Letter to the co-founder - future CTO.
I have been in commercial real estate for 30 years and this startup is the result of my experience with local and international markets and clients. It also reflects the experience of interacting with hundreds of agents around the world.
I have a technical education - I am an engineer-physicist, and I love my specialty, but I did not create rockets, submarines and airplanes, although I really miss it.
It so happened that my whole life I bought and sold real estate.
And imagine, now I'm looking for CTO, a person - a specialist in the development of IT products. Of course, I want and must understand what is happening during development, so I ask my future co-founder to spend time and explain everything to me, and I really hope that this will not be an obstacle in my work. In response, I will also be open.
Briefly about the problem in our industry:
- you will not be able to quickly find a property, even in 1 week,
- the owner will not be able to quickly find a buyer or tenant, probably even in a month.
- none of them gets an answer to the question - "why the deal did not take place"
- and there is no answer to the question - "under what conditions will the deal take place?"
- testing any hypothesis in the commercial real estate market is an extremely expensive and imprecise process. That is, no one can say anything for sure.
- no history, every deal is as if from the beginning, and there is nowhere to write a review, and there is nowhere to find a good local agent ...
From the point of view of a taxi, this is not even "before UBER time", it is even earlier….
- commercial real estate is a basic value, everyone needs it,
- about 500 million people are involved in the industry worldwide,
- the turnover of real estate agencies around the world is about $ 500 billion annually
- there are NO clear leaders
The world of commercial real estate is like chaos - hundreds of millions of unique buildings and premises created by developers, investors, builders and architects with varying degrees of genius and burdened with hundreds of legal documents, tax and financial indicators, tenants and other incredible features.
At the same time, in the description of such objects, you will most likely find the area and address, photographs and, possibly, a couple of parameters that do not in any way describe the uniqueness of the object.
An emotional description created by an agent, marketer, or the owner himself only makes the situation worse.
Demand is no less chaotic, although much less diverse. Basically, the demand comes down to the formula - "I want to be like ...."
And with this endless variety of goods and demand, a huge variety of living agents, with different levels of training, upbringing and education, work. The solutions they generate are far from perfect.
And the cost of a mistake is enormous.
At the same time, the largest part of the market - small owners and tenants - are the most vulnerable. Expensive and professional tools, agents, lawyers are not available to them.
All this leads to slowness and strong localization of the market.
Even in a neighboring city it is already difficult to buy / rent something, and in a neighboring area / state or country it is harder and more expensive than flying into space.
At first I thought that I would quickly solve this problem. Five years later, I returned to creating a commercial real estate exchange - an analogue of a securities exchange.
Over the course of 30 years, I have found several dozen simple rules and requirements, and the technology has become old enough to finally start this unique job in the real estate market around the world.
Finally what we can give to clients:
- Analytics made without people. You need data to make a decision.
- Testing hypotheses - you can try to rent / sell, buy / rent, get the terms of the most probable deal.
- Automatically select all options for transactions, and bargain immediately.
- Sign a protocol or even an agreement.
- Find a lawyer, builder, engineer and all others stuff,
- And all this in 1 day.
- And all this without live people and talking on the phone.
- And all this at any time of the day.
- And finally, all this in any country in the world.
The project is divided into 4 stages, each providing an important tool for the market:
- Free version - create Demand and Offer online presentations for registered clients.
- Paid version - full functional commercial property exchange:
- Information verification and verification.
- Check for duplicates and blacklists.
- Automatic selection of solution options.
- Conclusion of a contract.
- Chatbot for all clients.
- Paid version: AI connection to select complex options.
- Paid version: blockchain connection to confirm the source and uniqueness of information.
Millions of people around the world will be able to solve problems as easily as ordering a taxi.
All unique objects and demand will enter the market, and everyone will find their client.
We interviewed hundreds of clients. This is a long-awaited decision.
We are now doing deals manually - this is already yielding results.
The world will really get better. Much better.
The term for creating the 1st free version is 1 month.
Uniqueness - indeed our competitors - all real estate agencies in the world. Good ambitions. There are no analogues.
Purpose: doing commercial real estate transactions is as easy as