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Mighty Oaks RealTime Now Available
- Aug. 2, 2002
The Company has developed in conjunction with Landcor (a private British Columbia company that owns the rights to update and distribute the BC land titles database) a land titles application that allows users to access virtually all land titles of BC information from anywhere, wirelessly in RealTime.
The potential users of this application will be:
- All Real Estate Agents. The power of this information is in the listing of a home, whereby all compariables and market analysis will be performed and (verifiable by the clients), right at their dining room table. This takes absolutely all the guesswork and uncertainty out of the proper listing price, which poses the greatest risk to the Realtor of losing the client whom often rely on second and third opinions.
- Property Appraisers. We have met with several leading appraisal firms to get a better understanding of their business model and have in all cases found that accessing this information in the field will save them time and money and will get them more mortgage work due to a turn around in minutes or hours instead of one or two days.
- Mortgage Lenders. Our research indicates mortgage lenders are demanding that their agents be moving toward approvals in as few as 15 minutes. This is remarkable initiative and one that is not feasible with the technology and business rules they currently employ. However, their research shows that if the customer can be approved within 15 to 30 minutes they will sign the mortgage. If it takes longer, they will, in many, cases shop around for better rates; Contact virtual banks such as ING Direct, etc. and the Lender will move from a position of power to one defending or reducing their quoted rates
Cellular Digital Packet Data (“CDPD”) airtime packages available from major network carriers are proba-bly the best option for remote wireless connectivity today, despite the coming of higher speed access networks such as 1xRTT and GPRS. The reasons for this include:
- Though CDPD is rated as a slower network (9600bps), it is the one network technology that has a “flat-rate” airtime plan;
- Telus and Manitoba Telephone Systems both offer CDPD monthly airtime plans for approximately $50 and $40 respectively, for unlimited data usage making the solution cost effective; and,
- CDPD also has the largest North American footprint of all of the non-satellite based wireless data networks, which gives the user the greatest mobility.
Mighty Oaks has developed an application that allows customers to access this live database wirelessly and working with Landcor to increase the functionality.