Listing Bits Joel MacIntosh, CEO of WolfNet talks pioneering innovation in real estate tech
Pioneering Innovation in Real Estate Tech with WolfNet CEO Joel MacIntosh
LIVE from the RESP Spring Conference 2017!
Talk about being at the forefront of new technologies… Today’s guest was working to develop ecommerce in the mid-1990s, streaming video in 1998, and consolidating MLS data in 2000.
Joel MacIntosh is the CEO of WolfNet Technologies, a real estate tech pioneer offering highly configurable IDX and VOW property search applications, MLS data standardization services, and property search API services. WolfNet accesses data from 600-plus MLSs in North America, offering the most accurate and up-to-date MLS data in the business, and the company serves national franchises, brokers, agents and MLSs.
After graduating from the University of Minnesota’s Carlson School of Management with a BS in Entrepreneurship and Business Management, MacIntosh founded WolfNet in 1996 as a work-for-hire web development company. WolfNet moved into the real estate space in 2000 when a broker approached the firm with an interest in "Broker Reciprocity", and they have been developing groundbreaking products and services for the industry ever since.
MacIntosh was recently named one of the 200 Most Powerful People in Real Estate for a reason, and today he shares how WolfNet stays on the cutting-edge of real estate software innovation. Listen and learn about their flagship products and services as well as projects in the works around photo image categorization and AI.
What’s Discussed:
WolfNet’s journey from work-for-hire web development to real estate tech
WolfNet’s flagship products
Why MacIntosh favors the consulting aspect of his work in the data space
How WolfNet pioneered data sharing among MLS systems
- Up and running in Minnesota since 2001
- Big growth from 2008-2012
- Just added 635th MLS
Why most bigger players prefer direct database access over RETS
The benefits for WolfNet of building their own API
The two main WolfNet customer profiles
- Established companies who want the data
- Newer ‘bootstrap’ firms who want a transactional API
The ‘magic number’ of MLS markets at which point a company benefits from aggregating the data itself
How the numbers validate the concept of consolidation
- Fewer than 10 MLSs have more than 100,000 active listings
- 118 MLSs have 25,000-plus active listings
- It takes 234 MLSs to get to 90% of the listing inventory
- 500 MLSs comprise roughly 8.6% of the inventory and just 3,000 listings
WolfNet’s client base
How the data services component of WolfNet was conceived and productized
The built-in permissioning WolfNet offers
How WolfNet’s additional features connect data points to add significant value
- Photo processing to generate thumbnails
- Address data processing
- Acquiring public records data
What is involved in WolfNet’s image categorization and tagging project
- Identifies the category of room pictured in a photo (i.e.: kitchen, mudroom)
- Distinguishes specific attributes (e.g.: white kitchen with stainless steel appliances)
- Utilizes technology trained via neural network and human tools
- 100,000,000 photos processed
- MacIntosh anticipates release at the end of next quarter
WolfNet’s new data loader product
Vendors introducing AI in the real estate software space that impress MacIntosh
Connect with Joel MacIntosh: