I recently applied two inventions for Realogy’s “Innovation FWD” competition. I won’t win for the same reason the entire real estate industry is about to lose everything: brokers don’t want innovation.
Google’s top line definition of innovation talks of “change, revolution, and upheaval”.
I get excited by those terms. But this is not what the real estate industry really wants. Realogy’s and the industry’s talk of innovation is a lie; a lie told to themselves. “Upheaval” requires removal of the existing business model being replaced by something radically new.
What everybody in the industry really wants is the next shiny object that they believe will perpetuate the status quo for them. No one within the role of providing brokerage services nor the portals or title companies or the lending industry wants innovation (change, revolution, upheaval). They desire something that will take a portion of current market share from someone else and give it to them—without upsetting their current business model.
I believe the current broker-centric real estate business model has zero chance of surviving as you see it today. The brokers’ one shot was to truly innovate, to dump what they currently have in order to offer something completely new, but they chose the easier, wider path marching in the same direction they have been while still believing things will turn out fine.
Within my official “100 Word Elevator Pitch” required for my Innovation FWD application I tried to hint where protecting the status quo has gotten the industry before I offered my solutions. No one in the industry is going to listen.
When a Broker becomes a Tech Innovator
Sell Me in 100 Words or Less
What does five years’ of very hard work and investing $1,000,000 of my own cash to create my own version of innovation for the real estate industry get me: the chance to “sell” Realogy on my stuff in 100 words or less?
The reward for beating out every other company offering the industry some form of innovation: $25K and a chance to sell my stuff to Realogy’s associated agents.
Brilliant plan really: invest five years and $1MM and get $.025 of a million in return (there’s a decimal point before that zero). I guess I’ll have to make up for that bad ROI in volume…
Want to see how I “dazzled” them? Here’s my QValue® AVM “elevator” pitch:
One reason Zillow dominates every franchise site for leads: being first to offer an AVM.
One thing every broker needs: high quality leads.
One reason brokers pony up 20% of their income to advertise on Zillow: no franchise offers them the volume of leads Zillow does.
But, Zillow’s AVM is built on the wrong criteria (all physical criteria). And buyers fall in love with and most value homes offering them qualities allowing them to envision their future life.
The QValue® AVM values homes using the same qualities buyers love and teaches sellers how those impact their home’s value.
But wait, that’s just the AVM. The home search tool for buyers is just as cool—so I tried sneaking in a second application. I didn’t see any rules posted at their site against being ambitious.
Buyers search for homes, mostly on Zillow.
Zillow’s home search sucks as bad as everyone else’s: input a price and bedroom count and we’ll dump on you a long list of homes you mostly hate.
Broker/owners are starving for profits and a unique home search.
With QValue’s® Find More Genius a buyer simply points to a house they love—touches one button, and immediately sees every home very much like the one they love—based on the Qualities allowing them to envision future life events at the home—the real reason they fall in love with a home.
Do I have a shot with Realogy? Maybe not, but my chances are better than yours since you didn’t apply.
Additionally I had to explain in “50 words or less” my sources of funding along with my website links (they actually asked for one; I of course sneaked in two). Explaining my funding was easy “stupid person invests all he has to create something”. Okay, that’s not exactly what I said, but that is what happened.
I may be doomed from the start as honestly I’m not even sure if my applications went through. I hit “submit”, and the screen cleared the form, but I received neither a pop-up acknowledgement at their site nor an email confirmation for my efforts. My application may have gone to the same place “HomesForSale.com” went. But if this whole franchise pitch thing does not work out I guess that I’ll rephrase my “100 word” description a bit and see what Zillow thinks.
You can see the same presentations Realogy will see (that is if they even want to) at QValue.net, or play with them live at REalMARKABLE.com. Afterward be sure to tell Realogy that my programmers burn through $25K about every two weeks and to show me mercy.