In the same light that I built REEM, I had an idea to build a lead generating machine to capture people looking to sell their homes in order to either make a deal with them or pass along the lead to one or multiple real estate investors (REIs) for a finder’s fee.
The idea started out simple: build a landing page for a specific town/neighborhood with a simple contact form capture. The copy would position it so that users would specifically want to connect with fast-buying REIs.
I could then sell leads by quantity to local neighborhood specialists and even cause a bidding war. Though REIs prefer exclusive leads, users want to connect with multiple options so they could have a better chance at closing a deal.
This is the base outline for any lead generation engine.
But Then I Thought About It
However, I let the idea stir in my head for a while.
Eventually, a single question stood out:
“Where can I go to find a list of people who specialize in buying homes in my neighborhood?”
Why could I, as a home-seller, not take direct action in contacting people who were known to buy properties in my area?
Why did I have to rely on networks and listings and brokers and agents?
Could I not call Steve Johnson, who has a history of buying properties like mine, and try to make a deal directly with him?
Project REFSBO
So, this idea of a “directory” of REIs was born – Real Estate For Sale By Owner (REFSBO).
First and foremost, REIs could register an account and fill out a profile of who they were and the properties that they specialized in buying. They could list price range, home types, neighborhoods, contact info, and even history of deals. This is the core of the product.
From there, home-sellers could peruse and filter profiles to the ones that best fit the description of their home and directly contact the deal-maker himself.
Someone selling a 3 bedroom townhouse in Lakeview would be thrilled to find Steve Johnson, who specialized in buying townhouses in Lakeview and whose last 4 deals were 3 bedrooms.
A win-win: the home-seller finds their best chance and REIs have leads contact them directly.
From there, featured listings, pro features, and even pay-per contact are all ways to monetize off REIs.
I haven’t found the time yet to build a prototype, though I’d expect it would only take a weekend.
Comment below or contact me if you’re interested in the project!