5 Key Takeaways
1. Current State of Land Market Data
07:04 - Ben: I think it's indicative of the under investment in technology in the land business today that we have these great market maps for all the services that you can rely on for these other assets (commercial and residential), but not for land. [...] We're (land business) still relying heavily on personal networks, and we're going to a lot of government and public information.
Takeaway: A buyer or seller in residential and commercial real estate has access to far more assets and data than those in the land business, which Acres.com is solving by providing more data than ever for the land market.
2. Artificial Intelligence
14:48 - Ben: We’re actually seeing artificial intelligence used to map legal deeds [...] and to map the boundaries for your property. [...] You might be able to write a property description and use this to save a ton of time.
Takeaway: Land professionals do not need to be threatened by AI, but embrace it as a tool to speed up processes and assist with time-consuming tasks. This puts more time back in your day to focus on providing excellent customer service and growing your business.
3. Real Time Information
16:37 - Ben: There are programs now that'll give you monthly sales data. [...] There's programs now that will give you weekly, if not daily sales results, right? So if you're trying to track auctions in a certain area, you don't have to wait for that information to come across in two, three, four months.
Takeaway: Land professionals now have access to time saving programs such as Acres that will give you access to weekly sales updates and offer countless data to simplify your process!
4. Geographical Information Systems (GIS)
21:29 - Ben: Historically, using GIS in any meaningful way required specialized training or even an advanced degree that involved writing scripts and using code. [...] Gone are the days of needing to build code and write code so that you can utilize data inside of a map. [...] You can download these maps and literally just drag and drop them into your map interface now with some of the new tools that are out there, and you don't have to be an expert.
22:50 - Ben: The democratization of GIS technology is going to allow the average user to access and map an infinite amount of data on their own without having a mapping specialist on their team.
Takeaway: Acres’ mapping and data platform expands the efficiency of property research by taking diverse data sets and simultaneously putting them all on one map, so you no longer have to jump between multiple data sources or pay for multiple subscriptions.
5. The Future of Land Transactions
25:32 - Ben: First, there is a place for artificial intelligence. [...] Number two is democratizing GIS, allowing everyone to be a mapping expert without having an advanced degree. Number three is doing valuations in a much more efficient manner. It shouldn't require us to go get scanned, Xeroxed, and mailed comparable sales reports.We should just be able to get that information instantly through a digital database retrieval. [...] Using a marketing campaign and then combining your field and office work into one seamless platform: I think those are sort of the trends and the new technology that we see that are going to shape the future of land transactions.
Takeaway: Technology is going to help land transactions move faster by bringing all the tools and data you need into one seamless platform, which is part of our mission at Acres.
Final Thoughts
The future of land transactions will utilize technology to create a more transparent and efficient land marketplace. Acres is helping everyone from beginners to land professionals invest, sell, and buy land easier than ever before.
For access to the latest land sales data, mapping and prospecting tools, and more, connect with our Acres team today!