Part I: Background
Just when I thought I was getting a handle on the players in the future of real estate search, today’s news unleashes a whole new set of opportunities! “Homestore, Inc., the leading provider of real estate media and technology solutions, today announced that Elevation Partners, a private equity firm, has agreed to invest $100 million in Homestore…”
Since I’ve been covering real estate search, I’ve had numerous emails, chats, conversations, etc. from real estate agents who think that I should highlight more of the companies that are working to improve the MLS instead of the companies that are looking to replace it!
More than anyone else, Homestore represents the hope that someone will provide an awesome, nationwide, competitive real estate search based on the current MLS system.
Why? Homestore already operates the largest real estate database, i.e.the database that operates Realtor.com.
Now mix together (1) the only complete nationwide MLS database (that I’m aware of), (2) $100M to improve operations, and (3) some VERY accomplished tech visionaries, and I’d imagine that expectations are set very high.
For Homestore, Elevation Partners brings a former Apple star, a former Electronic Arts star, a Silicon Valley star, and of course, a rock star… There are enough opportunities to make one’s head buzz… I’m thinking:
- Real estate listings on my iPod
- Simcity interface for home search
- Home listing videos done MTV-style
Okay, so maybe my head started spinning a little too much! Back on planet earth, I’d say that all the players (Zillow, Trulia, Redfin, Google, etc.) building innovative home search tools should keep a close eye on Homestore. They already “own” a complete and nationwide set of real estate data (ownership in the sense that they have “possession”!). Should they start putting together some innovative tools, they have leverage that others are going to find hard to beat!
Part II: Where the Streets have No Name
I want to run
I want to hide
I want to tear down the walls
That hold me inside
I want to reach out
And touch the flame
Where the streets have no name
Part III: Your Mission Should you Wish to Accept It
Imagine that you’ve been invited to 2800 Sand Hill Road to discuss the future of real estate with Roger McNamee, Fred Anderson, Bono, John Riccitiello, John Doerr, and Joe Hanauer.
What do you tell them? What features do you want to see in real estate search? If you are an agent, what is the biggest pain that someone could fix with a technical solution? If you are a buyer, what are the major gaps you see in the current system? What information do you wish you had?
I know that some of my readers have some great ideas. Please share as much as you’re willing. Remember that these guys want to work “within” the current system (i.e. cooperate with real estate agents!), and, most importantly, these people are thinking huge… $100M huge!
Dustin,
Excellent post!
This is huge freaking news. I know that homestore isn’t too popular in a lot of techie Realtor circles, but this is certainly exciting.
This subject is turning into my passion & it’s what I’m going to be pondering and talking about when I attend future Brainjams; other events along the same vein.
You posed some excellent questions that will help me ponder what I’m looking for exactly. I don’t have the answer yet, but I think the some of the ingredients are:
rss, mobile devices, free muni wifi, a great mapping API, geocoding listing information & social software and most importantly consumers & real estate professionals that will embrace the evolution of the industry.
I think it all boils down to CREATING (It’s hard to describe how powerful the feeling is when you create great content to share without doing it and we’re just beginning down this road) & using technology to connect with people in order to solve problems and provide value.
I’m just so pumped to be in the conversation and in a place to participate in what’s going down.
Andy,
To compliment what you said, a friend of mine passed along this link from the Sociate blog run by Jerry Michalski:
Wish List: A real househunting app
If you’re actually on a househunt, wouldn’t it be useful to:
*Annotate the map, listing
** The streets and neighborhoods you really like and those you don’t (noted perhaps with your cellphone, while driving)
** Houses you’ve seen and liked (nixing all those you don’t like)
** Pertinent details for each place (owner, realtor, square footage, etc.)
** Practical walking or biking radii from public transport, schools and other things you find important
** (add your favorite wish-list item here)
* Link your photo stream on Flickr (or the videos on YouTube) with the houses you liked, so you can remember which is which
* Build a nice comparison table, mapping the traits you value most against the properties
* Have your friends help you find, judge and pick properties (hello, social networking sites!)
* Have this all accessible from your cellphone or WiFi PDA
Andy,
To compliment what you said, a friend of mine passed along this link from the Sociate blog run by Jerry Michalski:
Wish List: A real househunting app
If you’re actually on a househunt, wouldn’t it be useful to:
*Annotate the map, listing
** The streets and neighborhoods you really like and those you don’t (noted perhaps with your cellphone, while driving)
** Houses you’ve seen and liked (nixing all those you don’t like)
** Pertinent details for each place (owner, realtor, square footage, etc.)
** Practical walking or biking radii from public transport, schools and other things you find important
** (add your favorite wish-list item here)
* Link your photo stream on Flickr (or the videos on YouTube) with the houses you liked, so you can remember which is which
* Build a nice comparison table, mapping the traits you value most against the properties
* Have your friends help you find, judge and pick properties (hello, social networking sites!)
* Have this all accessible from your cellphone or WiFi PDA
I suppose integration with a local database such as Yahoo local would be handy as well.
I agree that the Yahoo local information would be great (and as homepages shows, it is only a matter of time before more of this data is available…).
I also think there is a ton of potential to build a social networking interface (tags, comments, etc. among friend/experts), but I’m not exactly sure what that would look like. Should it revolve around homes, neighborhoods, agents?
Is there a system of tags/comments that would be acceptable to agents? i.e. no agent wants one of their listings tagged as a “fixer
I agree that the Yahoo local information would be great (and as homepages shows, it is only a matter of time before more of this data is available…).
I also think there is a ton of potential to build a social networking interface (tags, comments, etc. among friend/experts), but I’m not exactly sure what that would look like. Should it revolve around homes, neighborhoods, agents?
Is there a system of tags/comments that would be acceptable to agents? i.e. no agent wants one of their listings tagged as a “fixer
I just received an email from a reader who makes an interesting point about geocoding home addresses that seems relevant to the conversation…
“Hi Anna,
Just found you blog some interesting topics and information.
I was reading some of your posts about map based search tools. We have
been using map based searching for more then 3 years now and on day one
we felt unless 99% to 100% of the properties were actually located
properly on the map the tool would be worthless. The one thing that no
one talks about is the 15 – 30% of the inventory that is not shown or is
not geo coded properly. Here is an MLS # 25118864 try pulling this up
on the different map sites redfin, windermere, john l scott, CBBain.
You will see that when you map this property (redfin wont even map it)
it is up in the hills not where it is suppose to be.
How would you like to be a seller and no one can find your house in the
search engines?”
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I’m very interested in making real estate search easier for everyone, but I gotta tell you about the most depressing conversation I just had with my sister-in-law. She’s a vice president of a boutique real estate agency back East, and so, naturally, I was trying to convince her to step up her efforts in the technical arena, including incorporating blogging and podcasting into her business. She proceeded to explain to me the state of the realty profession in New Jersey, one in which everyone is out for themselves, no one cooperates, and there is no single MLS service covering the entire state. In fact, agents are not allowed to promote or advertise listings from another company or agent if they come from a competing listing service. She simply could not see the benefit of embracing a more open approach to promoting her company’s listings.
Which, to the point of your post, Dustin, leads me to think that Homestore may have luck in a state like Washington, but may face significant barriers in other states.
Oy. I hope I’m wrong.
Stuart,
I’m actually surprised to hear that the situation is so dire in the East Coast… You probably won’t be surprised to hear that I have next to no experience with East Coast real estate!
But it makes me wonder… Where is realtor.org and other national sites their NJ listings from?
Can someone who currently lives in the East shed some light on how real estate listings work there?
Stuart,
I’m actually surprised to hear that the situation is so dire in the East Coast… You probably won’t be surprised to hear that I have next to no experience with East Coast real estate!
But it makes me wonder… Where is realtor.org and other national sites their NJ listings from?
Can someone who currently lives in the East shed some light on how real estate listings work there?
Hello All,
I have to say this is a good post… Dustin as for the situation in the east coast… I think the comments by stuart about his sister-in-law hits the nail right on the head.
Map search capabilities and the advances in all search capabilities are ultimatley going to be hindered because of the protectionist views by most brokers out there. They dont want to mess with the good thing they have going.
Anna, I have to say i am very impressed with your site and all the hard work you have put into it. keep up the good work. People like myself who are looking to build the next generation search sites find the content of your site invaluable…
sorry im not much of a speller…
Giles-
Hello All,
I have to say this is a good post… Dustin as for the situation in the east coast… I think the comments by stuart about his sister-in-law hits the nail right on the head.
Map search capabilities and the advances in all search capabilities are ultimatley going to be hindered because of the protectionist views by most brokers out there. They dont want to mess with the good thing they have going.
Anna, I have to say i am very impressed with your site and all the hard work you have put into it. keep up the good work. People like myself who are looking to build the next generation search sites find the content of your site invaluable…
sorry im not much of a speller…
Giles-
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