As usual a bold and ridiculous statement for me right? What possible billion-dollar tech idea might I have that no one else has thought of and executed? And if it is an original idea why don’t I just go do it and not give it to the entire world? Well, that’s me being me, “giving back “as they say and playing it forward. You surmise that it must be difficult, technical and far beyond most in understanding and complexity or it would have already been done. It’s that hard things that most don’t or won’t do that create the most value correct?
I think not so let’s get right to it. Here it is step by step.
Duke’s Billion Dollar #CRETech Idea.
Create a website with a clean simple landing page that has a box that simply states: Input your property, click here. The next page is a form that allows the user to input. I say allows the USER to input property information. Information that the site will verify as legitimate in about 5 minutes.
Ask them information beyond the basic property data. How hard is it to determine what that should be? Again verified data as in tax data, ownership data and yes a valuation.
Ask them how much they want for the property and when they would like to close.
Within 48 hours or less have a completed offer to buy the property based on market data. Fair and accurate market data. (more about that later)
Give the selling party 24 hours to respond. The offer expires in 24 hours. Period! Yes or no. No negotiation. Simple.
If it no say thanks to them and tell them you hope to be a company they consider using to BUY their property in the future.
If yes, set a closing date on or before 30 days of the execution of the signed contract. Unless the sellers want to extend that process. Give them 15 days to extend – no more.
Execute the entire transaction digitally.
Transfer funds and have a virtual closing, take possession of the property.
Execute predetermined plan to resell, fix, rent or hold the property as an asset.
Go build it.
What do you need to get started?
Let me help.
Populate the website with a property database of every commercial property in let’s say the US for the sake of clarity.
How many properties is that? I know. Does that database exist today? Yes, it does.
Add on additional layers of data that will enable the correct pricing for a specific piece of property that day! That day. A market value that day. Defined by the buyer and seller. A market value determined by real-time updated market data.
Also, have most — if not all — of that data assigned to every property in the database for easy and quick verification.
Streamline the transaction process by the automation of redundant tasks. Think title insurance. Eliminate it altogether. But wait you say. There has to be title insurance? No there does not.
Have a goal to have the entire due diligence process automated and completed in 24 hours or less.
Create all legal docs for e-signature and recording. Do all processing and recording. FOR FREE!! Transfer secure funds the day of closing. Take possession of the asset.
What about the asset again?
Have a predetermined strategy based on data define what category of property you are purchasing. Again, sell, hold or fix.
Separately execute that process. They call that asset management. Not brain surgery.
There it is.
Duke Long’s Billion Dollar #CRETech Idea.
You won’t do it. You want to tear up each and every word and sentence I have just written to prove how ridiculous of an idea it actually is. I can live with that. Part of the title of this article is “You Won’t Execute.”
What if somebody decides it is just that simple and does execute?
Yes, you know there are people out there doing this NOW.
They are getting there.
What if they just buy two or three or five billion dollars of property a year to start?
Not much to worry about is it?
Not in a multi trillion dollar asset class.
What happens when they stop buying assets and just decide to do the transaction only?
Can’t figure out why they would or could do just that?
I have, that’s why I’m telling the entire world.
I did mention this is done entirely on a platform you own.