The same exact problem faces the homeowner (and a potential buyer) of a $15M mansion in Los Angeles, CA also faces another owner of a small $150K home in Philadelphia, PA. The bulk of the online real estate industry is a “two-star” experience built on a lack of transparency, price fixing, and broker-to-broker kickbacks —delivered on the networked power of the Internet of the existing #BigFive channels. Residential real estate market is now a massive pay-to-play scheme up against a mega #disruption
People buy from people they trust.
That same reason Alphabet search remains the Elephant is the core understanding of the original problem Google has solved for its users. That problem is called trust. An entrepreneur must find and solve for the Elephant Problem effectively in order to develop a #BigTech Enterprise. Anything else is irrelevant, and that includes having to burn all mega-rounds facing against it. Unable to deliver trust, #iBuyer is now a very expensive experiment in the ultimate suffering of a bad user experience that happens to cover less than 0.02% of all residential real estate transactions in the United States.
A product that delivers an impact.
A product that systematically solves friction for users across 147 Million homes has the legs, the heart, and the lungs to bring transparency to the entire lifecycle of the homeownership experience.
A product that delivers genuine savings.
In 2018 mistakes of omission, mistakes of commission, mistakes and of valuation in the #PropTech industry are the hardest to bear in 2019, because it is the largest consumer market in the World, both as an asset and a liability. A few hundred Billion invested into #iBuyers to leverage cash against an asset sure did pick the cherry of exigent fees, the essence of house-flipping, but consumers clearly had refused to let these schemes eat the cake of unconditional trust. #iBuyers are now resorting to referral broker price fixing and bait-and-switch schemes on a massive scale, looking to recover sinking capital with commission kickbacks.
A product that delivers network effects.
Only impartial, user-focused, open, privacy-driven database is able to deliver and keep user trust. A genuine #BigTech solution in the residential real estate market must heavily rely on organic network effects and genuine savings for all users.
Such a solution doesn’t just deliver trust, it consistently adds quality to the information it delivers and the products it sells in a high risk-aversion environment. It delivers value with the power of the Internet, instead of hidden fees.