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reVRM Minifesto

Page history last edited by RealEstateCafe 13 years, 9 months ago

reVRM Minifesto
Idea starters to kick-start conversation about VRM's potential role in the residential real estate industry

First draft prepared 8/25/10 by

Bill Wendel, Real Estate Cafe for
VRM+CRM 2010 August 26-27 at Berkman Center for Internet & Society at Harvard University
See http://ProjectVRM.com for ongoing discussion of Vendor Relationship Management

1.  Sellers will be able to search buyers as easily as buyers currently search listings.  (See comments received / Discuss)

2.  Everything is for sale (at some intended point in the future) for the right price.  (See comments received / Discuss)

3.  Already into a "post MLS" world.  For every home on the MLS, there are two units in the shadow inventory.  Only half of units in MLS selling, in some markets, one in three.  (See comments received / Discuss)

4.  Real estate agents are morphing into real estate consultants.  (See comments received / Discuss)

5.  Buyers will be able to sign into open houses, and transfer their buyer profile or homesearchID by "bumping" their smart phone.  (See comments received / Discuss)

6.  Fourth parties, like locally initiated homebuyer club, will aggregate and deliver savings to buyers and sellers.  (See comments received / Discuss)

7.  The National Association of Realtors will redouble efforts to reposition itself as a consumer group.  (See comments received / Discuss)

8.  Rule driven infocards, or homebuyer IDs, will automatically update purchasing power, eliminating the need for buyers to get pre-qualified or pre-approved for a loan.  (See comments received / Discuss)

9.  VRM tools will deliver consumer protection before regulators, eg. Homebuyer IDs will be used in apps designed to manage bidding wars (at a minimum, insuring buyers / competing bidders are real).  (See comments received / Discuss)

10.  Buyers will be able to manage and release their listing clickstreams so sellers, including distressed sellers, auctioneers, and leanders or government agencies with foreclosures, can invite them to bid on properties.  (See comments received / Discuss)

11.  Personal RFP:  In residential real estate, this will come to mean "requests for properties" as well as "request for proposals."  (See comments received / Discuss)

12.  VRM developers will co-create an app store of tools that consumers (buyers, sellers, homeowners, renters, landlords) and professionals (real estate developers, lenders, real estate agents) can use alone or integrate into new or existing real estate portals and company web sites.  (See comments received / Discuss)

13.  SmartGrowth advocates, public policy makers, community development agencies will use VRM tools to quantify housing demand, allocate housing resources, update zoning regulations regarding housing unit size and density.  (See comments received / Discuss)

14.  Real estate developers and home builders will be able to identify demand and reduce risk and increase profit by preselling units and building to suit.  (See comments received / Discuss)

15.  Fourth parties will develop platforms to certify trust worthiness of real estate professionals based on terms of service, eg. No conflicts of interest because brokerage prohibits dual agency.  (See comments received / Discuss)

16.  Homebuyers and sellers will be able to find each other independent of MLS, preempting role and cost of traditional agents, particularly full fee listing agents.  (See comments received / Discuss)

17.  New VRM tools, real estate apps and reduced role of real estate agents will help consumers save consumers billions of dollars annually, and uncouple the traditional two-sided real estate commission.  (See comments received / Discuss)

18.  Geoloco apps, augmented reality, and smartphones / mobile devices will enable real estate consumers to connect at hyperlocal level and engage in meaningful conversations that translate into more informed decisions and savings opportunities.  (See comments received / Discuss)

19.  VRM tools will enable privacy (buyers decide who sees what info on HomeSearchID) and radical transparency, eg. Buyers can provide financial incentive to reveal actual price on pending sales before they close - a practice currently prohibited by local MLS regs.  (See comments received / Discuss)

20.  eGov will embrace VRM tools, particularly homebuyerIDs, to reduce paperwork and help make sense of morass of competing housing program guidelines.  (See comments received / Discuss)

21.  In intention-based housing market where everything is for sale at the right price, matching time -- intended move dates of buyer and seller -- will become as important as location.  (See comments received / Discuss)

22.  Decisions to buy and sell homes are preceded by a continuum of intention that can be expressed through VRM tools and informed by VRM apps (eg. think "farecast" of buying & selling based on local supply / demand factors, seasonality, annual absorption rates, unsold inventory).  (See comments received / Discuss)

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