will be awesome! Thanks for the great detail in your post...
Thanks for the heads up! looks great!
Hello Zoltan, thanks for your condensed version and enthusiasm for this new Wave. We look forward to these new conversations through our RealBird ads! John
Nishika - Thanks for the reblog
Bill - Thanks. Also Google Wave itself is an open spec. (not just the API to develop extensions), so other communication platform vendors will deploy it with their own UI and hopefully all extensions will work across them. Assuming conflict of interest will not sabotage this standard as it did with so many others previously.
Rob - Thanks
John - Yes, we'll be all over this once we get the invite to the API sandbox so that we can actually develop with it
-- Zoltan
Hi Sandy - Thanks for the reblog.
Ideally, when Google Wave will be out, it will be easy to use and will be intuitive enough to pick it up easily. I read some reviews by people who actually had the invite and some of them said that it is not intuitive enough just yet, but hopefully by the public release it will be. At its core, it should be like an email tool, but with easy way to track conversation, add people to the conversation etc.
I just switched from yahoo to gmail. It looks we are going to be soon surfing with Wave.
I like Gmail.. hopefully the Wave won't be too difficult to use after they get it going... looks great, can't wait.
Hello Zoltan, great and very detailed post. I read a few articles already about Google Wave and can't wait to actully use it.
Zoltan- You beat me to it! I have a post in draft about google wave! Oh well! Kateirna
I am still trying to figure out how to do all the faceboook, twitter and real bird.... I am feeling a bit lost with all this .... I need a personal tech trainer
Your post goes nicely with Lenn's feature about the ever changing wave of business. Thanks
I've heard about this previously and I'm diggin the concept. The only limitation I see which would "potentially" constrain it's effectiveness is most conversation by agents with their clients are not and should not be viewed by the other agent and their client. Perhaps GW will allow a type of access control list that would prohibit the other agent and client from seeing communication that should be kept private?
it definitely will and i'm still waiting for my invite.
This really sounds cool and useable. Finally we the agents wouldnt have to be shot as the messenger anymore. When the bad news comes in thru email, such as inspections or title problems. However it will remove some of the relationship building that is present. While you wait to be invited by Google why not set up a Facebook page for the client or the property. This would create a platform for all involved to communicate. The private information could be sent via the " send a message " tab. The inspectors and title companies could communicate where all involved could see. I am going to try it, what have I got to lose?
Zoltan (btw, is that from Dude, Where's my Car?) Anyway, loved the video! Great way to summarize that! And yes, I want a Google Wave invite too!
Zoltan... I appreciate the info. I've been hearing about Google Wave for awhile. You explanation allowed me to finally get my head around it. The potential it has for real estate transactions is incredible. The ways to integrate it into my business seem unlimited! Thanks again!
Haris - We'll all be surfing soon. I love their branding: Wave
Judi - Same here, can't wait
Bryan - Valid concerns. My understanding is that it is only real-time, if you want it to be real-time. It is true that with emails it's a great value that you can "sleep on it". Many times I decided not to send an email the next morning. But Google Wave is platform, so if the default service does not, some extension will definitely support the scenario you described
Megan - Thanks
Katerina - Sorry :) Can't wait to read your take on it
Debra - Regarding RealBird - we are here to help, just call or email, regarding Facebook, Twitter etc., you are at the right place. ActiveRain has a great amount of tutorials and people who are expert in a certain area, that are happy to help. Thanks for commenting
Carla - Thanks
Kevin & Monica - You are welcome. I think both because of its capabilities and because of all the buzz around, Google Wave will catch up very quickly
Vic - Yes, great video by Epipheo Studio, it seems they specilize in making great promo videos. Good luck with Wave integration to your Silver Platter Service
Richard - I wish I knew how to make a video like this. It was made by Epipheo Studio. I just added my thoughts about Wave, specific to real estate
Chris - Good concerns as well. As far as I can tell, there will be graduate permission control available. It is true that not all stakeholders in a process should see every bit of communication, especially when they are on the other side of the deal.
Todd - You are right. Facebook Page should be setup and grown by everybody in the business. However, Google Wave is more of a communication platform to keep conversations together. It is also an open specification, so Facebook may add some variant of it to their own services. It's a platform and also a specification.
Nyssa - LOL. Never heard about it before. Found it now on Hulu
Will - Glad it helped. Thanks
SWEET I have often struggled with those email monsters you described so well.
The lawyer in me has a bunch of concerns though the broker sees some great applications. You mentioned that the new invitee would not be able to see previous conversations, but the video says you can replay everything?
Additionally, if offers are out there, could other invitees see them who were prospective competitors. Might a client say something better said in private to an agent?
Just my initial thoughts.
I have heard many great things about Google Wave. I recall an invitation but not yet recieved the service...
Thanks for posting this. I've requested an invite also. Do you know when it will go LIVE?
Christine - Your concerns are valid of course. Privacy, confidentiality etc. are very important . My example might have been too specific in terms of the business process, I just made up a fictitious scenario in the post (i.e. involving people from different sides of the deal). I do not have access to the Wave so I am not sure how exactly it works in terms of permissions and how intuitive it is to manage them but I am pretty certain that it is a major consideration of Google when designing the final product. Whenever more than 2 people interact on the same platform, it should be. I found more technical and architectural details at oreilly.com. It's a good read.
Roland - Thanks for the reblog.
Ami - Unfortunately I have no idea when it will go live. Hopefully before the end of this decade.
This is more like an online conversation or meeting, not what we all consider emails to be. I think existing email will still stay because we dont always want everything done now, now, now. It'll be interesting to see how it evolves.
Google is coming out with such great stuff lately. From Google voice to the new wave. What's next?
I am jazzed by Google Wave because of what it can do from people I have read on what it can do. I can see how it will help business especially in this electronic world we live and clients all over the place. By the way, if I could take my fax machine and throw it out the window, I would, but unfortunately too many are still relying on it. {Insert one big long scream here}
Waiting on my invite from Google Wave... :(
Very interesting post and video. Thanks for letting me know about this. I often miss the new stuff until everyone else already knows about it... Just too busy I guess!
Yes, Yes Yes - after the first paragraph my mind was filled with images of "messy communications" that can and will be vastly improved by google WAVE - catch a wave - sitting on top of the world!
Glad to see that someone is reinventing email! It's really about time, so I'm looking forward to the change.
Hi Zoltan,
I agree with all you have said. I have my Google Wave Invite. I also used to work the back end of real estate transactions, from contract to close, for eight years and so understand vey thoroughly how this would make sense.
One thing though, and this is crucial and key, adoption. There have been companies in transaction management for years and the rate of adoption was quite low. So the parties in the transaction have to have the will and then take action in order for Google Wave to be viable. The fragmentation in the industry will become even more distinct once Google Wave users invite participants.
That's not me being negative, just realistic. We have to get people to understand the importance of response and communication tools FIRST:)
Jirlus - I am not sure when it's going to go public. I would assume, based on all the reports from people who already got the invite, is that it will take a few more months at least. It's not yet ready for prime time.
Rebecca - You are absolutely right. Tehcnology capability is one thing, having wide-spread adoptation is another. But if anybody, Google has the mean to make it happen. This invitation only approach is way more than just beta testing, everybody is buzzing about it and by the time it's ready, public awarness will be huge. We'll see.
Jurius - No comments on the MLS :)
Google Wave is truly a utility and as a technology it has a lot of potential. It is important to note, that it is open in two ways:
:) and :(
just got my invite finally - feel a little like I did with Twitter at first but I can definitely see the value in it.
just got my invite finally - feel a little like I did with Twitter at first but I can definitely see the value in it.
Hi - Welcome to the Wave. In my opinion, there are still a lot of things Google has to work out before it's ready for prime time, but very interesting technology nevertheless. There are some 20 real estate professionals who are connected on the Wave and we are trying to figure this out together. If you wish, email me your Wave account address and I add you to the discussion, it's better to surf in a group :)
-- Zoltan
Hey Zoltan,
Pls add me to the wave. It would be interesting to see this in action
sandeep.bengani@googlewave.com
Thanks
Sandy - I added you to 3 Waves. You should see them when you login with your own account. Welcome to the conversation.