Hole @ Queen & Dufferin for Q-Lofts
Month: July 2012
-
-
-
Reintroducing Dirt
Dirt is a tool that allows you to build your own real estate portfolio by collecting properties you like.
-
Blogging is helping my startup idea
Background
I started blogging about Dirt (my startup idea) a few weeks ago in the hopes of finding a technical cofounder to join me in my journey to change the real estate industry. And while I am still searching, perhaps one the biggest benefits of blogging about my idea is that it’s forced me to bring additional order to my various sketches, wireframes and UX designs. It’s also forced me to clearly articulate what I’m trying to do.
I spent a number of months working with Toronto-based agency Jar Creative on Dirt and at the time we were fixated on “real estate activity.” Specifically, finding a way for people to discover, track and share the real estate activity happening all around us. I still think this is a valid objective, but I’ve been questioning how exactly to go about this. One way to do it, is how I’ve outlined here: by having a property-only newsfeed. Users would follow properties and people and this would create a custom newsfeed surrounding their interests.
Evolution of the idea
But the other thought I’ve been having is to allow people to build their own property portfolio, just like real estate companies and moguls do. The effect would be similar to above (users would receive updates on the properties they’re interested in), but it would be done through a kind of virtual property ownership.
This is what I was getting at with this sketch:
Here’s an example: I’m walking down the street and I see a property I like. It’s not for sale and so there’s little information available online. There’s no MLS listing, although if I google it, I may find an old one. Similar to when I described the Problem on Greenlaw, I may have a bunch of questions surrounding this property: Who owns it? When was it built? What was the last sale price?
Solution
So what can I do? Let’s add it to my virtual property portfolio. I take a picture of it and locate the address/property in the Dirt database (or ideally it’s done automatically from the photo). It then gets added to my Dirt property portfolio, such that when updates do become available (for example: it goes on the market), I get notified. It would also allow me to socialize/network around the property to find the information I’m looking for — a forum, if you will, for these discussions to take place.
Why is this better?
One of the big things I think this subtle change does better, is that it taps into an innate desire to own stuff. Home ownership is heavily subsidized and promoted, particularly in the US, and this would allow people to build virtual property portfolios. Reid Hoffman, founder of LinkedIn, once argued that the best social networks tap into one of the 7 deadly sins (WSJ):
“Social networks do best when they tap into one of the seven deadly sins. Facebook is ego. Zynga is sloth. LinkedIn is greed.”
Putting this spin onto Dirt would do exactly that. People would be given a quick and simple way to collect properties they like — without all the messy legal fees and mortgage commitments. It would also help to create a unique brand for Dirt. Instead of “user x is following property y”; it would be “user x has added property y to his/her portfolio.”
Of course, these properties are actually owned by somebody in real life and so that’s a consideration, but could this not be the way to truly socialize the real estate industry?
-
Sketch: Property Portfolio Idea
-
Dirt: Activity Feed (Wireframe)
In my last post, I discussed the problem that I think needs solving: There’s lots of real estate activity happening all around us and there’s no easy way to discover it, follow it and network around it. I used the example of a new house going up in my neighbourhood that I’ve been manually following — that is, driving by.
I’d now like to start proposing solutions to this problem. Above, is a basic wireframe solution for a property based activity feed. The idea here is that users would be able to follow both properties and people. Anytime a property gets updated or a person being followed provides an update, it would show up in the activity feed. I really like the idea of creating my own custom portfolio of properties (by following them) and then getting a tailored newsfeed every time I launch Dirt. I really think something like this is lacking in the marketplace.
The ‘GPS’ button at the top right is intended to satisfy another one of my wants. I’m often in a new neighbourhood or city and I just want to get a quick read on the market/area.
- How much does real estate cost in this area? How much new development is in the pipeline?
- What do the apartments look like inside that cool looking building?
- Who owns this building?
The list goes on. By hitting ‘GPS’, the idea is that the activity feed would simply switch from a tailored newsfeed (based on my “portfolio” of properties) to just the activity that’s happening around me. It would also be a great way for users to discover new properties and people to follow and interact with.
Over the coming weeks, I’ll be posting a number of other Dirt wireframes. Next up will be the series of screens that allow users to input new property activity.
-
The Problem on Greenlaw
This is a new house under construction in my neighbourhood at 130 Greenlaw Ave. It’s been under construction for what seems like years as it underwent multiple periods of inactivity. It was formerly a small run-down bungalow. The site is narrow. But the new house under construction looks modern and promising.
As a real estate professional and area resident, this project interests me. I like to see good development taking place in the city and I, particularly, like to see good development taking place in my neighbourhood. Previously, I spoke about Dirt targeting real estate pros, but I think there’s an opportunity here for it reach beyond the industry. Lots of people have an interest in and are impacted by real estate.
In any case, I drive by this property on an almost daily basis and it got me wondering a number of things.
First, is this property going to be modern or some crappy faux-historic suburban style house? Then the flat roof went in and I sighed relief that it was likely the former. A sign also went up showcasing the architecture firm. I emailed them to ask them about the property (the first time the site went inactive). I received no response.
At this point, I was wondering, did the owner run out of money? What did they pay for that one storey bungalow? Must have been in the high $400,000s given what I’m seeing in the area. Maybe he/she thinks they can’t turn a profit. But wait, maybe it’ll be owner occupied. I tried googling the address to see what I could uncover, but found nothing.
Now, working in the industry obviously has a lot to do with the things I was wondering, but it doesn’t negate the fact that herein lies a problem. A problem that I want to solve with my startup.
- Why is there no easy way for me to get the answers to all of my questions?
- Why can’t I follow this property so that I just get notified when new information becomes available?
- Why is all the information I want so fragmented?
There are people out there with the answers to my questions, but there’s no centralized place for it to be shared and distributed. Sure, if this property eventually goes up for sale I’ll see it on MLS, but I want more info that and I want it immediately.
That’s where Dirt comes in.
Dirt is envisaged as a crowd-sourcing tool for professionals (and enthusiasts or maybe just nosy neighbours) to discover, track and share the real estate activity happening around them.
-
-
Take a look at this finely crafted piece of graphic design.
This is a public notice sign. It’s what the City of Toronto uses to announce to the public that an application/development proposal has been made. Caveat: The City has since added a photo of the project.
This approach irks me for a number of reasons.
First, and this is the architect in me, it does not convey the development project in a meaningful way. All 45-storey towers are not created equal and by simply stating the height it paves the way for NIMBY’ism (Not In My Back Yard). What about the massing of the project? I could give you plenty examples of 20 storey buildings that are far more offensive than a slender 40 storey tower.
Second, they’re called public notice signs. Correct me if I’m wrong, but I don’t think that “Application No. 06 235235…”, “official plan amendment”, or “amendment to the zoning by-law” resonate all that much with the general public. Dave Meslin handles this topic well in his TEDx talk and argues that it actively discourages public engagement.
Third, and most important to the topic of Dirt, is this an effective way of communicating in the 21st century? This is a form of real estate activity. It’s it’s the ground work for a future development. Developers often take the approach that it’s better to fly under the radar to avoid community opposition, but is improving community engagement actually the answer? I’ve spoken about startup Popularise before and they’re doing exactly that: Asking communities what they want to see built.
To bring this back to Dirt, my point is that a lot of activity related to real estate is being lost in the shuffle: planning applications, construction, transactions, cool new designs, etc. Dirt is intended as a crowd-sourcing tool to capture all of this information so that it can be disseminated in targeted ways.
However, one thing I’ve struggled with is whether or not this should be a tool for professionals, consumers, community constituents or all of the above? Is the average person interested in city building or is it a niche market for professionals/enthusiasts? I’m a difficult judge because I’m the biggest city geek around — would love to get your thoughts (leave a comment).
