Our IDX bill came due today. A boatload of money for the next twelve months, even though the system is going to break itself in eight months, when the new sheriff comes to town.
So: I said kill it. The leads we get from it have stunk, and the free ARMLS solution is adequate for now.
I hate every choice that’s available to us. About fifteen months ago, I wrote a spec for a map-based search system that would appeal to me. Since then, the art has improved, with Estately.com being my current favorite.
Here’s the real deal, though: I should build a decent IDX system for Phoenix. Not me personally. I don’t have the database chops. But I should put together a start-up to build an IDX system that really delivers, instead of the stultifyingly crappy options we have now.
In the Web 2.0 world, we are all pioneers, and I am accidentally wired into a community of like minds who can help me get what I want. Plus which, like my own personal Jesus, Steve Jobs, I know what I love, I know what I hate, and I know why I hate things that don’t work.
And, face it, there is money to be made selling tools to Realtors. I am parsimonious enough in my own practice to be a good steward with a customer’s money, but I know I can deliver a better product for the money. I can build something that can go anywhere FlexMLS goes, and probably anywhere RETS goes.
Who salutes? This wants funding, and that I ain’t got. If you’re interested in putting your money where my mouth is, speak up.
Technorati Tags: real estate, real estate marketing, technology
CJ, Broker in NELA, CA says:
You need to tap a point-person that knows the ins and outs of raising VC. Rumour has it Kelman might kinda sorta be available soon. 🙂
November 17, 2007 — 10:20 am
Kevin Boer says:
Whenever I speak with an IDX vendor and tell them my feature “wish list,” I warn them that if they implement my suggestions and I buy their product, they will have successfully reached about 1% of the potential market. If they also sell you the product, then their market penetration will be up to 2%.
To be profitable, IDX vendors have to cater to the masses, so the early adopter geeks like you and me get frustrated.
So while yes, there is money to be made from selling things to Realtors, it’s not clear to me that there’s money to be made from putting together a bleeding edge IDX solution that would appeal to you and me.
November 17, 2007 — 12:38 pm
Greg Swann says:
> it’s not clear to me that there’s money to be made from putting together a bleeding edge IDX solution that would appeal to you and me.
I think you’re hugely mistaken. I can’t imagine anyone in ARMLS being satisfied with our current IDX vendors, but, that notwithstanding, most Realtors copy the other guy not because they actually understand what the other guy is doing, but because they’re afraid he has a competitive advantage. A robust, real-estate-in-real-life-focused IDX system would kick ass.
It’s not about gee-whiz features, it’s about delivering real value to Realtors and to their clients. In principle, an IDX system should be the best search tool available at present to ordinary people. That anyone perceives the Realty.bots as being competitive for search purposes is a tragedy of small thinking.
November 17, 2007 — 1:17 pm
Josh Harris says:
What if the solution isn’t an IDX system, but a web based real estate company that can be brought to your city tommorrow. And not only a full IDX solution, but also a brand new brokerage model and a full in-house local advertising platform. I’ve formed Open The Home, online real estate company, which is a full brokerage company that is a member of our local MLS (thus the IDX program and ALL of the local listings). We can provide “bleeding edge” solutions to the public and the good news is you can be the only Broker in your area with the keys. We’re looking to expand.
So, Open The Home actually provides a “bleeding edge” brokerage model as well. With a $2,000 flat fee, and $1 co-op to buyer agents(minimum required by the MLS) we are truly taking steps towards DIVORCED COMMISSIONS. We are leaving it to the buyer and the buyers agent to determine what the buyer’s agent compensation is. It has nothing to do with our sellers. Open The Home doesn’t represent buyers, ever. Instead, we direct buyers to represent themselves with a real estate attorney. We are 100% focused on selling our client’s homes, and not fishing for buyers or getting another 3% out of the transaction. Today’s buyers are doing all of the work, so we feel it just isn’t right to charge them.
And the best part is that we are successful. In our first month we’ve listed 20 homes, sold 1 (in 2 days), signed up local advertisers, and have averaged over 1,200 pageviews a day. Not bad for our smaller community, the current real estate market, and no company marketing other than yard signs and a logo on a mini-van. We’ve just begun to look for forward thinking brokers in other cities that may want to manage a new brokerage model/”Bleeding Edge” IDX solution/Advertising revenue generator.
November 20, 2007 — 11:36 pm