Fresh off of getting their asses handed to them trying to flip houses, Zillow now thinks they’re going to take over our businesses.
I posted this yesterday in the forum. I’m still trying to figure out what “API” is that they mention in the 3rd paragraph of the article, lol.
Shoot… I did a quick scan and didn’t see it anywhere. Yeah, I wasn’t sure on that API thing either. Kind of a strange article… super-vague about how/what they actually intend to do. Just lots of talk about data, etc. I guess that’s all you need to do to woo a bunch of investors these days.
One thing they intend to do was made pretty clear, lol…
From the article…
"There are around 1,500 inspectors on the marketplace. Inspectify has a number of partnerships with agents, brokerages, real estate investment companies, and newer startups such as Flyhomes and Orchard. It takes a 15-to-20% cut of each inspection booked, and also collects revenue by charging fees from partners who use the software within their own branded platforms.
I think more importantly from that piece are the following.
The idea is to use tech to replace traditional static PDF inspection reports, while analyzing and aggregating all the data from each report.
“We’re collecting the most robust dataset on the home, every time we get in,” said CEO Josh Jensen. “Our long-term vision is we want to build the API of the home.”
Inspectify could potentially expand into other markets such as home appraisals or insurance as it collects more data from inspections.
“Data from inspections has long been underutilized due to the fragmented nature of the industry,” Kurt Ramirez, general partner at Nine Four Ventures, said in a statement. “Inspectify’s approach allows exponentially more fidelity and structuring of property data that is poised to fundamentally change how real estate is bought, sold, and managed.”
It has been said multiple times and it appears they are going to data mine the reports. There has been talk in the past about having a complete history on a home by doing this as well as the value of the information that can be resold.
This is a very bad direction for our industry to be heading into! This would be a major intrusion into a homeowners privacy!
Sounds like a future disclosure nightmare for sellers.
That’s all I could come up with for API also. It makes no sense when applying it to a home or real estate. It is a software that allows interaction between other softwares.
Think BuildFax… https://www.buildfax.com/
It’s all about Data-mining the information relating to the home.
Data is MONEY!
The idea is to use tech to replace traditional static PDF inspection reports,
Apparently, they’re late to the party. Plenty of software platforms already do that
And $8 million, ok, that’s not chump change, but compared to the combined earnings of the avg home inspector, that’s nothing.
I use .pdf I do not submit my information to the cloud. Therefore, my clients data is hard to mine.
I swear, these inspection writing software companies are going to make millions off the data we collect. And they are going to get us to pay for the software to mine it. Brilliant.
I do PDF’s as well for privacy reasons. Yes email can be accessed or hacked but that is so little of a chance or concern.
So many out there that use similar business arrangements and it is so surprising that so many Inspectors fall for it!
Think of this as a car fax. If all the information from all inspections and repairs could be gathered and compiled, you essentially have a home-fax. As a programmer, I think it could be done fairly easily. Scan a report with an OCR (optical character reader) and you have all the data from your report into a program that can organize it in some logical format and you end up with a virtually live inspection report. It could only be as good as the last inspection report entered. We all know homes are dynamic and things change. There has to be some sort of legal statement to limit the ability to scan our reports into such a system. Kind of a we own thee data contained within and disallow copying of any part of it in any fashion.
They have already been doing so for some time.