idea #020: Real Estate eHarmony
Updated: Jul 4, 2019
Matchmaker for Buyers and Sellers.
Continuing on the Real Estate vector, this is an idea I've been letting marinate for quite some time.
The concept is straightforward - create a platform that enables easy 'For Sale By Owner' (FSBOs) along with a DIY option for buyers.
The platform will use similar matching algorithms that we see in dating apps to pair supply and demand, in this case, buyers and sellers, each with a snowflake profile. Every house is unique, and every buyer's situation and preferences are also unique. Luckily, we have technology that can handle that bit.
The real value-add for both sides here is a new degree of transparency in the offer/acceptance/closing process. Oh, and the elimination of Realtors on both sides of the equation which will put 5% more back into the pockets of both parties of the deal. This wouldn't be for everyone, but for savvy consumers there's a lot of value to capture.
In my experience going through multiple transactions, the buyers/sellers do most of the legwork as-is, so go a bit further to capture back a few percentage points? Done.
Obviously, the mechanics would have to be worked out, but this would most likely be a 'pay per drink' offering, with a flat fee to use the platform or to list your home in the network. The trickier bits will be handling the specific closing/filing process at a local level, connecting with title companies and inspectors to make it a smooth and equitable experience. But hey, that's all moderate execution risk and can be solved fairly easily.