A “real estate technology company” (RETC) could take apart the steps required to get from the start to the finish of the transaction, when looked at from the perspective of only supplying the underlying technology.
1. The homeowner decides to put their house on the market and enters some details into the RETC software (app).
2. RETC’s app analyzes the owner’s house based on the criteria the owner inputs, neighbourhood details, insurance appraisals, comparable listings and recent selling prices, and other “big data” the RETC has available.
3. The homeowner approves or modifies RETC’s recommendations and the listing is published.
4. When interested parties want to view the house, the homeowner is notified and RETC schedules pre-screened “home showers” to be present so the homeowner can be out of the house when it is viewed.
5. When a buyer decides to proceed with purchase, a contract is provided by RETC and deposit funds are transferred to an escrow account held by a preselected...