by David Perlmutter

The Fallacy of Accurate Information Services

I'm not just an real estate tech developer, I'm also a real estate broker and I know the dirty little secret of real estate information services. I subscribe to CoStar, Loopnet and a boatload of other...

logoI'm not just an real estate tech developer, I'm also a real estate broker and I know the dirty little secret of real estate information services. I subscribe to CoStar, Loopnet and a boatload of others. What's that secret? A lot of their information stinks, like a bad piece of fish. This is the fallacy of accurate information services. If I don't call and/or email about every listing before I present it to my clients, I will be giving them out of date and inaccurate information. I understand why that's the case. Brokers are busy! When we make a deal, the first thing we think about is how to close the next deal, not to update CoStar and Loopnet.  And when they call or email periodically for updates, sometimes I'm too busy to respond. I think I'm better than most at updating it, but a month or more may go by before everything is made current. My time is my stock in trade, and it is a finite resource. Are you any different? We're brokers, we were put on this planet to initiate, work and close deals, and that's where the primary effort is going.
The only consistently accurate source of real estate information is the broker who is handling the listing or the owner of the building. When we designed QuantumListing, we decided to put buttons to contact the owner or agent right at the top of the listing, as well as another to visit their website, so you can get good information as quickly and with as little effort as possible.
When you are entering a listing, we don't want you to input information that will grow rotten like an apple left in the fruit bowl too long. The only required information that you have to input is a title for your listing, the location, the asset type, and whether it is for lease or sale. These are the immutable facts. You also have to add a photo or PDF, that is the centerpiece of your listing, and it looks beautiful. Your contact information is auto-filled from your profile, so you don't have to waste your time filling that in again and again.
You can add more information, such as price, building size, square feet available, other tenants, parking, CAM, taxes, etc., but you don't have to. Or you can add or change it later, too. It hardly takes anytime at all, and you can do it anytime and anywhere. No need to get graphic about these possibilities, I'll leave that to your imagination.
Right now, my brokerage company pays thousands of dollars a month for a glorified phone book filled with bad information. Stupid, right? We cover a fairly large geographic territory, and using these services is the only way we can do what we do. Clearly, I've made the decision that it is worth it, because every dollar I spend is coming out of my pocket.
Will the information on QuantumListing be better than on other services? Initially yes, because all of the information coming into the app is sourced by the agents and owners and it is new. Over time, some of it will get  just as stale as the information on every other real estate information service. Is it fast and easy to edit information and delete listings on QuantumListing? Yes. Can you do it anytime, anywhere as long as you have your device and a signal? Yes. Will you have to pay a lot for the information? No, it's free as we ramp up our user and listing base. We're giving anyone who registers a free trial Premium Membership, although you can pay if you want :-). And later, our pricing model is ridiculously cheap, $9.99 for a month, $24.99 for three months, or $79.99 for a year. I think that's fair. You're the one putting in the information. We're providing a platform for others to be exposed to your listing, cloud storage for your listing collateral, a way for you to search for information, and a way for you to easily send it out via mail, text, or social media. You're getting a lot, and so are we. That's the way it should be.
You are never going to get perfectly accurate listing information from any service. It is impossible. That's the truth. So, how much are you willing to pay for what you are getting?  Give QuantumListing a chance to make it easy for you to get the lemony fresh, current information.