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San Fernando Valley Realtors Launch Electronic Open Houses with High-Speed Access to Home Listings

Strategic Insights

— 2 min read

The San Fernando Valley Association of Realtors, Pacific Bell, and IBM have launched an integrated technology package that allows realtors to access a computerized database of over 32,000 residential listings annually and facilitates electronic open houses for potential homebuyers. This technology package combines a high-speed data line, a digital modem, and a computerized real estate information system network (CRIS-Net) to provide realtors with high-speed access to home listings.

Key Takeaways:

  • The technology package enables realtors to access over 32,000 residential listings annually through a high-speed data line and a digital modem.
  • Electronic open houses allow potential homebuyers to screen properties without physically visiting each listing.
  • The system allows realtors to create a shopping list of properties tailored to a homebuyer's specifications, including properties with specific features such as number of bedrooms and baths, price range, and location.
  • Realtors can also create a computerized map of the location of each property on a buyer's shopping list, as well as significant landmarks, through the CRIS-Net "Realty Maps Plus" feature.
  • The IBM WaveRunner Digital Modem and IBM 7845 ISDN Network Terminator Extended allow realtors to communicate remotely with devices such as file servers and fax machines over a single line.
  • Realtors can try out the IBM WaveRunner Digital Modem and the IBM 7845 ISDN Network Terminator Extended for six months free of charge, after which they can purchase the equipment for $607.
  • Pacific Bell will waive the $125 installation fee for ISDN if realtors keep the service for two years.
  • Monthly costs include $8.35 for one basic business telephone line and $11 for ISDN service.
  • The technology is expected to cut 10 days off an average 60-day escrow process.
  • Limited software will be available soon to electronically transmit loan applications and other documents.
  • The technology package is part of a larger effort to increase the use of electronic transactions in the real estate industry.

Statistics:

  • 32,000: The number of homes up for sale in the San Fernando Valley that now have "curb appeal" on the communications superhighway.
  • 7,500: The number of members in the San Fernando Valley Association of Realtors.
  • 6 months: The free trial period for the IBM WaveRunner Digital Modem and the IBM 7845 ISDN Network Terminator Extended.
  • $607: The purchase price of the IBM WaveRunner Digital Modem and the IBM 7845 ISDN Network Terminator Extended after the free trial period.
  • $8.35: The monthly cost of one basic business telephone line.
  • $11: The monthly cost of ISDN service.
  • 10 days: The estimated time saved by the electronic escrow process.
  • 60 days: The average length of the escrow process before the technology package was implemented.

Sources:

  • San Fernando Valley Association of Realtors
  • Pacific Bell
  • IBM
  • Pacific Telesis Group (parent company of Pacific Bell)
  • Business Wire (original article publication)

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