Some of you may have seen this NBPP (National Broker Public Portal) proposal: http://thedataadvocate.com/wp-content/uploads/NBPP-Tech-Committee-Report-Saul-Klein.pdf
A few thoughts:
- This just sounds like rebuilding Zillow, 10 years late.
- How exactly will such a portal attract buyers away from zillow/trulia? What’s different/unique? Note Cyberhomes for an example of how that strategy has worked in the past.
- Once the 7.6-12.5 million is invested, what is going to be invested going forward to innovate/compete? Where is the money going to come from?
- Is there a defensible moat that would make this an interesting business? I don’t see one.
- Up to date listings is not enough by itself. Look no further than the downfall of Realtor.com for proof of that.
- Mobile strategy? Crickets.
- As I outlined, one potential strategy to take on Z/T is go recruit a team of industry all-stars to pull it off. If this initiative could somehow recruit everyone on that list, they would have a chance. Sadly, the chances of recruiting all those people? Zero.
- I’m not convinced any technology provider in the real estate industry can execute on this in a way that will succeed. Sure, they can build technology – but that doesn’t correlate to a great consumer product. See this for some prior related thoughts.
- What product visionary cares enough about this project to make it work?
- Why not just buy Estately?
And, with that, have a Happy New Year!