Tuesday Jun 08, 2021

Where the Hell is the Technology - Entrepreneur of the Week - Post5 - Dani Beit-Or

Where the Hell is the Technology

#Entrepreneurofthe Week #Post5 #DaniBeitOr

Warning: * Also * This post was not written in the context of Corona

And today on our subject - unloading frustrations

On the one hand real estate and technology have always been close and on the other hand only fundamentally. That is, you see technology in accessing information, using management applications, images, video, DRONES, and more. The real estate industry tends to adopt technology.

But, there is one area that for some reason is left behind - decision making.

Without going into the discussion of whether Zilo is good or bad Zilo was one of the bodies that made a significant change in the field. Unfortunately I remember the days I would get a screenshot or a blurry copy of printed paper with property data from the MLS the agent sent. Lol, yes I'm not young anymore. Zilo opened up the world of MLS and public property data. Before that it was just through the various MLS interfaces and for those who think these interfaces look like today. . . Really wrong. It took MLS a long time to produce information accessibility like they do today, sorry - a lot of time.

Now let's think about an investor. Sitting in a country or in the US and wanting to buy an investment-rental property. Opens a computer, enters Zilo and starts searching. First question - where to buy? Second question - what to buy? Then many other questions. Let's say all the other questions are similar whether it is a property In New Orleans or a property in Tucson Arizona - important questions but I'm putting them aside right now.

Today this investor is looking for the metro and staff first and only then the property using the top-bottom method (top to bottom), and why actually? Because mostly decision-making tools rely on local knowledge and staff. And from my experience I know that except for one single case usually local knowledge has limitations. Note: As a lender of real estate investors for over 15 years it has always felt wrong for me to operate in only one area. It's true that I did not operate in a lot of areas at once but I was always skeptical of one market precipitation lenders because somehow I always had the feeling that what answer would I get from the one offering deals in New Orleans - that he would really recommend Tucson to me?

Back to technology. . .

In an ideal world the decision making of this investor was a combination of investor preferences, and according to these preferences - choosing a property that meets them regardless of whether this property is located in New Orleans or Tucson. Thereby actually reducing the impact of the local staff on decision making.

And in fact the question arises why does it not happen like this? I mean if there is a combination of science and art in decision making why are we 80% art and 20% science?

The answer lies in technology of course. And maybe it seems that real estate surrounded by apps on the one hand does not offer a real, advanced and smart solution to this problem... At least not yet. And yes, yes me and two of my friends are already working on it.

So why the frustration - because there are not many areas that have so much information, which has been collected and stored for so many years. US real estate is an information bond machine. Yet the information is used relatively superficially. In a world where models run on tropical storms, viruses and disease and even risk pricing in insurance there is no good model for running high-certainty decision-making in such a popular field? It's frustrating and that my friends and I are working to change.

So how do you see it? No, not how you operate today in the decision making world, how would you like to see the decision making process happen in the ideal world of real estate investors? Come on run with the imagination and fantasies... Even exaggerate a bit. Who came the furthest with the ideas and thoughts!

By the way if you are interested in seeing what we are working on and taking part in this great thing invites you to join us in the Bata group.

W Prize: 1X1 with me for a virtual Corona beer of course

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