Geo-fencing and Real Estate

According to Wikipedia, ”…a geo-fence is a virtual perimeter on a geographic area using a location-based service, so that when the geo-fencing device enters or exits the area a notification is generated. The notification can contain information about the location of the device and might be sent to a mobile telephone or an email account.”

Geo-fencing today is used to notify someone when someone else (like a child, a pet, a vehicle, etc.) leaves a geographic boundary. Some employers use it as a tracking device for sales territory. The auto industry has also used it to keep track of cars in a fleet.

So how does this relate to real estate?

It’s Sunday afternoon. John and Mary are walking their dog through the prestigious Brickell area of Miami, Florida. As they walk, they chat about the opera they saw last night at the Miami Performing Arts Center, where they are going for dinner and the big party they have planned for next weekend. You wouldn’t know it by listening to their conversation, but the couple is also looking for a condo to purchase.

They cross South Miami Avenue when John’s cell phone buzzes in his pocket. It’s a text message. John says to Mary, ‘We’ve got a match from our real estate company. It’s right here. Let’s go see what the sales center looks like and get some information.’

Within minutes, the couple is at the SkyPalace Sales Center. It happens to be exactly the type of condo and lifestyle they want, in the exact neighborhood they want to live in. After the presentation they get the information packet and go home very happy that they found out about SkyPalace at Mary Brickell Village.
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How is this possible? By combining geo-fencing, mobile phones and GPS technology.

We can see tremendous potential for this in real estate. Why? Because, as of right now, this technology does not exist for real estate. Today’s savvy buyers and investors are avid smartphone users and would love to have this feature on their phone, especially if they were condo hunting.

Being in the real estate brokerage and development business we have heard so many times clients calling us from their car while they are driving around different areas telling us now much they love this or that area and that they would like to find out if there are any condos for sale there.

How great would it be to have a mobile feature that when one is going through a neighborhood he or she is interested in, he or she could instantly be notified of homes for sale. There are a tremendous amount of possibilities (for this technology).

From a marketing standpoint, any developer, brokerage company or sales agent who was able to get this technology would have a huge advantage, especially if they do any targeted marketing to members of Gen X and Gen Y, who are accustomed to this type of technology.