Real estate website idea?

Question

Hello all,

My goal with my business is for it to keep running smoothly without any continuing supervision, so I am always working on creating new and better systems and processes for my business and I was thinking of creating a website to systemize some basic items.

For example, a website that will have a list of all the due diligence items from the time you start looking at the property to the point you get the property move in ready for your tenants.

Due diligence will be divided in three basic parts: Purchasing a property, Repairing a property and Renting a property.

I currently manage all these things on excel and word documents and thought it might be a good idea to have a website that can centralize everything. I was just curious if this is something other real estate investors will also find helpful?

Thanks in advance for your feedback.

Sharad M. · Answer

Ann Watkins Thank you for your feedback. Much appreciated.

I am going to be discussing these with my web developer to see what we can make of this idea.

Ann Watkins · Answer

I think it's a great idea. I've often toyed with the idea of something similar to use in-house and eventually turn into an application. It would be more geared toward transaction management for realtors and project management for investors.In a list format that you'd check off items based on some general pre-sets, which you could add to. Basically what I now do in Excel, but automated to a functional timeline.

Once  completed the list would then pre-populate to a calendar and basically have user and/or system defined alerts, which could of course be modified by user. In a perfect world you'd agree to partner with the big box stores or maybe even Angie's List ( for contractors and for advertisements), to monetize the application.

Based on what task you've selected you'd receive offers for contractors, Home Depot/Lowes discounts, various coupons, etc. or you could pay a small fee and not have the ads and just use the app for transaction/project management.

Brian L. · Answer

I would find it very helpful. Instead of just lists it should be something interactive and intuitive. For example, instead of do A B C in order; do A before B but if C is already done then B isn't need. I am maybe not explaining my idea very well but something similar to the way you can make excel cells interact or instruct other cells, each item and each list should interact with each other.

Sharad M. · Answer

Ann Watkins

Thank you for your support and your offer to contribute. I will be taking you up on that offer once I decide to move forward. Your experience and contribution will be invaluable.

Sharad M. · Answer

@Karen Margrave

I will not be developing this software myself. I do not have any computer background, so the software development part will be done by someone else.

That's the analysis I am doing right now to see if the idea that I have adds enough value to make it worth the time, effort and cost.

Karen Margrave · Answer

@Sharad M.  That's true to a certain extent. The question is, are you working on becoming a real estate investor, software developer, or both? Obviously there are always going to be places where programs can be improved, created, etc., and if that's your vision, go for it!

Sharad M. · Answer

@Karen Margrave Thank you for that great information. As always, very insightful.

Co-Construct appears to be geared more towards new construction, custom built and my website will be geared more towards landlords.

While I understand exactly what you mean, but I don't necessarily agree with that thought process, because if everyone thought that way than there will be no competition and monopoly for everything.

Karen Margrave · Answer

Have you looked to see if there are any websites out there that already do what you're wanting? We are builder/brokers. We are going to begin using Co-Construct to manage our construction projects. As brokers that belong to CAR (California Association of Realtors) we have access to Zipforms, which has all the forms for the real estate part of transactions, etc.

There are many website templates that allow you to create your own forms, or have them available for website visitors to download, etc. Also, with Adobe anything can be made into an editable form, or set up for e signatures, etc.

You probably can use what's already out there, rather than re-inventing the wheel. At the same time, many people have become wealthy finding an easier, better way to do things! Good luck.

Sharad M. · Answer

@Scott Costello Thanks for your feedback. All very good points. I am in the process of gathering all the information and discussing with my web developer to see what's feasible and what's not.

@Chris K. Good question. The idea came from creating a website around the systems and processes I have created, but eventually the goal would be to make it a paid service. I have to do a cost/benefit analysis to see whether this is feasible or not.

Chris K. · Answer

Is this something for just you or are you going to make it a paid service for others as well? If it's just for your personal use I feel like that's quite a big effort for something that can be easily accomplished using google docs.

Real estate website idea?

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