What disruptions in the antiquated Real Estate process would you personally like to see disrupted

8 Replies

Hello BP! Im sure we've all had a "darn, why isnt this easier", "there has to be a faster way" or"there has to be a fix for this" moment. I am currently pursuing a fix for one of these annoyances via mobile app development. I'd love to know what issues the BP network wishes there was a fix for. Please feel free to share the story where the problem was most prevalent, or where you "jimmy rigged" or innovated a solution. PLEASE BE SPECIFIC, TO ENCOURAGE DISCUSSION WITH OTHER BPers I AM DISCOURAGING GENERAL COMPLAINTS PLEASE ADDRESS A TOPIC, A MOMENT OR PROCESS THAT YOU THINK TECHNOLOGY OR A REVISION IN POLICY OR THE WAY THINGS ARE DONE IN THE PHYSICAL WORLD COULD BE BETTER SERVED. THANK YOU ALL IN ADVANCE!

I think title insurance is ripe for disruption.  Something like only 10% of the premiums collected are ever paid out as claims.  Not only that, but every time a property sells a premium is collected by the title company.  There are no prorations for owning less than a year.  So in the case of a flipper, they need to pay title insurance when they buy and then 60-90 days later they sell to somebody that also has to pay the full title premium.  No discounts.

In this day and age when everybody has access to the same county records online that a title company does, it seems like you aren't getting any special expertise from their ability to search title.  Therefore, if only 10% of premiums are paid out as claims, it seems that the premiums could be reduced by 70-80% and the title companies would still be making a profit.  They could charge more for more complicated commercial or land deals, but standard residential should be much cheaper IMO.

In general look for where consumers are being gouged and that is likely to be the place most ripe for disruption.

@BrentSeehusen wow! What a way to start this discussion Brent! Good for you! That may require an industry wide retrofit. The auto industry suffers from the same sickness. With enough backing (mabey private fund) could one purchase a mass amount of policies, then serve as a then offer them to the corresponding title company as needed and mabey seek profit through offering advertising on the platform to offset this? Figure out how to offset the loss, or offset it by hopefully getting the policies at a deep enough discount...IDK just rambling, lol. 

Im sure with a week long think thank one could pin point exactly where the disruption would occur!

I somehow knew the first response would come out of either California, New York, Boston, Seattle or Austin, lol. Thanks agin for first response!

For a mobile app, it would be cool when viewing a property for the app to prompt you to take pictures and enter some key data, and then when all done, it would produce a "property report" that could either go into an email or be attached to an email sent out to our buyer's list.  The pics of the rooms would all be labeled properly so the viewer knows what they are seeing, and repairs needed by room could be noted.

Another idea is a "deal calculator" where you enter in all the details on the property, the seller's situation and the mortgage (incl. % equity) - then the app offers the best strategies for you to offer to the seller (cash sale, sub2, lease/purchase, rent it, list it, etc.)

Mobile apps are good for things that happen in the field, and it would cool if they collected and fed that information back into our CRM/back office systems when we return to the office so we can take the next steps (completing an offer, marketing the property out to our buyer's list, etc.).

Im usually driving all day so typos are abundant, lol.

Originally posted by @Dev Horn :

For a mobile app, it would be cool when viewing a property for the app to prompt you to take pictures and enter some key data, and then when all done, it would produce a "property report" that could either go into an email or be attached to an email sent out to our buyer's list.  The pics of the rooms would all be labeled properly so the viewer knows what they are seeing, and repairs needed by room could be noted.

Dev, well stated. I think the web based platforms do a decent (at best) attempt of trying to provide this type of image info. The data part is lacking altogether. You're spot on, that a dedicated solution is needed that focuses on the core poonts you highlighted. As for the deal part, I once help build a Backflow protector website, and in the process we used a "calculator company" to code on page calculators, with predetermined values, and values that became relative to other values when calculating sqft etc. So that could be done fairly easily.Toss in the daily rates and you have a winner! Thanks so much for contributing. We have California and Texas 2 of the 5 tech hubs in the US have checked in, lol. 

@Dev Horn Is this app what you're looking for?

http://www.snapinspect.com/

I'm trying this now!

@Brent Seehusen   you need to shop harder for insurance.. I have a proctor account and pay for insurance monthly.. also Zurick has the same type of add and delete monthly function... pro rata the rate is higher than a yearly premium.. so you save money if you can sell at 6 to 8 months... and in many of mine were we are 30 to 90 days we save a ton.

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