Real Estate Offer Generator iPhone App

Overview of Business

Real estate investors are always looking for tools and systems to make the process of analyzing deals to buy easier and better. One of the areas that we have identified as needing improvement is the deal analysis and offer generator tools for buying properties especially on mobile devices like the iPhone.

For this business model we suggest developing an iPhone application for real estate investors and real estate entrepreneurs to use to analyze potential properties and to suggest potential offers on those properties.

Things To Consider

The following are some things to consider about starting this business:

• There are other applications available for the iPhone that do rudimentary deal analysis like calculations of net operating income demonstrating that there is a need for this type of application. Some do some additional analysis, but there is definitely room for an application that really fills the need.
• Since we have experience with building deal analysis and offer generator applications for the web, we are very interested in working with someone on this type of project.
• The iPhone applications I have seen that offer similar functionally are missing several major additional sources of revenue that we could add.
• Some functionality that would be of great benefit is pulling as much property data as possible to eliminate the need to enter the data on the iPhone.
• Of course, I have focused on the iPhone, but there is a growing market for Google based phones and BlackBerry phones as well.

Potential Additional Sources of Revenue

If we were to work with a business on this, we would want to work on implementing these additional sources of revenue:

• We could sell access to our Real Estate Investor Wiki from within the application.
• We could sell access to our Real Estate Investor Database from within the application AND tie the application into it so that the data could also be used there.
• We could sell access to our huge library of real estate courses and downloads from within the application.
• We could sell courses, products and services that are helpful to real estate investors from other providers (like other real estate gurus) from within the app.
• We could integrate it with actual real estate professionals (agents and brokers) and/or lenders (and other key real estate team members) that would be willing to pay an advertising fee to be the preferred contact when making an offer on the deal they are analyzing. In fact, we could set it up to submit the offer right to the preferred agent via the application for them to write it up.
• An alternative to getting advertising from agents is to setup a referral network with a licensed broker that is an owner of the business to get referral fees from offers submitted via the iPhone application. This is similar to what we did with our network of real estate websites.

Potential Marketing Strategies

Here are some additional ways I would market the iPhone application beyond the typical marketing methods we discuss in the Business Wiki:

• Include audio downloads and/or CDs with other purchases of our products, services that focus on deal analysis and making offers that strongly emphasizes using this application.
• Offer to brand the application to real estate agents/brokers or other dream team members that refer it to their clients. This could massively increase exposure and give added value and credibility to the dream team members. There are a couple ways this could be done.
• Brand it to other real estate gurus. There are quite a few strategies for doing this.

Interested?

Our expertise in many aspects of this business makes us very excited to work with someone on this preferably in a consulting capacity or even more integrated capacity.

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