Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
8y
@Justin M Christian Can you automate a list of interested, accredited commercial real estate investors? You can become rich overnight with that list ;)
Probably like you, being in technology I actually enjoy finding clever technology solutions to those inefficiencies.
I would say my biggest headache however that's beyond my skills or financial capabilities is the entire escrow and underwriting process. So much red tape and legal ease to sift thru and in the end having to mostly rely on your agents ability and integrity to make sure everything goes smoothly.
Perhaps the blockchain will revolutionize this process a bit down the road, but for me...definitely a time suck.
Looking forward to hearing other answers out there!
Software Engineer / Real Estate Investor · Kansas City, MO · Member since 2017 · 30 posts · 16 votes
8y
@Jay Helms I actually only have my house that I live in, but am saving to purchase another property. The reason for my question is I'm working on a project trying to figure out pain points for investors and choose one that resonates and automate that process. I work for a property management startup and am trying to get a list of pain points as a possible feature in the coming month or so. Can you describe your current lead generation process and where most of your leads come from?
Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
8y
@Justin M Christian Can you automate a list of interested, accredited commercial real estate investors? You can become rich overnight with that list ;)
Developer · Portland, OR · Member since 2014 · 732 posts · 490 votes
8y
@Justin M Christian What are you odds are of creating a market ready, scalable software product that is based on other people's pain points which you are unfamiliar with? Hopefully this doesn't come off as harsh, because I am genuinely curious how this approach seems to make sense to software engineers. Countless young software engineers spent hours upon hours trying to solve someone else's problem without actually having any first hand experience. The odds of mass market adoption of the product or service is low, which means that the lure of potential upside must great enough to compensate for your time devoted.
My two cents if you want to actually develop a great software product in the real estate industry is to get some experience with it and intimately understand WHY it is a pain point for professionals in the space.
@Justin M Christian What are you odds are of creating a market ready, scalable software product that is based on other people's pain points which you are unfamiliar with? Hopefully this doesn't come off as harsh, because I am genuinely curious how this approach seems to make sense to software engineers. Countless young software engineers spent hours upon hours trying to solve someone else's problem without actually having any first hand experience. The odds of mass market adoption of the product or service is low, which means that the lure of potential upside must great enough to compensate for your time devoted.
My two cents if you want to actually develop a great software product in the real estate industry is to get some experience with it and intimately understand WHY it is a pain point for professionals in the space.
Hi Neal,
Thanks for the input, but I am quite entrenched to the real estate market. I live and breathe this industry and build products for it every day. This is not a personal pet project. I'm one of the lead developers for a startup who is building the next generation property management platform and resident mobile application. We have multiple advisors who have thousands of units under portfolio, so I can confirm with them if I'm going in the right direction, but I thought generating some feature request ideas off the BP community would be a great place to gather some potential ideas for our platform that could save people lots of time and headache every day.
Probably like you, being in technology I actually enjoy finding clever technology solutions to those inefficiencies.
I would say my biggest headache however that's beyond my skills or financial capabilities is the entire escrow and underwriting process. So much red tape and legal ease to sift thru and in the end having to mostly rely on your agents ability and integrity to make sure everything goes smoothly.
Perhaps the blockchain will revolutionize this process a bit down the road, but for me...definitely a time suck.
Looking forward to hearing other answers out there!
Cheers!
Hi John,
If only I was a banking wizard and could make this happen. I'm sure blockchain will revolutionize the real estate escrow and underwriting process and look forward to the day where those processes are instantaneous. But that would also take quite a bit of policy change and innovation to move the banking industry that direction. Fortunately, some banks have started diving into the blockchain already so maybe it's not as far away as we may think.