Comment by runako | Hacker News Reader

Comment by runako | Hacker News Reader

Good luck with your launch!

I would suggest a few things:

- figure out some way to do some kind of quasi-official vetting of listings, perhaps as an add-on for sellers. Especially pay attention to pricing, because FSBOs tend to be wildly out of step with fair market value. You might consider refusing the official seal of approval if a property is listed at a price that doesn't reflect well on your platform (we've all seen a FSBO that's priced 50%+ over market; you don't want to endorse that). Platforms like AirBnB offer similar services - for example, they will even send a pro photographer out to take pictures and a top host to help with your copy. Having a way to distinguish listings where a professional has at least looked at the listing to ensure it is sane would be a big value for buyers.

- Many people have pushed back on the notion that folks want to deal with a person. I tend to agree; our last realtor saved us a giant bill on water repairs by making some observations borne of experience. However, the flat percentage model doesn't make sense given how expensive many homes are today. I would suggest having a market of referrals to attorneys (and others?) who can help advise buyers through a transaction. This can allow folks to save a lot of money while feeling supported through the process.

Really hope you're able to make a dent in the existing monopoly!

Hello runako. Thank you for your thoughtful comments. If PropBox existed when you experienced your last transaction, I believe the concerns you had at that time would not have existed. The giant water repairs would have been exposed prior to the time you made the offer. PropBox recommends a per-sale home inspection, and requires the seller to complete a seller condition report. PropBox also provides all sellers with a range of value like other sites do today, but the seller shares that information upfront to the prospective buyer. PropBox is an advertising platform so there is no stopping a seller from getting help if they have a question the platform hasn't already answered. We are hopeful the seller will have a pre-sale home inspection, professional photography, and we require a seller condition report. Here is how I summarize what will happen and why:

PropBox believes transparency builds trust. Trust between buyer and seller has been absent in real estate for over 100 years. Astute home buyers will recognize your advertisement's value and respond favorably to your efforts. You empower the buyer to decide to go ahead when you share information upfront that they would only see after they made an offer, if ever, in a typical transaction. They avoid the cost of a home inspection, and they learn the condition from an independent professional trained to find any flaws, as opposed to you accepting the liability. They review your condition report, which helps them understand what to expect. They can act with confidence because of your efforts.

You benefit with a greater chance they will make an offer because they have seen the virtual presentation, know the condition, and communicate with the people who know the house and neighborhood best. You will likely receive a higher offer and enjoy a far lower risk of issues post-closing. You are leading the effort to make a real estate transaction fast, simple, inexpensive, and valuable to both parties.

+1

Having a "network" of inspectors in each state which have a quality level of your choosing to pre-inspect every property would make me very happy.

Also, criteria search for things which are not listed. Will allow you to find areas to target for searches. For example: I know for a fact I want to buy >5 acers of land in PA. If something came up at a good price I'd be on the market.

hello, gravypod. In the bootstrapped MVP, we lack the capital and therefore manpower to intergrate a vetted home inspector, but we recognize the need and ifand when we get some scale, it will attract human resources and capital. Your thought is spot on. Thank you.

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