So why real estate?
Posted by nithi.vivatrat on April 10, 2009
When I tell people who knew me from my tech sector days that I’ve launched a new venture, I’m often asked, “Another tech company, right?” When I answer, “Actually, I’m launching a new type of real estate brokerage firm,” the response I usually get is “Really?”
Of the handful of business ideas I considered for “the next thing,” why did I choose real estate? Leaving aside the reasons I have already given as to why I thought this was perfect timing to start a company, let me explain why I focused on this particular industry.
First, the real estate brokerage industry is way overdue for evolution. Despite all of the technological advancements affecting this industry (internet-based information sources, mapping platforms, and others) over the past decade, the fundamental business process has not changed. Innovation is the exciting part of business.
In addition and related to overdue innovation, this industry has very entrenched incumbent players that have always resisted change (see the Justice Department Antitrust Division’s intervention regarding internet-based brokers, or virtual office websites). Poking a stick at it sounded like my idea of fun — I love a good challenge.
Finally, of all the business plans I considered, this one was in an industry where I could directly impact individual consumers. My last company provided consulting services to large corporations as well as government agencies; there, the projects I enjoyed the most were those I felt had a direct impact on individuals, such as our work in education analytics. This time around, I wanted to work in an area where people could easily relate to what I did and how my business could impact them.
That has been the best part of launching SmithAdams. While I always had to explain what data warehousing was, I never have to define real estate brokerage to people. Many folks have their war stories about good and bad experiences with real estate transactions. So I get to focus on explaining how SmithAdams is different and how we help the consumer save money and improve the overall experience for real people. I love this job.