HIT is a Real Estate App - it's not just a blinking sign on the Internet
Launching this app was a kind of calling for me after over 25 years messing with residential properties as agent, sales rep for Builders and Broker; 15 years as a full time REO Broker booking over $130M in distress sales and over 30,000 fee BPOs and several of those years as a home builder under my own name with over 100 houses on the ground. Apps like this take on the personality of the makers; I feared building an app that was broker-centric. Tried with a couple of civilian partners but they were more worried about my position on the rock pile than being driven to deliver a quality app. This app required passion not pettiness and they were down the road and back to the mediocrity they came from before I found them in a little over a year.
Undaunted by that experience, by early 2016 I was in hot pursuit of building what I hoped was an agnostic app that could be used by the whole market place – from the Hedge Fund/Private Equity Manager, the Old School Investor to the Rookie Investor and ultimately even End Users.
Solo Effort with a Bunch of Developers and Designers along the way. I feared the app being too Broker-centric nonetheless and found my own way, I hope to overcome it. I relentlessly pitched anyone and everyone who would take the time. I had to know one thing: was knowing the value important? Naturally, I had to know if it was worth paying for it. Everything was "yes." It was really more than "yes" it was "where have you been? we have been waiting for you.!"
Chris Manning, Broker & CEO
Values are the Lifeblood of HIT
Values are the Life Blood of HIT, pure and simple. It was the BPO process - Broker Price Opinion - that gave rise to the idea of an app in the first place. Most people - even professionals are not quite sure what a BPO is, much less have done one or even know how to read one. Perhaps there is a gestalt in the offing. I have discovered there is an underlying elegance to them that is really quite something. They look like, seem like a residential appraisal - except done by Brokers. They tend to reflect market behavior. Even though a BPO itself seeks "as is" value relative to condition and HIT's "ARV" is "as if" the property is in perfect condition there is the same core essence is revealed about value . HIT was started to be first to the market with sales comparison analysis that people could understand.
Myth: sale comparison is subjective. Not true. It has some subjective elements to it but the core process is pure science.To get it right even part of the time there are a lot of considerations and filters we needed to apply. We tended to think of this as "tweaking" though, in reality, it was carving out a course of action that led to how to select comps , sorting those comps in a hierarchy, applying numerical adjustments to account for differences and being sure that the final result made sense. We ran countless cases and we would test them against standing appraisals as well as our own BPO.s To date, we have run the percentages up from 50% hit ratio (sic) to well into the high 80's. low 90's and some days higher. The good news is that this is a limited universe. The bad news is there are 140M residential properties in the US - we have our arms around 2 Million to date.
Chris Manning - REO Broker
Getting it all by Simplifying Everything. Click Through
Value is key but by itself value is simply not enough. That opens the dialogue on how to deliver everything you need to make a decision - right there, on the spot
There are only one of two reasons to buy an investment property: to buy and resell it (flip it) or buy and hold it (lease it). That exhausts the list. This was step one in building the app into a complete solution - building two state of the art calculators . These were built on separate calls to the data base (or API's ) so they are no dependent nor affect each other. One goal HIT is on the way to accomplishing is having a way to show both calculators on the same screen. Past that, to populate these calculators and have them remain flexible for the User to take control of the numbers gave rise to adding a comprehensive repair calculator that could stand alone, feed each calculator simultaneously and, we have "rent ready" for the Buy & Hold.
The app got big - real big. We added features to engage our Users with what we consider connoisseur services to make the work flow simple
Chris Manning - Broker-Agent
When it gets right down to it HIT is a bidding tool - pure and simple
COMING SOON ......HIT is a bidding tool, pure and simple. The idea of a Bidding Tool with the supporting information - ostensibly with everything you need to make a decision in real time - has never been done before. When you take all the cost considerations - title and lender fees, holding fees and expenses, identifying values - the thing that matters, the only thing that matters is what are you willing to pay for the property.
Turns out we are completely ready to implement this module. All you will have to do is make a few key decisions - price, close date, which entity. which funding source and inspections and, then few clicks for confirmation and your contract will be auto-filled, signed, fully documented and delivered in a few seconds for your final approval. . Once confirmed a copy will be placed in your "Offer Portal" so any changes are delivered to you in real time. Once a deal is executed the timelines are set and we are setting up closing.
Chris Manning - Broker-Agent