Josh Altman and Matt Proman Are Teaming Up to Disrupt the Real Estate Industry

A few years ago, serial entrepreneur Matt Proman was looking to sell his house in New York and needed to find an agent.

“There were a lot of houses flipping in the area,” he told Emprendor. “I had a lot of agents knocking on my door, leaving their business cards wanting to represent me in the transaction.”

Proman thought his Long Island home would move quickly and signed a six-month exclusive deal with an agent. “I waited and waited and waited,” he said. “And I saw two other houses for sale on my block.”

That’s when he saw that there was a broken model in the system.

Proman says that’s what sparked the idea for his latest business venture. “I said, ‘I will never, for any of my other houses, give away my listing for free. Next time agents have to put their money where their mouth is and have skin in the game.'” his company BidMyListing was born.

To get his idea off the ground, he reached out to real estate mogul and star of Bravo’s “Million Dollar Listing,” Josh Altman.

“I thought the idea was very disruptive,” Altman told Entrepreneur. “Many agents in our business take a listing, put it on the MLS, sit back and wait for the phone to ring. And I can say that because we pride ourselves on not doing that. We pride ourselves on actually doing all the things that you should do when it comes to selling listings. So this is the first product that straddles both the home seller, the home owner, and the real estate agent, helping all parties.”

The two sat down with Jessica Abo to talk about their technology and how it’s disrupting the real estate industry.

Jessica Abo: Matt, can you walk us through how your platform works?

Matt Proman:
The owner process is a three-step process. They’ll go to and type in their address, which will auto-fill. It will extract and extract all this data, square footage, location, amount of garages, bedrooms and bathrooms, and then put a sales price. Agents, when they sign up with you, are selecting the criteria they want to see listings on. So the agent would come in and say, “Well, I want to know any listing that’s under a million dollars with less than five bedrooms within a 20-mile radius.” So right here, this is a match.

We will send SMS text messages as well as an email to the agent to let them know this listing is available so they can make offers to buy. They will then submit an offer. The owner could counter it or accept it. Once this happens and there is an accepted offer for the listing, a guide will be made. The agent will meet with the owner, walk the property, make sure the house is represented as it should be, meet the agent, shake hands, sign the listing agreement and the money will be released right then and there . The owner could select based on any criteria, the agent’s experience, the highest offer, or a combination of the two. Therefore, it is very important for owners to know that they are in control of their destiny process over who they choose.

Josh how would you say the company helps everyone win?

Josh Altman:
Well, it’s very important to straddle that to help the homeowner, but also as a realtor, I have to make sure that it helps the realtor as well. And it’s the first company I’m seeing that’s doing both sides here. So you have a real estate agent, let’s say he’s new to the business. One of the hardest things is breaking into the market right now as a new agent, how do you get a listing? Even me, it took me six months to get my first list. And my first year, I sold one property in total, that’s it. If I had a system like, where I could literally borrow a couple grand from my parents, my boss, my friends, whoever, to allow me to be in the game and have a chance to go- there buy a listing This is more valuable than you can ever imagine.

And at the same time, it educates the home seller about who the players are and who is willing to put their money where their mouth is. Agents spend $22 billion a year advertising to try to get listings. A lot of that money is completely wasted. They throw it against the wall and hope to get a list. But many times they don’t even know where the listings come from. So now what we’re doing is saying, “Take some of that spending and know exactly what you’re spending and go buy the chips.” So you’re actually spending the same money you were spending anyway. You only know exactly what you spend and how much it costs to buy the card.

Matt, what advice do you have for someone who sees a problem and feels like they have a solution, but doesn’t know where to start?

They promise:
For other people who have an idea, or have a product or service that really disrupts the market and then makes it better, you’re going to hear a lot of people saying why it won’t work. You’ll hear why it can’t work, why you shouldn’t do this, why you shouldn’t do this or that. You just have to put your head down, believe in yourself and be relentless, go for it and stay focused. I also suggest building a good team of people around you. I mean, you can’t lift it all yourself. You have to be able to place people, whether it’s lower management, middle management, senior management, whatever, put the right people around you to help you with the elevator.

Source link

Leave a Comment