An interview with Mark Lesswing: Chief Technology Officer of Real Estate Chain

Mark Lesswing is the former CTO of the National Association of Realtors (NAR) and the new CTO of Boston-based blockchain company, Real Estate Chain. With over 20 years of experience in real estate and technology, Mark brings with him not only a deep understanding of the field’s needs but also a collaborative energy that will help shape REC’s product and mission.

Thank you for taking time to share your story, Mark. Can you talk a bit about your personal background?

I was born in Norfolk, Virginia, while my father was in the Navy. Our family later moved to Buffalo, New York (the winters there are actually ideal for children!). I now live in Chicago with my wife, and the youngest of our three children is still in college. I’ve also taken up hydroponics as the “Go Green” movement has evolved within the broader field of sustainability. Between work, winter activities and summer farming, my life is quite fulfilling.

And what of your professional trajectory?

I earned an Industrial Engineering degree from Lehigh University, and if they would have had Computer Science back then, I would have studied that. I began my professional career working on the engineering aspects of a large machining operation; this is where I fell in love with robots. From early on, I appreciated the power of technology to drastically improve our lives. I noticed, though, a prevalent resistance to that change. I realized that in order to better understand and overcome people’s objections, I needed to develop the ability to read people and communicate effectively. In addition to honing my interpersonal skills, I discovered I had a knack for programming languages as my interest in robotics evolved to working with larger computing systems. Many languages later, I’m still intrigued by evolving technology trends. I wake up every morning excited to continue my work in this field.

You were involved in the formation of the Real Estate Standards Organization (RESO) and are still active in the group today. Can you speak to how that came about and the importance of data standards in the real estate industry?

When I started with NAR in 2001, data standards for the industry were just getting started. A group of six colleagues had gotten together and published a data sharing mechanism called Real Estate Transaction Standard (RETS). There were 880 multiple listing services operating at the time, and it was my task to move this standard into as many of them as possible. After a couple of years, the standards group only had 24 members. It was time for another tactic. I worked with the elected leadership of NAR to name RETS a required standard and helped form RESO as an independent entity controlling that standard.

The move to an independent RESO resulted in membership growth to over 100 companies, but we were still shy of our goal. RESO was organized, but the RETS needed an overhaul. The data formatting moved into a separate standard called the RESO Data Dictionary in preparation for a new transport mechanism called the RESO Web API. These two moves resulted in a modern standard with strong volunteer leadership. Today, there are over 850 members of RESO.

Knowing the granular details of the current standards, it is clear to me that the next contribution for RESO should be in the area of blockchain. I currently serve as Co-Chair of the RESO Distributed Ledger Workgroup which is moving toward our first publication in 2019. Unfortunately, standards move slowly, but their adoption is critical to a stable vendor market. I continue to work with hundreds of engineers and CEOs from independent companies to find common ground through standards.

How did you come to be a part of the REC team?

I had been involved with blockchain technology for two years as I worked on BlockR, a private blockchain for associations. Despite making many mistakes on early versions of BlockR, the project successfully launched in late 2017. I was eager to apply the lessons I learned over the course of those years in a new direction, beyond the 1,200 associations I was working with at the time.

Luckily, it didn’t take long for me to find an avenue to do that. In early 2017, just before BlockR’s launch, I had connected with Geoff Lewis over our similar views while presenting at a blockchain conference. In July 2018, just when my schedule finally allowed me to work beyond the association world, I received a call from Mike Sullivan, who was already working with Geoff. I met the Real Estate Chain folks and felt very comfortable. We were kindred spirits. I knew we had had something special and the team that could deliver.

There are many companies working with blockchain in the real estate space. Why did you choose to join REC?

REC is committed to examining the way we experience real estate data and making it work for us. This is quite different from the motivations of other projects. We actually study the problem and design a better solution. This is an approach I have always enjoyed, and now I can work with others who share my passion and values.

What aspect of the REC project excites you the most?

I think what excites me most is exploring the concept of “data as labor.” That is, if I produce or validate data, I should be rewarded for it. Of course, because such rewards would be so small and frequent today’s financial mechanisms cannot efficiently operate that kind of reward system. The REC approach can.

Blockchain and distributed ledger technology are uniquely positioned to disrupt the real estate industry. In such a large industry, this will have major implications for a huge number of stakeholders globally. How will the REC Team stay focused on providing value to all the various actors they mean to serve?

This is a great question and it has a rather simplistic answer: we actually study the needs of each type of actor. We look at what they are currently experiencing and where they are looking to make improvements. REC is not about only one or two stakeholders. Each time we make an improvement, we need to consider its impact on nearly a dozen distinct actors. It’s quite an intricate web. Many folks don’t take the time to study at this level. It is because REC knows real estate that we know where these differences between stakeholders’ needs exist and what they are. Those of us who have worked in the real estate space for decades know our eventual end users’ pain.

Over the course of your career, what have you noticed are some keys to developing good business models and/or strong teams?

I have found that taking time to really listen is the biggest secret to team building. If you give folks a minute or two to share an opinion, they might feel more heard. But to tap into the true value of each person’s perspective, you need to slow down and give those thoughts more space to articulate and expand. Profound observations can be completely missed if they aren’t given a chance to marinate.

Next, I encourage team members to have three reasons prepared to back up an argument. There may be five or a hundred reasons why they are right, but if the case can be made with three, everyone will remember why we headed in a certain direction.

Lastly, I recommend that jargon and acronyms be minimized, especially when you are trying to build community. The smartest-sounding sentence is one everyone can understand. And clear messaging pays off; an appreciative person will pay more dividends in the future than an intimidated one.

How do you think REC will be able to aid the international community, and what are some challenges you anticipate with the team forming international adoption?

As long as Real Estate Chain continues to listen, note and relate to problems, we should do fine in the international community. Never assume; listen, ask questions, and validate. This simple formula builds trust. Trust and trustworthiness are big themes with REC.

What do you predict will be REC’s biggest technical hurdle in the next few years?

The biggest hurdle for REC over the next couple of years will be convincing all of the parties to look at their lives differently. Humans are addicted to habit. Can changing the nature of the data relationship actually keep all parties financially viable? This is what we need to prove.

Trustworthiness is the key to delivering the Real Estate Chain promise. Other industries are successfully moving in this direction of the sharing economy. The REC approach does this for real estate.

What would you be most proud to accomplish within the next 5 years?

To have a stranger come up to me and say, “At first I didn’t think the Prop Wallet would work, but you know what? It worked for me, in the leather wallet!”

Is there anything else you’d like to add?

Yes, there is. Technology is more than mystery (or misery) for the masses. The generations before us have given us an excellent foundation to build on to really improve people’s lives. Let’s make the most of it.

This concludes the sixth interview of the Real Estate Chain Interview Series! Follow us on Medium and other social media channels to find out when the rest of the team interviews will be posted, in addition to upcoming news and more exciting content!

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