What is Revostate? If this is a new website, how have you done millions of dollars in real estate transactions?
I started Revostate after representing clients, as an attorney, on many real estate transactions. Many of them were very large commercial real estate transactions. As a matter of fact, in one year, three of the top ten largest commercial real estate transactions in the Boise MSA were transactions in which I represented the buyers, the sellers, the lessors or the lessees. I have also represented scores of individuals on residential real estate transactions, on residences values in the millions and residences that are more typical of the valley.
In these transactions, I wasn’t just filling in forms; I was drafting the contracts, the deeds and deeds of trust, the loan agreements, and the personal guarantees. Pretty soon I realized that most residential real estate transactions could be done by the buyers and sellers themselves with a little training and some easy-to-use contracts.
Here’s the thing though, in law school they don’t teach you how to code. Even though I had an idea of how this website should function, I didn’t have the first clue how to build it. So, I talked to my friend and neighbor, Matt. Matt has been working in the tech space for 15 years as a developer and manager. He’s managed development in India, Taiwan, the Ukraine and the United States. With his experience, we were able to build Revostate in just about a year, which is pretty remarkable when you consider we all have day jobs!
The last piece of the puzzle was adding another accomplished friend, Cody. Cody’s experience in managing the finances of Fortune 500 companies and public utilities helps keep Revostate on track financially. But he also brings a background in lending and financing. His understanding of the underwriting process provided the content for our courses on the finance portion of the home buying and selling processes. More importantly, it was Cody that said we should go for it when I told him about my idea for a new way of completing real estate transactions.
What is Revostate? Quite simply, we are trying to revolutionize the way real estate is bought and sold, hence the name, “revostate”. If you’ve looked around at our website, or seen some of our ads, you might be wondering how this works.
The real estate world is changing. If you pay attention, you’ll see articles everyday talking about disruptions to the real estate market. Sometimes those articles talk about antitrust lawsuits brought against the Multiple Listing Service (MLS); other times they are concerning companies trying to innovate in the real estate space. When we surveyed the landscape, we found a unique opportunity to empower home buyers and sellers to learn how to buy and sell their own real estate. And instead of spending $18,000, $24,000, or more on real estate commissions, we realized with a little education and the magic of technology, consumers could buy or sell a home for under $2,000.
Revostate is a state of the art, for-sale-by-owner platform. We provide the tools and education you need to buy and sell real estate yourself, without an agent. When you buy and sell real estate without an agent, you don’t pay a commission. The normal real estate commission is 6% of your home’s value. Think about that for a second. Look up the value of your house on Zillow or realtor.com and multiply that by .06. If you are planning to sell your home, that’s how much of your equity will go to a real estate agent. And no matter your home’s value, that’s a lot of money.
We want to make it easy to buy or sell real estate without an agent, so we have created tools that make the process streamlined and seamless. We looked at what real estate agents do for buyers and sellers and figured out how to automate the processes.
For example: instead of a buyer calling her agent and the agent calling the seller’s agent, then the seller’s agent calling the seller to schedule a tour, if you see a home you like on the Revostate website, you simply select a time to tour the listing, and an email goes to the seller notifying them of the tour. If the seller is unavailable, she simply proposes a new time, and you get an email telling you when the tour is scheduled.
Many people do not like negotiating face to face. Instead of working through an agent, with Revostate, the buyer simply enters an offer price, and the seller can accept or counter. Sort of like eBay for houses.
When it comes time to make a contract, buyers and sellers simply answer a handful of questions, and the Revostate website creates a custom contract for the transaction.
If you have questions along the way, whether you are a buyer or a seller, Revostate has a short series of video modules explaining each step of the home buying or home selling process. Follow along as you go through the real estate buying or selling process or watch them all in a single sitting. Either way you’ll have all the information you need to know to buy or sell your own home.
What Revostate is not: We are not a brokerage. We are not real estate agents. This website will give you all the tools you need to educate yourself to buy or sell without an agent, but it won’t do the work for you. Simply put, if you are willing to take some time and add in a little effort, we think our platform can help you save thousands.
Thanks for visiting our site. Shoot us any questions in the comments below.