This is a thought experiment. Ideas are supposed to be cheap right? so I’m putting them out there, unformed and mushy. I don’t spend a lot of time thinking out things like revenue model… its a brain fart.
Expand the envelope!. That is what many small real estate speculators do when buying small, pricey houses.This app shows how big they can expand, how much they can make.
How might it work?
- Point your mobile at a house you are looking at
- The app draws how big you could expand it, how much it might cost, and how much you could make.
- It may show ‘red’ or ‘green’ given the likely sale price to let you know if its a nonstarter.
- Tap to see, save, share the numbers.
Who might use it?
Anyone who might think of making money by flipping houses or looking to buy and expand. So families buying the small house in the nice hood, small time investor/developers looking at single family homes. There might be a hundred single family homes listed in MLS in a metro area at any one time, with even more off the market. Not a huge play.
How to make money?
or who would we sell to:
Listing agents: they always are looking for ways to show ‘potential’ in a property to bid it up, so they may pay if they feel its likely to goose the sale price. Since the app is location based, you can indicate to the agent opportunities that drove by outside the normal open house times.
Flippers/Investors: May pay for access on a fremium model or may pay for a better quality estimate of cost to build or hassles along the way– esentially value added analysis that de-risk the investment.
Inspiration, credit is due
Attending techTO yesterday, an idea struck me. One presenter, a former architect, showed a new product they worked on targeted at developers. The app aggregated disparate planning and site data into a searchable form illuminated by a 3-d map that could show build able height for a given parcel.
That’s great for big time folks, but what about small investors? Also I’ve been looking at angles for applying AR to the construction industry and the way in may not suffer from institutional adoption issues.