Bryon, hope your projects going well. Is it an interactive step by step guide? Or more to it? Exploring options for RE tech in NYC
I cant' speak too much about the industry but I can speak as someone in tech who just bought his first home 2 months ago and said to myself "man, why isn't THIS something that's offered?"
Here was my wish list:
- A sort of AMA with an advisor/impartial party - buying a house is freaking scary man. Even with all the info out there I still had to ask a human being about 500 questions - and I agree with the other comment here - I didn't trust any of the agents or parties - they're looking out for themselves, not the buyer.
- I found the listings easy enough to digest, but knowing the condition of things - as in "Furnace will need to be replaced in 2 years, roof re-shingled in 3 years" would really help someone budget out the true cost of a house.
- Allowing users to create a conditions list that could be adhered to without agent bias. Say, for example, I say I want a house in a quiet neighbourhood - every single agent will say "Oh yes, this is a quiet area" but if there was an actual timed reading? "Decibel level outside at 9pm: X, At midnight: Y". Get really granular - "is the soil in the garden the best kind for growing flowers?" "Are there any jerk neighbours that won't like your kids screaming at 8am?"
I guess what I'd forward is that the CORE offering is there, here's the house, here's the cost, here's the area - but the big pain point is that rational buyers know that agents are implicitly biased to paint things a certain way. Overcoming that bias, for users, is what would IMO really solve a pain point.
Just my two cents!
Incredible, authentic, vivid, guided virtual tours of homes. You could even film the family who is selling the house at home, relaxing, making dinner, playing in the pool, etc., to give the buyer a sense of what the energy in the house is like.
In my experience, two things I'd love to see improved. The first might be impossible - but getting a loan, specifically through Wells Fargo (and I dont care how much money you have, income or assets) the process is so slow and tedious. Would love to see that improved. The second, I'd love to see some type of model that tells you probabilities of your house appreciating or depreciating and if you're over paying or under paying. I know I overpaid for a house in a market that hasn't rebounded at all. Would have loved to have received an email or view in a dashboard hard numbers that really point out the true value of the house, and what you should expect in years to come. The more data points you put in about the house the more accurate the valuation would be. I don't trust appraisers at all. So in essence, maybe disrupt the appraisal industry. #1 I know they get paid a ton for their work #2 every house needs one. Seems like a big market.
Great project you are working on. I think the best was to reinvent the market all together is to look at the current ecosystem of the industry and how to simplify the entire process for both the seller and Buyers. i think the focus should be on the consumer and how they can benefit with or without agents. I have been in real estate for a while and every day the question is how can we make this process so simple and easy. In my personal experience as a broker and a consumer i completely understand. I have set rules for my agents but i also give them room to be creative in how can we make the process easier. Whatever can be done to solve the clients problem comes first. I have been suprised actually on some of the solutions from rebating commission to buyers, cutting commissions for the seller. But those are not the only problems. there is more , inspection, mortgage, apraisal and title. we are also working on making the process transparent easy and efficient. Which is how it is suppose to be painless.
Trying to sell my house, I wish I did not have to deal with the brokers, but have a reliable point-to-point way of finding buyers, and contracting the sales.
Too often I find that the brokers, other than 'showing the house' add very little value