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Editor:  webventure

Name:	Rupe Elpusan, Editor
Email:	Send to webventure
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Computers: Software: Industry-Specific: Real Estate: Online Transaction Systems  (12)

Profile

Thank you for visiting my editor's page. I have been a lifelong computer-phile with a passion for Internet entrepreneurship over the years. My interest is not simply the technology itself, but the application of technology to allow people to accomplish something useful. So, my Internet ventures have taken me from a diverse array of subjects such as online multi-player games, sports cars, sports, education --- and even hip hop!

Internet Real Estate

Over the past year, I have bumped across real estate. I am really excited about this because I think the potential for technology to impact real estate is astoundingly substantial. And the industry of real estate itself is extremely huge. So huge in fact that national home pricing trend averages are used as a measure in national economic indicators. I can see real estate eventually relying on an automated real estate transaction standard that allows secure collaboration between all parties to a transaction including realty brokers, their agents, mortgage brokers and their agents, escrow officers, termite inspectors, city government inspectors, title insurance officers, fire hazard insurance officers, buyers, sellers, et al --- everybody having anything to do with a transaction. We see that homebuyers are provided wonderful innovations through the Internet -- such as online MLS listings (homes for sale) database, automated emails of new listings, email itself, virtual tours --- that were unheard of only 6 years ago.

(All you dot Net web services architects and developers, can I get a show of hands if you want to help design this thing? ;-)

A real estate transaction standard that offers seamless collaboration and integration is the goal. Processing would be so much more efficient and effective and the entire processing cycle can be significantly reduced.

New Business Model

I am wondering if the current model of having independent brokers under the umbrella of a broker business is the most efficient and provides the best service to homebuyers and sellers. Independent agents fall by the wayside like flies sprayed by Raid. Something in the neighborhood of 8 out of 10 drop out in the first year of business. While my sympathy goes out for the unfortunate agents who fall, I'm wondering too about the extent that the fallen agents (and perhaps some still unfallen agents) have given their all for their clientele -- the homebuyers and sellers. Agents need to be all-around workers, mastering prospecting, marketing, negotiations, administrative, escrow --- the whole gamut. Sure, because each is a self-contained business.

But wouldn't the interests of the clients best be served if you had support people who were specialized and dedicated to their specializations in the real estate transaction? Instead of having a marketplace of independent boutiques each basically doing the same as each other, wouldn't it be more efficient if you had a well-oiled organization of specialists, each dedicated to the best interests of the client? Efficient --- and less costly! On the other side of the token, it can be argued that the current state is optimal as each independent contractor needs to sink or swim, provide service or suffer, and the strongest will survive --- with the definition of strength related to level of service to clientele.

I have theories on all this, of course. And I have a venture business plan in Internet real estate. Anybody who has reached this far in my ramblings probably has his/her interest piqued by these meanderings and I encourage you to communicate with me. Especially, if you think you can contribute in shaping some theories. And also if you have some venture capital. ;-) I think there is something here that is major big-time and a true "killer app"! (When I say "killer app", I don't mean only from a technological standpoint, but business model also.)

In the meantime, I have already started a related real estate business in Beverly Hills-Malibu-Palos Verdes Real Estate I am actually a full-fledged Realtor now and can help people with their real estate transactions. Also, I passed my state broker exam so I can branch out on my own now. Check it out! Hope you like it!

Best regards, webventure